The VP, Sec. and CLO of Insteel Industries (NASDAQ: IIIN) is Buying Shares

By Carrie Williams

Yesterday, the VP, Sec. and CLO of Insteel Industries (IIINResearch Report), James Petelle, bought shares of IIIN for $17.22K.

Following James Petelle’s last IIIN Buy transaction on August 12, 2020, the stock climbed by 5.8%. This is Petelle’s first Buy trade following 6 Sell transactions.

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Based on Insteel Industries’ latest earnings report for the quarter ending September 30, the company posted quarterly revenue of $138 million and quarterly net profit of $7.43 million. In comparison, last year the company earned revenue of $113 million and had a GAAP net loss of $1.77 million. The company has a one-year high of $26.61 and a one-year low of $10.00. IIIN’s market cap is $489 million and the company has a P/E ratio of 25.50.

The insider sentiment on Insteel Industries has been positive according to 31 insider trades in the past three months. This sentiment is slightly higher than the average sentiment of company insiders in this sector.

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Insteel Industries, Inc. manufactures and markets steel wire reinforcing products for concrete construction applications. Its products include PC strand and welded wire reinforcement (WWR). The PC strand products refers to seven-wire strand that is used to impart compression forces into precast concrete elements and structures, which may be either pretensioned or posttensioned, providing reinforcement for bridges, parking decks, buildings and other concrete structures. The WWR products produced as either a standard or a specially engineered reinforcing product for use in nonresidential and residential construction. The company was founded by Howard Osler Woltz, Jr. in 1953 and is headquartered in Mount Airy, NC.