Insteel Industries Inc (NASDAQ:IIIN) VP Michael C. Gazmarian sold 35,900 shares of the firm’s stock in a transaction dated Wednesday, August 22nd. The shares were sold at an average price of $40.17, for a total transaction of $1,442,103.00. Following the completion of the sale, the vice president now owns 48,272 shares of the company’s stock, valued at approximately $1,939,086.24. The transaction was disclosed in a document filed with the SEC, which is available at this link.

Shares of NASDAQ:IIIN traded up $0.30 during trading on Friday, hitting $37.81. 103,082 shares of the company’s stock were exchanged, compared to its average volume of 128,752. Insteel Industries Inc has a 1-year low of $24.50 and a 1-year high of $43.78. The stock has a market cap of $720.86 million, a price-to-earnings ratio of 27.37 and a beta of 2.16.

Insteel Industries (NASDAQ:IIIN) last issued its quarterly earnings results on Thursday, July 19th. The industrial products company reported $0.67 EPS for the quarter, topping the consensus estimate of $0.52 by $0.15. The company had revenue of $126.69 million during the quarter, compared to analysts’ expectations of $119.02 million. Insteel Industries had a net margin of 7.15% and a return on equity of 11.96%. Insteel Industries’s revenue was up 30.7% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.36 EPS.

The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 28th. Investors of record on Friday, September 14th will be issued a dividend of $0.03 per share. This represents a $0.12 dividend on an annualized basis and a yield of 0.32%. The ex-dividend date of this dividend is Thursday, September 13th.

A number of hedge funds and other institutional investors have recently modified their holdings of IIIN. Piedmont Investment Advisors LLC acquired a new position in Insteel Industries during the second quarter valued at approximately $141,000. SG Americas Securities LLC bought a new position in Insteel Industries in the second quarter valued at approximately $141,000. Global X Management Co. LLC lifted its stake in Insteel Industries by 331.1% in the first quarter. Global X Management Co. LLC now owns 9,053 shares of the industrial products company’s stock valued at $250,000 after buying an additional 6,953 shares in the last quarter. MetLife Investment Advisors LLC bought a new position in Insteel Industries in the fourth quarter valued at approximately $255,000. Finally, Municipal Employees Retirement System of Michigan lifted its stake in Insteel Industries by 21.2% in the second quarter. Municipal Employees Retirement System of Michigan now owns 8,240 shares of the industrial products company’s stock valued at $276,000 after buying an additional 1,440 shares in the last quarter. Hedge funds and other institutional investors own 81.13% of the company’s stock.

Several equities research analysts have recently commented on IIIN shares. BidaskClub cut shares of Insteel Industries from a “strong-buy” rating to a “buy” rating in a research report on Wednesday, July 11th. Sidoti cut shares of Insteel Industries from a “buy” rating to a “neutral” rating in a research report on Monday, July 9th.

Insteel Industries Company Profile

Insteel Industries, Inc, together with its subsidiaries, manufactures and markets steel wire reinforcing products for concrete construction applications. The company markets prestressed concrete strand (PC strand) and welded wire reinforcement (WWR). 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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