Insteel Industries (NASDAQ:IIIN) Shares Gap Up - Here's What Happened

Insteel Industries, Inc. (NASDAQ:IIIN - Get Free Report) 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 trading hands.

Wall Street Analyst Weigh In

Separately, StockNews.com downgraded Insteel Industries from a "buy" rating to a "hold" rating in a research report on Saturday, October 26th.

Insteel Industries Price Performance

The company has a fifty day moving average price of $28.43 and a two-hundred day moving average price of $30.10. The firm has a market cap of $524.75 million, a price-to-earnings ratio of 27.28, a price-to-earnings-growth ratio of 1.80 and a beta of 1.14.

Insteel Industries (NASDAQ:IIIN - Get Free Report) last issued its quarterly earnings results on Thursday, January 16th. The industrial products company reported $0.06 earnings per share for the quarter, missing analysts' consensus estimates of $0.09 by ($0.03). Insteel Industries had a net margin of 3.65% and a return on equity of 5.63%. The business had revenue of $129.70 million during the quarter, compared to analyst estimates of $117.45 million. Insteel Industries's revenue was up 6.5% compared to the same quarter last year. During the same period in the previous year, the company posted $0.06 earnings per share. On average, research analysts expect that Insteel Industries, Inc. will post 1.11 earnings per share for the current fiscal year.

Insteel Industries Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, December 13th. Investors of record on Friday, November 29th were issued a dividend of $0.03 per share. This represents a $0.12 dividend on an annualized basis and a yield of 0.44%. The ex-dividend date of this dividend was Friday, November 29th. Insteel Industries's payout ratio is 12.12%.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of IIIN. Point72 Asset Management L.P. bought a new stake in shares of Insteel Industries during the 3rd quarter worth $34,000. Point72 DIFC Ltd acquired a new position in shares of Insteel Industries in the 3rd quarter valued at $37,000. Nisa Investment Advisors LLC increased its stake in Insteel Industries by 3,568.6% in the 4th quarter. Nisa Investment Advisors LLC now owns 2,568 shares of the industrial products company's stock worth $69,000 after purchasing an additional 2,498 shares in the last quarter. Quantbot Technologies LP purchased a new position in Insteel Industries in the 3rd quarter worth about $121,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank raised its holdings in Insteel Industries by 100.3% during the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 5,615 shares of the industrial products company's stock worth $175,000 after buying an additional 2,812 shares during the period. Institutional investors own 83.27% of the company's stock.

About Insteel Industries

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.