Insteel Industries (NASDAQ:IIIN) Shares Gap Down – What’s Next?

Insteel Industries, Inc. (NASDAQ:IIIN) shares gapped down prior to trading on Thursday . The stock had previously closed at $29.50, but opened at $28.37. Insteel Industries shares last traded at $27.89, with a volume of 8,722 shares.

Wall Street Analysts Forecast Growth

Separately, StockNews.com raised Insteel Industries from a “hold” rating to a “buy” rating in a research report on Friday.

Insteel Industries Price Performance

The stock’s fifty day simple moving average is $31.36 and its two-hundred day simple moving average is $32.05. The company has a market capitalization of $532.45 million, a price-to-earnings ratio of 22.05, a PEG ratio of 1.21 and a beta of 1.10.

Insteel Industries (NASDAQ:IIIN) last released its quarterly earnings data on Thursday, July 18th. The industrial products company reported $0.34 earnings per share for the quarter, missing the consensus estimate of $0.43 by ($0.09). Insteel Industries had a return on equity of 5.78% and a net margin of 3.67%. The business had revenue of $145.80 million for the quarter, compared to analyst estimates of $153.04 million. During the same quarter last year, the company earned $0.54 EPS. Insteel Industries’s revenue was down 12.0% compared to the same quarter last year. On average, sell-side analysts predict that Insteel Industries, Inc. will post 0.99 EPS for the current year.

Insteel Industries Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, September 27th. Stockholders of record on Friday, September 13th were given a dividend of $0.03 per share. This represents a $0.12 dividend on an annualized basis and a dividend yield of 0.44%. The ex-dividend date was Friday, September 13th. Insteel Industries’s payout ratio is 9.68%.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in the stock. Wellington Management Group LLP lifted its stake in Insteel Industries by 4.7% in the fourth quarter. Wellington Management Group LLP now owns 76,942 shares of the industrial products company’s stock valued at $2,946,000 after buying an additional 3,459 shares during the last quarter. RDA Financial Network increased its holdings in shares of Insteel Industries by 15.7% in the 1st quarter. RDA Financial Network now owns 10,074 shares of the industrial products company’s stock worth $385,000 after acquiring an additional 1,364 shares during the period. Bridge City Capital LLC lifted its position in Insteel Industries by 2.5% in the 1st quarter. Bridge City Capital LLC now owns 107,150 shares of the industrial products company’s stock valued at $4,095,000 after purchasing an additional 2,585 shares during the last quarter. Unison Advisors LLC boosted its stake in Insteel Industries by 6.9% during the 1st quarter. Unison Advisors LLC now owns 17,430 shares of the industrial products company’s stock valued at $666,000 after purchasing an additional 1,128 shares during the period. Finally, Cardinal Capital Management grew its position in Insteel Industries by 21.2% in the 1st quarter. Cardinal Capital Management now owns 29,118 shares of the industrial products company’s stock worth $1,113,000 after purchasing an additional 5,087 shares during the last quarter. 83.27% of the stock is currently owned by institutional investors.

About Insteel Industries

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.