Insteel Industries (NASDAQ:IIIN) Shares Gap Up – Time to Buy?

Insteel Industries, Inc. (NASDAQ:IIIN) gapped up prior to trading on Thursday . The stock had previously closed at $26.72, but opened at $29.55. Insteel Industries shares last traded at $29.06, with a volume of 54,743 shares changing hands.

Insteel Industries Trading Up 12.4 %

The company has a market cap of $583.51 million, a price-to-earnings ratio of 30.33, a P/E/G ratio of 1.81 and a beta of 0.94. The business has a 50-day moving average price of $27.52 and a 200 day moving average price of $28.17.

Insteel Industries (NASDAQ:IIIN) last announced its earnings results on Thursday, January 16th. The industrial products company reported $0.06 EPS for the quarter, missing the consensus estimate of $0.09 by ($0.03). The company had revenue of $129.70 million for the quarter, compared to analysts’ expectations of $117.45 million. Insteel Industries had a net margin of 3.58% and a return on equity of 5.91%. The company’s revenue for the quarter was up 6.5% on a year-over-year basis. During the same period in the prior year, the company earned $0.06 earnings per share. On average, analysts anticipate that Insteel Industries, Inc. will post 1.38 earnings per share for the current year.

Insteel Industries Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, March 28th. Shareholders of record on Friday, March 14th were issued a $0.03 dividend. This represents a $0.12 annualized dividend and a dividend yield of 0.40%. The ex-dividend date of this dividend was Friday, March 14th. Insteel Industries’s payout ratio is 12.12%.

Institutional Investors Weigh In On Insteel Industries

Large investors have recently made changes to their positions in the company. GAMMA Investing LLC grew its position in Insteel Industries by 23,382.1% during the 1st quarter. GAMMA Investing LLC now owns 13,150 shares of the industrial products company’s stock worth $3,460,000 after purchasing an additional 13,094 shares in the last quarter. Squarepoint Ops LLC grew its holdings in shares of Insteel Industries by 17.0% during the fourth quarter. Squarepoint Ops LLC now owns 12,473 shares of the industrial products company’s stock valued at $337,000 after buying an additional 1,813 shares in the last quarter. Two Sigma Advisers LP raised its position in Insteel Industries by 209.8% during the fourth quarter. Two Sigma Advisers LP now owns 37,800 shares of the industrial products company’s stock valued at $1,021,000 after buying an additional 25,600 shares during the period. Two Sigma Investments LP lifted its stake in Insteel Industries by 157.6% in the 4th quarter. Two Sigma Investments LP now owns 54,618 shares of the industrial products company’s stock worth $1,475,000 after acquiring an additional 33,413 shares in the last quarter. Finally, State of Wyoming lifted its stake in Insteel Industries by 76.4% in the 4th quarter. State of Wyoming now owns 5,554 shares of the industrial products company’s stock worth $150,000 after acquiring an additional 2,406 shares in the last quarter. Institutional investors and hedge funds own 83.27% of the company’s stock.

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.