Shares of Insteel Industries, Inc. (NASDAQ:IIIN) have earned an average broker rating score of 2.00 (Buy) from the two analysts that cover the company, Zacks Investment Research reports. One investment 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 90 days ago as a result of various analysts’ upgrades and downgrades.
Brokerages have set a twelve-month consensus price target of $44.00 for the company, according to Zacks. Zacks has also given Insteel Industries an industry rank of 113 out of 265 based on the ratings given to related companies.
IIIN has been the topic of a number of recent research reports. BidaskClub cut Insteel Industries from a “hold” rating to a “sell” rating in a research note on Tuesday, July 25th. TheStreet cut Insteel Industries from a “b-” rating to a “c+” rating in a research note on Thursday, October 19th. Finally, Longbow Research cut Insteel Industries from a “buy” rating to a “neutral” rating in a research note on Friday, August 25th.
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Shares of Insteel Industries (NASDAQ:IIIN) traded down 0.306% during midday trading on Tuesday, reaching $27.715. The company’s stock had a trading volume of 109,382 shares. Insteel Industries has a 52 week low of $23.20 and a 52 week high of $42.81. The firm has a market capitalization of $527.28 million, a price-to-earnings ratio of 18.601 and a beta of 2.10. The firm’s 50 day moving average is $25.83 and its 200 day moving average is $29.52.
Insteel Industries (NASDAQ:IIIN) last issued its earnings results on Thursday, October 19th. The industrial products company reported $0.20 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.25 by ($0.05). The firm had revenue of $96.89 million during the quarter, compared to analyst estimates of $96.25 million. Insteel Industries had a net margin of 5.80% and a return on equity of 10.50%. Insteel Industries’s revenue was down 6.0% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.51 EPS. Equities analysts forecast that Insteel Industries will post $1.64 EPS for the current fiscal year.
The business also recently disclosed a special dividend, which will be paid on Friday, January 5th. Shareholders of record on Wednesday, December 20th will be paid a dividend of $1.00 per share. This represents a dividend yield of 0.44%. The ex-dividend date is Tuesday, December 19th. Insteel Industries’s dividend payout ratio is presently 10.17%.
In other Insteel Industries news, VP James F. Petelle sold 1,000 shares of the business’s stock in a transaction dated Tuesday, October 24th. The stock was sold at an average price of $27.11, for a total transaction of $27,110.00. Following the transaction, the vice president now owns 14,788 shares in the company, valued at $400,902.68. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Insiders own 5.70% of the company’s stock.
Several institutional investors and hedge funds have recently modified their holdings of IIIN. Russell Investments Group Ltd. lifted its stake in shares of Insteel Industries by 18.0% during the second quarter. Russell Investments Group Ltd. now owns 38,350 shares of the industrial products company’s stock worth $1,264,000 after purchasing an additional 5,854 shares in the last quarter. Great West Life Assurance Co. Can lifted its stake in shares of Insteel Industries by 6.5% during the second quarter. Great West Life Assurance Co. Can now owns 26,384 shares of the industrial products company’s stock worth $868,000 after purchasing an additional 1,600 shares in the last quarter. Texas Permanent School Fund lifted its stake in shares of Insteel Industries by 1.1% during the second quarter. Texas Permanent School Fund now owns 12,779 shares of the industrial products company’s stock worth $421,000 after purchasing an additional 134 shares in the last quarter. Sei Investments Co. lifted its stake in shares of Insteel Industries by 970.9% during the second quarter. Sei Investments Co. now owns 13,643 shares of the industrial products company’s stock worth $450,000 after purchasing an additional 12,369 shares in the last quarter. Finally, Forward Management LLC lifted its stake in shares of Insteel Industries by 27.7% during the second quarter. Forward Management LLC now owns 5,964 shares of the industrial products company’s stock worth $197,000 after purchasing an additional 1,295 shares in the last quarter. Institutional investors own 81.25% of the company’s stock.
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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