Insteel Industries Inc. (NASDAQ:IIIN) was downgraded by equities research analysts at Sidoti from a “buy” rating to a “neutral” rating in a research report issued on Tuesday, The Fly reports.

Insteel Industries (NASDAQ:IIIN) opened at 39.57 on Tuesday. Insteel Industries has a 1-year low of $18.72 and a 1-year high of $42.81. The firm has a market cap of $750.84 million, a price-to-earnings ratio of 20.29 and a beta of 2.17. The company’s 50-day moving average price is $31.45 and its 200 day moving average price is $31.67.

Insteel Industries (NASDAQ:IIIN) last issued its quarterly earnings data on Thursday, October 20th. The company reported $0.51 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.61 by $0.10. The firm had revenue of $103.10 million for the quarter, compared to analyst estimates of $125.11 million. Insteel Industries had a return on equity of 18.03% and a net margin of 8.90%. The business’s revenue for the quarter was down 12.7% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.51 earnings per share. On average, equities analysts expect that Insteel Industries will post $2.11 earnings per share for the current fiscal year.

The business also recently declared a quarterly dividend, which will be paid on Friday, January 6th. Stockholders of record on Wednesday, December 14th will be issued a $0.03 dividend. The ex-dividend date is Monday, December 12th. This represents a $0.12 dividend on an annualized basis and a dividend yield of 0.30%. Insteel Industries’s dividend payout ratio (DPR) is 6.12%.

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In other news, VP James F. Petelle sold 1,902 shares of the business’s stock in a transaction on Tuesday, November 29th. The stock was sold at an average price of $40.68, for a total value of $77,373.36. Following the completion of the transaction, the vice president now directly owns 19,332 shares of the company’s stock, valued at $786,425.76. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, VP Michael C. Gazmarian sold 9,488 shares of the business’s stock in a transaction on Friday, September 9th. The stock was sold at an average price of $33.37, for a total value of $316,614.56. Following the completion of the transaction, the vice president now directly owns 73,684 shares of the company’s stock, valued at $2,458,835.08. The disclosure for this sale can be found here. 9.80% of the stock is owned by insiders.

About Insteel Industries

Insteel Industries, Inc (Insteel) is a manufacturer of steel wire reinforcing products for concrete construction applications. The Company manufactures and markets PC strand and welded wire reinforcement (WWR), including Engineered Structural Mesh (ESM), concrete pipe reinforcement (CPR) and standard welded wire reinforcement (SWWR).

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