Insteel Industries (NASDAQ:IIIN) Shares Pass Above 200 Day Moving Average of $20.30

Shares of Insteel Industries Inc (NASDAQ:IIIN) crossed above its 200-day moving average during trading on Friday . The stock has a 200-day moving average of $20.30 and traded as high as $18.94. Insteel Industries shares last traded at $18.44, with a volume of 13,472 shares traded.

Separately, BidaskClub cut shares of Insteel Industries from a “buy” rating to a “hold” rating in a research report on Saturday, August 10th.

The company has a market cap of $359.14 million, a P/E ratio of 22.21 and a beta of 1.80. The stock’s 50-day moving average price is $19.66 and its 200-day moving average price is $20.30.

Insteel Industries (NASDAQ:IIIN) last posted its earnings results on Thursday, July 18th. The industrial products company reported $0.11 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.30 by ($0.19). Insteel Industries had a return on equity of 6.55% and a net margin of 3.62%. The business had revenue of $126.30 million during the quarter, compared to analyst estimates of $128.38 million. During the same quarter in the prior year, the company earned $0.67 EPS. The company’s revenue was down .3% on a year-over-year basis.

The firm also recently announced a quarterly dividend, which will be paid on Friday, September 27th. Investors of record on Friday, September 13th will be issued a $0.03 dividend. The ex-dividend date of this dividend is Thursday, September 12th. This represents a $0.12 dividend on an annualized basis and a dividend yield of 0.65%.

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Value Holdings Management CO. LLC increased its stake in shares of Insteel Industries by 250.0% during the 1st quarter. Value Holdings Management CO. LLC now owns 21,000 shares of the industrial products company’s stock worth $439,000 after purchasing an additional 15,000 shares during the last quarter. Comerica Bank increased its stake in shares of Insteel Industries by 3.3% during the 1st quarter. Comerica Bank now owns 18,053 shares of the industrial products company’s stock worth $405,000 after purchasing an additional 569 shares during the last quarter. Rhumbline Advisers increased its stake in shares of Insteel Industries by 17.0% during the 1st quarter. Rhumbline Advisers now owns 73,892 shares of the industrial products company’s stock worth $1,546,000 after purchasing an additional 10,762 shares during the last quarter. White Pine Capital LLC purchased a new stake in shares of Insteel Industries during the 1st quarter worth approximately $372,000. Finally, Assenagon Asset Management S.A. purchased a new stake in shares of Insteel Industries during the 1st quarter worth approximately $2,619,000. Institutional investors own 78.91% of the company’s stock.

About Insteel Industries (NASDAQ:IIIN)

Insteel Industries, Inc, together with its subsidiaries, manufactures and markets steel wire reinforcing products for concrete construction applications. The company offers pre-stressed 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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