Insteel Industries Declares Regular Quarterly and Special Cash Dividends
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Nov 12 2024
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Should l Buy IIIN?
Source: Yahoo Finance
Dividend Announcement: Insteel Industries Inc. declared a quarterly cash dividend of $0.03 per share and a special cash dividend of $1.00 per share, payable on December 13, 2024, to shareholders of record as of November 29, 2024.
Company Outlook: The company remains debt-free and is positioned for growth opportunities while continuing its share buyback program, according to President and CEO H.O. Woltz III.
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Analyst Views on IIIN
About IIIN
Insteel Industries, Inc. is a manufacturer of steel wire reinforcing products for concrete construction applications. The Company manufactures and markets prestressed concrete strand (PC strand) and welded wire reinforcement (WWR), including engineered structural mesh, concrete pipe reinforcement and standard welded wire reinforcement. The Company’s 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. Its WWR is produced as either a standard or a specially engineered reinforcing product for use in nonresidential and residential construction. Its products are sold to manufacturers of concrete products that are used in nonresidential construction. The Company sells its products nationwide across the United States, Canada, Mexico, and Central and South America.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
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- Shipment Trends: First-quarter shipments increased by 3.8% year-over-year but declined by 9.7% sequentially, consistent with normal seasonal patterns, demonstrating the company's adaptability in a fluctuating market.
- Gross Profit and Margin: Gross profit rose to $18.1 million with gross margin expanding by 400 basis points to 11.3% year-over-year, although it narrowed by 480 basis points sequentially due to rising inventory costs, indicating challenges in cost management.
- Shareholder Returns: The company returned $19.4 million to shareholders through a special cash dividend of $1.00 per share and repurchased approximately 24,000 shares, reflecting a strong commitment to shareholder returns and financial health.
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- Price Increase: Average selling prices rose by 18.8% year-over-year, primarily due to pricing actions taken in fiscal 2025 to offset rising steel wire rod costs, although prices remained stable sequentially, indicating enhanced market pricing power.
- Capital Investment Plan: The company plans to invest approximately $20 million in 2026 for plant and information systems infrastructure to support the growth of its engineered structural mesh business, reduce cash production costs, and enhance the robustness of its information systems, demonstrating confidence in future growth.
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- Market Demand Recovery: With increased investments in construction and infrastructure, demand for Insteel's products continues to rise, and this trend is expected to create more market opportunities for the company, solidifying its competitive position in the industry.
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- Shipment Trends: First-quarter shipments increased by 3.8% year-over-year but declined by 9.7% sequentially, consistent with normal seasonal patterns, demonstrating the company's adaptability in a fluctuating market.
- Gross Profit and Margin: Gross profit rose to $18.1 million with gross margin expanding by 400 basis points to 11.3% year-over-year, although it narrowed by 480 basis points sequentially due to rising inventory costs, indicating challenges in cost management.
- Shareholder Returns: The company returned $19.4 million to shareholders through a special cash dividend of $1.00 per share and repurchased approximately 24,000 shares, reflecting a strong commitment to shareholder returns and financial health.
See More
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- Bullish Call Options: Notably, the $36 strike call option expiring on January 16, 2026, saw a high volume of 21,977 contracts traded today, representing about 2.2 million shares, suggesting investor optimism regarding MGM's future performance.
- FIGR Options Activity: Concurrently, Figure Technology Solutions Inc (FIGR) also experienced significant options trading, with a volume of 19,177 contracts, approximately 1.9 million shares, accounting for 61.8% of its average daily trading volume over the past month, reflecting market interest in the company.
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- Price Increase: Average selling prices rose by 18.8% year-over-year, primarily due to pricing actions taken in fiscal 2025 to offset rising steel wire rod costs, although prices remained stable sequentially, indicating enhanced market pricing power.
- Capital Investment Plan: The company plans to invest approximately $20 million in 2026 for plant and information systems infrastructure to support the growth of its engineered structural mesh business, reduce cash production costs, and enhance the robustness of its information systems, demonstrating confidence in future growth.
- Optimistic Market Outlook: Management expressed optimism for 2026, anticipating strong demand driven by infrastructure investment and data center construction, despite risks from trade policies and supply chain uncertainties, showcasing the company's resilience in a complex environment.
See More
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- Improved Profitability: The company reported a GAAP EPS of $0.39 for Q1, indicating effective enhancement of profitability alongside sales growth, which further boosts investor confidence in the company's future prospects.
- Market Demand Recovery: With increased investments in construction and infrastructure, demand for Insteel's products continues to rise, and this trend is expected to create more market opportunities for the company, solidifying its competitive position in the industry.
- Optimistic Strategic Outlook: Insteel's strong performance in the current economic cycle has led analysts to maintain an optimistic view on its future earnings, believing the company will continue to benefit from the dual drivers of industry recovery and price increases.
See More
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- Sales Surge: The company achieved a 23.3% year-over-year increase in net sales, reaching $159.9 million, primarily due to an 18.8% rise in average selling prices and a 3.8% increase in shipments, demonstrating effective management of rising raw material costs.
- Margin Improvement: Gross margin expanded by 400 basis points to 11.3% from 7.3% in the prior year quarter, reflecting higher shipment volumes and lower unit manufacturing costs, which further enhances the company's profitability.
- Cash Flow Dynamics: While operating activities used $0.7 million in cash during the quarter, Insteel maintained a cash reserve of $15.6 million and paid a special cash dividend of $19.4 million in December, showcasing strong capital management capabilities.
See More
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- Strong Regional Bank Performance: First Horizon (FHN) and M&T Bank (MTB) follow closely with ratings of 4.60 and 4.51, respectively, indicating that regional banks are well-positioned for growth in the upcoming earnings, likely attracting more investor interest.
- Airline Industry Highlight: Delta Air Lines (DAL) receives a quant rating of 4.54 ahead of its earnings report, showcasing its strong performance in the airline sector, which may boost market confidence due to sustained high demand.
- Construction Sector Pressure: Insteel Industries (IIIN) ranks lowest with a score of 1.56, reflecting the pressures faced by construction-linked companies, which may lead to diminished investor confidence and negatively impact their stock performance.
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