Insteel Industries (NYSE:IIIN) Shares Gap Up on Strong Earnings

Insteel Industries, Inc. (NYSE:IIIN)’s share price gapped up prior to trading on Thursday following a stronger than expected earnings report. The stock had previously closed at $29.64, but opened at $31.50. Insteel Industries shares last traded at $31.73, with a volume of 35,303 shares.

The company reported $0.46 EPS for the quarter, beating analysts’ consensus estimates of $0.45 by $0.01. The business had revenue of $197.66 million during the quarter. Insteel Industries had a return on equity of 11.72% and a net margin of 6.16%.During the same quarter in the prior year, the company posted $0.78 EPS.

Insteel Industries Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, June 26th. Investors of record on Friday, June 12th were given a $0.03 dividend. The ex-dividend date was Friday, June 12th. This represents a $0.12 dividend on an annualized basis and a dividend yield of 0.4%. Insteel Industries’s dividend payout ratio is currently 5.50%.

Analyst Ratings Changes

A number of brokerages recently commented on IIIN. Zacks Research upgraded shares of Insteel Industries from a “strong sell” rating to a “hold” rating in a report on Tuesday, June 16th. Weiss Ratings downgraded Insteel Industries from a “hold (c)” rating to a “hold (c-)” rating in a report on Wednesday, April 22nd. Finally, Wall Street Zen cut Insteel Industries from a “hold” rating to a “sell” rating in a report on Monday, May 4th. Two analysts have rated the stock with a Hold rating, According to MarketBeat, Insteel Industries presently has a consensus rating of “Hold”.

Institutional Investors Weigh In On Insteel Industries

A number of large investors have recently added to or reduced their stakes in the stock. Hennion & Walsh Asset Management Inc. increased its stake in shares of Insteel Industries by 6.7% in the 4th quarter. Hennion & Walsh Asset Management Inc. now owns 6,641 shares of the company’s stock valued at $210,000 after purchasing an additional 416 shares during the last quarter. JPMorgan Chase & Co. grew its holdings in shares of Insteel Industries by 5.7% during the third quarter. JPMorgan Chase & Co. now owns 9,421 shares of the company’s stock worth $361,000 after purchasing an additional 508 shares during the last quarter. Unison Advisors LLC increased its position in Insteel Industries by 3.0% in the 1st quarter. Unison Advisors LLC now owns 18,736 shares of the company’s stock valued at $630,000 after acquiring an additional 540 shares during the period. Kennedy Capital Management LLC increased its holdings in Insteel Industries by 1.2% in the fourth quarter. Kennedy Capital Management LLC now owns 47,890 shares of the company’s stock valued at $1,517,000 after purchasing an additional 552 shares during the period. Finally, Smartleaf Asset Management LLC increased its stake in shares of Insteel Industries by 30.2% in the second quarter. Smartleaf Asset Management LLC now owns 2,516 shares of the company’s stock valued at $95,000 after buying an additional 583 shares during the period. Institutional investors and hedge funds own 83.27% of the company’s stock.

Insteel Industries Trading Up 6.5%

The business’s 50-day simple moving average is $28.29 and its two-hundred day simple moving average is $31.43. The firm has a market cap of $613.33 million, a price-to-earnings ratio of 14.48, a P/E/G ratio of 1.87 and a beta of 0.52.

Insteel Industries Company Profile

Insteel Industries, Inc is a leading manufacturer of steel wire reinforcing products used in concrete construction. The company specializes in the design, fabrication and distribution of welded-wire reinforcement, cut-and-bent reinforcement and related accessories for concrete walls, floors and columns. Its products are employed across residential, commercial and infrastructure projects, providing structural strength and dimensional stability in poured concrete applications.

Key product lines include truss mats—prefabricated, ladder-like assemblies of welded wire designed for rapid placement—and custom cut-and-bent wire assemblies that meet specific engineering requirements.