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

Insteel Industries (NYSE:IIIN) was downgraded by equities research analysts at Zacks Research from a “strong-buy” rating to a “hold” rating in a report issued on Tuesday, Zacks reports.

IIIN has been the subject of several other reports. Wall Street Zen upgraded Insteel Industries from a “sell” rating to a “hold” rating in a research note on Saturday, July 18th. Weiss Ratings raised Insteel Industries from a “hold (c-)” rating to a “hold (c)” rating in a research note on Monday, August 3rd. Two analysts have rated the stock with a Hold rating, Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold”.

Insteel Industries Stock Performance

IIIN stock opened at $30.29 on Tuesday. The stock has a market capitalization of $586.41 million, a P/E ratio of 16.28, a PEG ratio of 1.57 and a beta of 0.51. Insteel Industries has a one year low of $24.35 and a one year high of $39.91. The company has a 50 day moving average price of $31.10 and a two-hundred day moving average price of $30.38.

Insteel Industries (NYSE:IIIN) last issued its quarterly earnings results on Thursday, July 16th. The company reported $0.46 earnings per share for the quarter, beating the consensus estimate of $0.45 by $0.01. Insteel Industries had a return on equity of 9.92% and a net margin of 5.14%.The company had revenue of $197.66 million during the quarter. During the same quarter last year, the firm posted $0.78 earnings per share. Research analysts forecast that Insteel Industries will post 1.59 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, COO Richard Wagner sold 1,640 shares of the company’s stock in a transaction on Thursday, August 27th. The shares were sold at an average price of $30.31, for a total transaction of $49,708.40. Following the completion of the sale, the chief operating officer directly owned 40,000 shares of the company’s stock, valued at approximately $1,212,400. This represents a 3.94% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 6.20% of the company’s stock.

Hedge Funds Weigh In On Insteel Industries

Institutional investors and hedge funds have recently bought and sold shares of the stock. Squarepoint Ops LLC grew its holdings in Insteel Industries by 143.4% during the 2nd quarter. Squarepoint Ops LLC now owns 56,224 shares of the company’s stock valued at $1,698,000 after purchasing an additional 33,123 shares in the last quarter. Susquehanna Fundamental Investments LLC boosted its position in Insteel Industries by 111.4% in the 2nd quarter. Susquehanna Fundamental Investments LLC now owns 39,575 shares of the company’s stock valued at $1,195,000 after buying an additional 20,858 shares during the last quarter. Hsbc Holdings PLC grew its stake in shares of Insteel Industries by 49.1% during the second quarter. Hsbc Holdings PLC now owns 22,935 shares of the company’s stock valued at $681,000 after acquiring an additional 7,557 shares in the last quarter. Public Employees Retirement System of Ohio acquired a new stake in shares of Insteel Industries during the second quarter valued at about $526,000. Finally, Corient Private Wealth LP purchased a new stake in shares of Insteel Industries during the second quarter worth about $440,000. Hedge funds and other institutional investors own 83.27% of the company’s stock.

About Insteel Industries

Insteel Industries, Inc (NYSE: IIIN) manufactures steel products used primarily in the nonresidential and infrastructure construction markets. The company’s principal products are prestressed concrete steel strand, commonly used in prestressed and precast concrete, and welded wire reinforcement, which helps reinforce concrete structures.

Insteel sells its products primarily to manufacturers of prestressed and precast concrete products, concrete pipe, utility structures, and other construction-related products.