Insteel Industries, Inc. (NASDAQ:IIIN) COO Sells $450,326.08 in Stock

Insteel Industries, Inc. (NASDAQ:IIINGet Rating) COO Richard Wagner sold 10,576 shares of Insteel Industries stock in a transaction dated Wednesday, May 18th. The shares were sold at an average price of $42.58, for a total transaction of $450,326.08. Following the completion of the transaction, the chief operating officer now directly owns 36,620 shares of the company’s stock, valued at approximately $1,559,279.60. The sale was disclosed in a document filed with the SEC, which is available through the SEC website.

Insteel Industries stock traded down $0.83 during midday trading on Thursday, hitting $40.73. The company’s stock had a trading volume of 1,811 shares, compared to its average volume of 134,582. Insteel Industries, Inc. has a 1-year low of $30.12 and a 1-year high of $47.70. The company has a 50-day moving average price of $39.83 and a two-hundred day moving average price of $40.04. The company has a market cap of $791.79 million, a price-to-earnings ratio of 7.71 and a beta of 1.24.

Insteel Industries (NASDAQ:IIINGet Rating) last issued its quarterly earnings data on Thursday, April 21st. The industrial products company reported $1.99 earnings per share for the quarter. Insteel Industries had a net margin of 14.60% and a return on equity of 35.52%. The business had revenue of $213.21 million during the quarter.

Several large investors have recently modified their holdings of IIIN. Morgan Stanley raised its position in shares of Insteel Industries by 83.3% in the 2nd quarter. Morgan Stanley now owns 103,453 shares of the industrial products company’s stock valued at $3,327,000 after buying an additional 47,003 shares in the last quarter. Raymond James Financial Services Advisors Inc. bought a new stake in shares of Insteel Industries during the 3rd quarter valued at approximately $242,000. Deutsche Bank AG grew its holdings in shares of Insteel Industries by 15.9% during the 3rd quarter. Deutsche Bank AG now owns 12,831 shares of the industrial products company’s stock valued at $488,000 after purchasing an additional 1,762 shares during the last quarter. Truist Financial Corp bought a new stake in shares of Insteel Industries during the 3rd quarter valued at approximately $398,000. Finally, State Board of Administration of Florida Retirement System grew its holdings in shares of Insteel Industries by 20.6% during the 3rd quarter. State Board of Administration of Florida Retirement System now owns 18,621 shares of the industrial products company’s stock valued at $709,000 after purchasing an additional 3,186 shares during the last quarter. Institutional investors own 78.59% of the company’s stock.

Separately, StockNews.com began coverage on shares of Insteel Industries in a research note on Thursday, March 31st. They set a “strong-buy” rating for the company.

About Insteel Industries (Get Rating)

Insteel Industries, Inc, together with its subsidiaries, manufactures and markets steel wire reinforcing products for concrete construction applications. The company offers prestressed concrete strand (PC strand) and welded wire reinforcement (WWR) products. Its PC strand is a seven-wire strand that is used to impart compression forces into precast concrete elements and structures providing reinforcement for bridges, parking decks, buildings, and other concrete structures.

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