Insteel Industries (NASDAQ:IIIN) Reaches New 1-Year High Following Better-Than-Expected Earnings

Insteel Industries, Inc. (NASDAQ:IIIN)’s stock price reached a new 52-week high during trading on Thursday after the company announced better than expected quarterly earnings. The stock traded as high as $41.64 and last traded at $38.75, with a volume of 89110 shares. The stock had previously closed at $38.52.

The industrial products company reported $0.78 EPS for the quarter, beating the consensus estimate of $0.69 by $0.09. Insteel Industries had a return on equity of 5.91% and a net margin of 3.58%. During the same period in the previous year, the business posted $0.34 earnings per share. The business’s revenue was up 23.4% on a year-over-year basis.

Insteel Industries Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, June 27th. Stockholders of record on Friday, June 13th were paid a $0.03 dividend. The ex-dividend date of this dividend was Friday, June 13th. This represents a $0.12 annualized dividend and a dividend yield of 0.33%. Insteel Industries’s dividend payout ratio is currently 10.34%.

Institutional Investors Weigh In On Insteel Industries

Large investors have recently bought and sold shares of the business. Millennium Management LLC grew its position in Insteel Industries by 53.9% during the 4th quarter. Millennium Management LLC now owns 71,938 shares of the industrial products company’s stock worth $1,943,000 after acquiring an additional 25,204 shares during the last quarter. GAMMA Investing LLC grew its position in Insteel Industries by 23,382.1% during the 1st quarter. GAMMA Investing LLC now owns 13,150 shares of the industrial products company’s stock worth $3,460,000 after acquiring an additional 13,094 shares during the last quarter. Two Sigma Advisers LP grew its position in Insteel Industries by 209.8% during the 4th quarter. Two Sigma Advisers LP now owns 37,800 shares of the industrial products company’s stock worth $1,021,000 after acquiring an additional 25,600 shares during the last quarter. Teacher Retirement System of Texas bought a new stake in Insteel Industries during the 4th quarter worth approximately $929,000. Finally, Squarepoint Ops LLC grew its position in Insteel Industries by 17.0% during the 4th quarter. Squarepoint Ops LLC now owns 12,473 shares of the industrial products company’s stock worth $337,000 after acquiring an additional 1,813 shares during the last quarter. 83.27% of the stock is currently owned by institutional investors.

Insteel Industries Stock Performance

The firm has a market capitalization of $703.69 million, a P/E ratio of 36.62, a price-to-earnings-growth ratio of 1.81 and a beta of 0.72. The stock has a 50-day moving average of $36.64 and a 200 day moving average of $31.21.

Insteel Industries Company Profile

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.