Posted by admin on May 25th, 2022
Insteel Industries, Inc. (NASDAQ:IIIN – Get Rating) announced a quarterly dividend on Wednesday, May 25th, Wall Street Journal reports. Investors of record on Friday, June 10th will be given a dividend of 0.03 per share by the industrial products company on Friday, June 24th. This represents a $0.12 annualized dividend and a yield of 0.31%. The ex-dividend date of this dividend is Thursday, June 9th.
Insteel Industries has decreased its dividend payment by an average of 7,500.0% per year over the last three years.
IIIN stock traded up $0.31 on Wednesday, hitting $39.28. 172,516 shares of the company’s stock traded hands, compared to its average volume of 115,272. Insteel Industries has a 1-year low of $30.12 and a 1-year high of $47.70. The stock has a market cap of $763.56 million, a price-to-earnings ratio of 7.23 and a beta of 1.24. The stock has a fifty day moving average of $39.99 and a 200-day moving average of $39.99.
Insteel Industries (NASDAQ:IIIN – Get Rating) last posted its quarterly earnings data on Thursday, April 21st. The industrial products company reported $1.99 EPS for the quarter. Insteel Industries had a net margin of 14.60% and a return on equity of 35.52%. The firm had revenue of $213.21 million during the quarter.
In other Insteel Industries news, VP James F. Petelle sold 2,407 shares of Insteel Industries stock in a transaction on Wednesday, May 4th. The shares were sold at an average price of $45.84, for a total transaction of $110,336.88. Following the completion of the sale, the vice president now owns 17,078 shares of the company’s stock, valued at approximately $782,855.52. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, VP Scot R. Jafroodi sold 1,088 shares of Insteel Industries stock in a transaction on Wednesday, May 18th. The shares were sold at an average price of $45.50, for a total transaction of $49,504.00. Following the sale, the vice president now directly owns 41,296 shares of the company’s stock, valued at approximately $1,878,968. The disclosure for this sale can be found here. Insiders sold a total of 14,071 shares of company stock valued at $610,167 in the last ninety days. Company insiders own 5.20% of the company’s stock.
Large investors have recently modified their holdings of the business. Hsbc Holdings PLC bought a new position in shares of Insteel Industries during the 1st quarter valued at $211,000. Squarepoint Ops LLC bought a new position in shares of Insteel Industries during the 4th quarter valued at $218,000. LPL Financial LLC bought a new position in shares of Insteel Industries during the 3rd quarter valued at $221,000. UBS Group AG raised its holdings in shares of Insteel Industries by 105.6% during the 3rd quarter. UBS Group AG now owns 6,032 shares of the industrial products company’s stock valued at $230,000 after purchasing an additional 3,098 shares in the last quarter. Finally, Renaissance Technologies LLC bought a new position in shares of Insteel Industries during the 3rd quarter valued at $234,000. 78.59% of the stock is owned by institutional investors.
Separately, StockNews.com began coverage on shares of Insteel Industries in a research note on Thursday, March 31st. They issued 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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