Zacks: Brokerages Set $44.00 Price Target for Insteel Industries, Inc. (IIIN)

Shares of Insteel Industries, Inc. (NASDAQ:IIIN) have received a consensus broker rating score of 2.00 (Buy) from the two brokers that cover the company, Zacks Investment Research reports. One analyst has rated the stock with a hold recommendation and one has issued a strong buy recommendation on the company. Insteel Industries’ rating score has declined by 100% from three months ago as a result of various analysts’ upgrades and downgrades.

Brokers have set a 12-month consensus price objective of $44.00 for the company, according to Zacks. Zacks has also given Insteel Industries an industry rank of 109 out of 265 based on the ratings given to its competitors.

IIIN has been the topic of several recent research reports. BidaskClub raised Insteel Industries from a “sell” rating to a “hold” rating in a report on Wednesday, August 2nd. Longbow Research cut Insteel Industries from a “buy” rating to a “neutral” rating in a report on Friday, August 25th.

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Several institutional investors and hedge funds have recently modified their holdings of IIIN. Advisory Services Network LLC increased its position in shares of Insteel Industries by 3.2% during the 2nd quarter. Advisory Services Network LLC now owns 5,895 shares of the industrial products company’s stock valued at $194,000 after purchasing an additional 181 shares during the last quarter. The Manufacturers Life Insurance Company increased its position in shares of Insteel Industries by 6.1% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 14,653 shares of the industrial products company’s stock valued at $483,000 after purchasing an additional 847 shares during the last quarter. State Street Corp increased its position in shares of Insteel Industries by 3.3% during the 2nd quarter. State Street Corp now owns 450,181 shares of the industrial products company’s stock valued at $14,842,000 after purchasing an additional 14,502 shares during the last quarter. Royal Bank of Canada increased its position in shares of Insteel Industries by 12.5% during the 2nd quarter. Royal Bank of Canada now owns 1,453,445 shares of the industrial products company’s stock valued at $47,921,000 after purchasing an additional 161,813 shares during the last quarter. Finally, Employees Retirement System of Texas increased its position in shares of Insteel Industries by 58.8% during the 2nd quarter. Employees Retirement System of Texas now owns 54,000 shares of the industrial products company’s stock valued at $1,780,000 after purchasing an additional 20,000 shares during the last quarter. 81.29% of the stock is currently owned by institutional investors and hedge funds.

Shares of Insteel Industries (IIIN) traded up 0.89% during midday trading on Thursday, reaching $26.20. 78,160 shares of the company were exchanged. Insteel Industries has a 12-month low of $22.50 and a 12-month high of $42.81. The company has a 50 day moving average price of $25.14 and a 200-day moving average price of $30.12. The stock has a market capitalization of $498.46 million, a P/E ratio of 17.58 and a beta of 2.10.

Insteel Industries (NASDAQ:IIIN) last posted its quarterly earnings results on Thursday, July 20th. The industrial products company reported $0.36 EPS for the quarter, missing the Zacks’ consensus estimate of $0.56 by ($0.20). The business had revenue of $96.90 million during the quarter, compared to analysts’ expectations of $122.39 million. Insteel Industries had a return on equity of 13.30% and a net margin of 7.24%. The firm’s revenue for the quarter was down 16.2% on a year-over-year basis. During the same period in the prior year, the firm posted $0.71 earnings per share. On average, analysts forecast that Insteel Industries will post $1.27 earnings per share for the current fiscal year.

The company also recently disclosed a quarterly dividend, which was paid on Friday, September 29th. Stockholders of record on Friday, September 15th were issued a dividend of $0.03 per share. The ex-dividend date was Thursday, September 14th. This represents a $0.12 annualized dividend and a dividend yield of 0.46%. Insteel Industries’s dividend payout ratio (DPR) is 8.05%.

Insteel Industries Company Profile

Insteel Industries, Inc is a manufacturer of steel wire reinforcing products for concrete construction applications. The Company’s operations are focused on the manufacture and marketing of steel wire reinforcing products for concrete construction applications. Its concrete reinforcing products consist of two product lines: prestressed concrete strand (PC strand) and welded wire reinforcement (WWR).

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