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The company had 17.5 million common shares outstanding as of November 17. Assuming that shares were repurchased at the November 17 closing price, the repurchase program represents around 19% of the company's outstanding stock.
Insteel's latest buyback authorization replaces a previous one to repurchase up to $25 million of the company's common stock that was to expire on December 5. Through November 17, the company had repurchased around $6.2 million, or 704,683 shares, of its common stock under this previous authorization.
Mount Airy, North Carolina-based Insteel is a manufacturer of steel wire reinforcing products for concrete construction applications. The company manufactures and markets prestressed concrete strand and welded wire reinforcement, including concrete pipe reinforcement, engineered structural mesh and standard welded wire reinforcement.
Insteel's products are sold primarily to manufacturers of concrete products that are used in nonresidential construction. The company operates six manufacturing facilities located in the United States.
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