Insteel Industries (NASDAQ:IIIN) was downgraded by Sidoti from a “buy” rating to a “neutral” rating in a research report issued to clients and investors on Thursday.
Separately, TheStreet lowered Insteel Industries from a “b-” rating to a “c+” rating in a research note on Thursday, October 19th.
Insteel Industries (NASDAQ IIIN) traded up $0.57 on Thursday, hitting $29.83. The company had a trading volume of 218,400 shares, compared to its average volume of 112,982. The firm has a market capitalization of $557.14, a price-to-earnings ratio of 25.28 and a beta of 2.11. Insteel Industries has a fifty-two week low of $23.20 and a fifty-two week high of $39.20.
Insteel Industries (NASDAQ:IIIN) last posted its quarterly earnings data on Thursday, October 19th. The industrial products company reported $0.20 EPS for the quarter, missing analysts’ consensus estimates of $0.25 by ($0.05). The company had revenue of $96.89 million for 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%. The firm’s revenue was down 6.0% on a year-over-year basis. During the same period in the previous year, the business earned $0.51 EPS.
In related news, VP James F. Petelle sold 1,000 shares of the 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 directly owns 14,788 shares in the company, valued at $400,902.68. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 5.70% of the company’s stock.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in IIIN. Bruce & Co. Inc. purchased a new position in Insteel Industries during the third quarter worth about $6,149,000. Thomson Horstmann & Bryant Inc. lifted its position in Insteel Industries by 66.4% during the fourth quarter. Thomson Horstmann & Bryant Inc. now owns 482,220 shares of the industrial products company’s stock worth $13,656,000 after buying an additional 192,360 shares during the period. Royal Bank of Canada lifted its position in Insteel Industries by 12.5% during the second quarter. Royal Bank of Canada now owns 1,453,445 shares of the industrial products company’s stock worth $47,921,000 after buying an additional 161,813 shares during the period. Dimensional Fund Advisors LP lifted its position in Insteel Industries by 8.7% during the second quarter. Dimensional Fund Advisors LP now owns 1,297,264 shares of the industrial products company’s stock worth $42,771,000 after buying an additional 104,298 shares during the period. Finally, Epoch Investment Partners Inc. lifted its position in Insteel Industries by 16.1% during the third quarter. Epoch Investment Partners Inc. now owns 598,363 shares of the industrial products company’s stock worth $15,624,000 after buying an additional 82,794 shares during the period. Hedge funds and other institutional investors own 81.03% of the company’s stock.
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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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