Insteel Industries (NYSE:IIIN) Upgraded to Hold at Zacks Research

Zacks Research upgraded shares of Insteel Industries (NYSE:IIIN) from a strong sell rating to a hold rating in a report published on Tuesday,Zacks.com reports.

Other research analysts have also issued research reports about the company. Weiss Ratings lowered Insteel Industries from a “hold (c)” rating to a “hold (c-)” rating in a research report on Wednesday, April 22nd. Wall Street Zen downgraded Insteel Industries from a “hold” rating to a “sell” rating in a report on Monday, May 4th. Two equities research analysts have rated the stock with a Hold rating, According to MarketBeat.com, Insteel Industries has an average rating of “Hold”.

Insteel Industries Price Performance

IIIN opened at $28.60 on Tuesday. The business has a 50 day simple moving average of $28.21 and a two-hundred day simple moving average of $31.76. The firm has a market capitalization of $555.70 million, a price-to-earnings ratio of 13.12, a PEG ratio of 1.80 and a beta of 0.53. Insteel Industries has a one year low of $24.35 and a one year high of $41.64.

Insteel Industries (NYSE:IIIN) last released its quarterly earnings results on Thursday, April 16th. The company reported $0.27 EPS for the quarter, missing analysts’ consensus estimates of $0.80 by ($0.53). The business had revenue of $172.65 million for the quarter. Insteel Industries had a net margin of 6.16% and a return on equity of 11.72%. Insteel Industries’s revenue was up 7.5% compared to the same quarter last year. During the same period last year, the firm earned $0.52 earnings per share. As a group, sell-side analysts expect that Insteel Industries will post 1.32 EPS for the current fiscal year.

Insteel Industries Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, June 26th. Investors of record on Friday, June 12th will be paid a $0.03 dividend. The ex-dividend date is Friday, June 12th. This represents a $0.12 annualized dividend and a dividend yield of 0.4%. Insteel Industries’s dividend payout ratio is presently 5.50%.

Institutional Trading of Insteel Industries

Hedge funds and other institutional investors have recently made changes to their positions in the stock. SG Capital Management LLC purchased a new stake in shares of Insteel Industries in the 3rd quarter worth approximately $3,264,000. Public Sector Pension Investment Board grew its stake in shares of Insteel Industries by 44.0% in the 3rd quarter. Public Sector Pension Investment Board now owns 95,338 shares of the company’s stock worth $3,655,000 after buying an additional 29,139 shares during the last quarter. Tredje AP fonden purchased a new stake in shares of Insteel Industries in the 3rd quarter worth approximately $832,000. GSA Capital Partners LLP grew its stake in shares of Insteel Industries by 75.9% in the 4th quarter. GSA Capital Partners LLP now owns 63,800 shares of the company’s stock worth $2,021,000 after buying an additional 27,525 shares during the last quarter. Finally, Oppenheimer & Close LLC grew its stake in shares of Insteel Industries by 1.1% in the 4th quarter. Oppenheimer & Close LLC now owns 139,364 shares of the company’s stock worth $4,414,000 after buying an additional 1,503 shares during the last quarter. Hedge funds and other institutional investors own 83.27% of the company’s stock.

Insteel Industries Company Profile

Insteel Industries, Inc is a leading manufacturer of steel wire reinforcing products used in concrete construction. The company specializes in the design, fabrication and distribution of welded-wire reinforcement, cut-and-bent reinforcement and related accessories for concrete walls, floors and columns. Its products are employed across residential, commercial and infrastructure projects, providing structural strength and dimensional stability in poured concrete applications.

Key product lines include truss mats—prefabricated, ladder-like assemblies of welded wire designed for rapid placement—and custom cut-and-bent wire assemblies that meet specific engineering requirements.