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Insteel Industries, Inc. (NASDAQ:IIIN - Get Rating) COO Richard Wagner sold 10,576 shares of the stock in a transaction that occurred on Wednesday, May 18th. The shares were sold at an average price of $42.58, for a total transaction of $450,326.08. Following the sale, the chief operating officer now directly owns 36,620 shares in the company, valued at $1,559,279.60. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink.
IIIN traded down $0.83 during mid-day trading on Thursday, hitting $40.73. The stock had a trading volume of 1,811 shares, compared to its average volume of 134,582. The stock's fifty day simple moving average is $39.83 and its 200-day simple moving average is $40.04. The firm has a market capitalization of $791.79 million, a price-to-earnings ratio of 7.71 and a beta of 1.24. Insteel Industries, Inc. has a 1-year low of $30.12 and a 1-year high of $47.70.
Insteel Industries (NASDAQ:IIIN - Get Rating) last posted its earnings results on Thursday, April 21st. The industrial products company reported $1.99 earnings per share for the quarter. The company had revenue of $213.21 million for the quarter. Insteel Industries had a net margin of 14.60% and a return on equity of 35.52%.
Separately, StockNews.com assumed coverage on shares of Insteel Industries in a report on Thursday, March 31st. They issued a "strong-buy" rating on the stock.
Hedge funds have recently modified their holdings of the company. Baystate Wealth Management LLC bought a new stake in shares of Insteel Industries during the fourth quarter worth $26,000. Ensign Peak Advisors Inc bought a new position in Insteel Industries in the third quarter valued at $88,000. Zurcher Kantonalbank Zurich Cantonalbank grew its position in Insteel Industries by 143.2% in the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 2,549 shares of the industrial products company's stock valued at $94,000 after purchasing an additional 1,501 shares in the last quarter. Lazard Asset Management LLC grew its position in Insteel Industries by 14.8% in the fourth quarter. Lazard Asset Management LLC now owns 3,998 shares of the industrial products company's stock valued at $159,000 after purchasing an additional 516 shares in the last quarter. Finally, Brown Advisory Inc. bought a new position in Insteel Industries in the fourth quarter valued at $200,000. 78.59% of the stock is owned by institutional investors.
About Insteel Industries (Get Rating)
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.
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