Insteel Industries (NASDAQ:IIIN) posted its earnings results on Thursday. The industrial products company reported $0.20 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.22 by ($0.02), Morningstar.com reports. The firm had revenue of $97.74 million for the quarter, compared to the consensus estimate of $94.90 million. Insteel Industries had a return on equity of 10.13% and a net margin of 6.67%. The business’s revenue was up 4.1% on a year-over-year basis. During the same period last year, the company posted $0.23 EPS.
Shares of Insteel Industries (IIIN) opened at $32.49 on Friday. The firm has a market cap of $602.46, a P/E ratio of 27.51 and a beta of 2.11. Insteel Industries has a twelve month low of $23.20 and a twelve month high of $39.20.
A number of analysts recently weighed in on IIIN shares. TheStreet lowered shares of Insteel Industries from a “b-” rating to a “c+” rating in a report on Thursday, October 19th. Sidoti started coverage on shares of Insteel Industries in a report on Monday, December 18th. They set a “buy” rating and a $34.00 target price on the stock.
Institutional investors have recently bought and sold shares of the stock. Advisory Services Network LLC increased its holdings in shares of Insteel Industries by 3.2% in the 2nd quarter. Advisory Services Network LLC now owns 5,895 shares of the industrial products company’s stock worth $194,000 after buying an additional 181 shares during the last quarter. Oppenheimer & Close LLC bought a new position in shares of Insteel Industries in the 3rd quarter worth $203,000. Stifel Financial Corp bought a new position in shares of Insteel Industries in the 3rd quarter worth $204,000. Oppenheimer & Co. Inc. bought a new position in shares of Insteel Industries in the 3rd quarter worth $217,000. Finally, Louisiana State Employees Retirement System bought a new position in shares of Insteel Industries in the 4th quarter worth $221,000. 81.03% of the stock is currently owned by institutional investors and hedge funds.
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About Insteel Industries
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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