Insteel Industries (NASDAQ:IIIN) Shares Gap Up – Here’s Why

Insteel Industries, Inc. (NASDAQ:IIIN)’s share price gapped up before the market opened on Thursday . The stock had previously closed at $24.83, but opened at $26.24. Insteel Industries shares last traded at $25.85, with a volume of 19,983 shares.

Analyst Ratings Changes

Separately, StockNews.com cut shares of Insteel Industries from a “buy” rating to a “hold” rating in a research report on Saturday, October 26th.

Insteel Industries Stock Up 4.9 %

The stock has a market cap of $524.75 million, a price-to-earnings ratio of 27.28, a P/E/G ratio of 1.80 and a beta of 1.14. The company has a 50 day simple moving average of $28.37 and a 200 day simple moving average of $30.08.

Insteel Industries (NASDAQ:IIIN) last released its quarterly earnings results on Thursday, January 16th. The industrial products company reported $0.06 earnings per share for the quarter, missing the consensus estimate of $0.09 by ($0.03). Insteel Industries had a return on equity of 5.63% and a net margin of 3.65%. The firm had revenue of $129.70 million for the quarter, compared to the consensus estimate of $117.45 million. During the same quarter last year, the firm posted $0.06 earnings per share. The business’s revenue for the quarter was up 6.5% on a year-over-year basis. As a group, analysts predict that Insteel Industries, Inc. will post 1.11 earnings per share for the current fiscal year.

Insteel Industries Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, December 13th. Stockholders of record on Friday, November 29th were paid a $0.03 dividend. The ex-dividend date of this dividend was Friday, November 29th. This represents a $0.12 annualized dividend and a dividend yield of 0.44%. Insteel Industries’s payout ratio is 12.12%.

Institutional Investors Weigh In On Insteel Industries

A number of institutional investors have recently modified their holdings of IIIN. Nisa Investment Advisors LLC lifted its position in shares of Insteel Industries by 3,568.6% during the 4th quarter. Nisa Investment Advisors LLC now owns 2,568 shares of the industrial products company’s stock valued at $69,000 after acquiring an additional 2,498 shares during the period. JPMorgan Chase & Co. grew its stake in shares of Insteel Industries by 57.3% in the 3rd quarter. JPMorgan Chase & Co. now owns 14,061 shares of the industrial products company’s stock valued at $437,000 after buying an additional 5,121 shares during the period. Barclays PLC increased its position in Insteel Industries by 363.7% in the 3rd quarter. Barclays PLC now owns 32,391 shares of the industrial products company’s stock valued at $1,007,000 after buying an additional 25,405 shares in the last quarter. Geode Capital Management LLC raised its stake in Insteel Industries by 0.8% during the 3rd quarter. Geode Capital Management LLC now owns 434,871 shares of the industrial products company’s stock worth $13,523,000 after buying an additional 3,612 shares during the period. Finally, Public Employees Retirement System of Ohio grew its stake in Insteel Industries by 22.2% in the third quarter. Public Employees Retirement System of Ohio now owns 11,090 shares of the industrial products company’s stock valued at $345,000 after acquiring an additional 2,014 shares during the period. 83.27% of the stock is owned by institutional investors.

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.