Insider Selling: Insteel Industries (NYSE:IIIN) COO Sells 1,640 Shares

Insteel Industries, Inc. (NYSE:IIIN) COO Richard Wagner sold 1,640 shares of the firm’s stock in a transaction that occurred on Thursday, August 27th. The stock was sold at an average price of $30.31, for a total transaction of $49,708.40. Following the transaction, the chief operating officer directly owned 40,000 shares of the company’s stock, valued at $1,212,400. This represents a 3.94% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link.

Insteel Industries Trading Up 0.5%

Shares of NYSE IIIN traded up $0.16 during midday trading on Thursday, reaching $30.67. The company’s stock had a trading volume of 187,779 shares, compared to its average volume of 240,487. The stock has a 50 day simple moving average of $30.88 and a 200-day simple moving average of $31.11. The stock has a market capitalization of $593.75 million, a price-to-earnings ratio of 16.49, a PEG ratio of 1.59 and a beta of 0.50. Insteel Industries, Inc. has a fifty-two week low of $24.35 and a fifty-two week high of $39.91.

Insteel Industries (NYSE:IIIN) last announced its earnings results on Thursday, July 16th. The company reported $0.46 EPS for the quarter, topping the consensus estimate of $0.45 by $0.01. The business had revenue of $197.66 million during the quarter. Insteel Industries had a net margin of 5.14% and a return on equity of 9.92%. During the same quarter in the previous year, the company posted $0.78 EPS. As a group, equities analysts anticipate that Insteel Industries, Inc. will post 1.59 EPS for the current year.

Insteel Industries Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 25th. Stockholders of record on Friday, September 11th will be paid a dividend of $0.03 per share. This represents a $0.12 dividend on an annualized basis and a dividend yield of 0.4%. The ex-dividend date is Friday, September 11th. Insteel Industries’s dividend payout ratio is currently 6.45%.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of IIIN. BlackRock Inc. bought a new position in shares of Insteel Industries during the 2nd quarter worth approximately $46,014,000. Robotti Robert bought a new stake in Insteel Industries in the 2nd quarter valued at $14,421,000. Diamond Hill Capital Management LLC Investment Advisor acquired a new stake in Insteel Industries during the 2nd quarter valued at $9,023,000. Bank of New York Mellon Corp acquired a new stake in Insteel Industries during the 2nd quarter valued at $6,726,000. Finally, Algert Global LLC boosted its position in Insteel Industries by 360.5% during the third quarter. Algert Global LLC now owns 166,514 shares of the company’s stock worth $6,384,000 after purchasing an additional 130,354 shares during the period. Institutional investors own 83.27% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms recently issued reports on IIIN. Weiss Ratings raised Insteel Industries from a “hold (c-)” rating to a “hold (c)” rating in a research report on Monday, August 3rd. Wall Street Zen upgraded Insteel Industries from a “sell” rating to a “hold” rating in a research note on Saturday, July 18th. Finally, Zacks Research raised Insteel Industries from a “hold” rating to a “strong-buy” rating in a research report on Friday, July 17th. One analyst has rated the stock with a Strong Buy rating and one has issued a Hold rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Buy”.

About Insteel Industries

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.