Insider Selling: Insteel Industries (NASDAQ:IIIN) COO Sells $63,247.93 in Stock

Insteel Industries, Inc. (NASDAQ:IIIN) COO Richard Wagner sold 1,679 shares of the company’s stock in a transaction on Thursday, February 26th. The shares were sold at an average price of $37.67, for a total transaction of $63,247.93. Following the completion of the transaction, the chief operating officer owned 40,000 shares of the company’s stock, valued at $1,506,800. This represents a 4.03% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website.

Insteel Industries Stock Performance

IIIN opened at $37.27 on Monday. Insteel Industries, Inc. has a one year low of $22.49 and a one year high of $41.64. The stock has a market capitalization of $722.87 million, a P/E ratio of 37.65, a price-to-earnings-growth ratio of 1.81 and a beta of 0.84. The business’s 50-day simple moving average is $34.45 and its 200-day simple moving average is $34.63.

Insteel Industries (NASDAQ:IIIN) last released its quarterly earnings results on Thursday, January 15th. The industrial products company reported $0.39 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.33 by $0.06. Insteel Industries had a return on equity of 5.91% and a net margin of 3.58%.The firm’s revenue for the quarter was up 23.3% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.06 EPS. On average, equities research analysts forecast that Insteel Industries, Inc. will post 1.38 EPS for the current fiscal year.

Insteel Industries Cuts Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, March 27th. Investors of record on Friday, March 13th will be given a $0.03 dividend. The ex-dividend date is Friday, March 13th. This represents a $0.12 annualized dividend and a yield of 0.3%. Insteel Industries’s dividend payout ratio is 4.94%.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of IIIN. Franklin Resources Inc. raised its stake in Insteel Industries by 632.0% during the 2nd quarter. Franklin Resources Inc. now owns 87,717 shares of the industrial products company’s stock valued at $3,264,000 after acquiring an additional 75,734 shares during the last quarter. Public Sector Pension Investment Board grew its stake in shares of Insteel Industries by 44.0% in the 3rd quarter. Public Sector Pension Investment Board now owns 95,338 shares of the industrial products company’s stock valued at $3,655,000 after purchasing an additional 29,139 shares during the last quarter. SG Capital Management LLC acquired a new position in shares of Insteel Industries in the third quarter valued at approximately $3,264,000. Connor Clark & Lunn Investment Management Ltd. purchased a new stake in shares of Insteel Industries during the second quarter worth approximately $768,000. Finally, Campbell & CO Investment Adviser LLC purchased a new stake in shares of Insteel Industries during the second quarter worth approximately $1,025,000. 83.27% of the stock is currently owned by institutional investors and hedge funds.

Insteel Industries Company Profile

Insteel Industries, Inc is a leading U.S. manufacturer of fabricated steel wire reinforcing products used in concrete construction. Headquartered in Mount Airy, North Carolina, the company specializes in the production of welded wire reinforcing mesh, steel wire chairs and supports, and various accessories designed to improve the strength and durability of residential, commercial and infrastructure concrete projects. Insteel’s products are engineered to meet industry specifications for load‐bearing capacity, corrosion resistance and ease of installation.

The company operates multiple manufacturing facilities across the United States, employing automated welding and forming processes to ensure consistent product quality and efficient throughput.