Insteel Industries Inc (NASDAQ:IIIN) has earned a consensus broker rating score of 2.00 (Buy) from the two brokers that provide coverage for the stock, Zacks Investment Research reports. One analyst has rated the stock with a hold recommendation and one has given a strong buy recommendation to the company.
Zacks has also assigned Insteel Industries an industry rank of 237 out of 265 based on the ratings given to its competitors.
IIIN has been the topic of several recent research reports. Sidoti initiated coverage on shares of Insteel Industries in a research report on Monday, December 18th. They issued a “buy” rating and a $34.00 price target on the stock. TheStreet cut shares of Insteel Industries from a “b-” rating to a “c+” rating in a research report on Thursday, October 19th.
In other Insteel Industries news, VP James F. Petelle sold 1,000 shares of the stock in a transaction dated Tuesday, October 24th. The shares were sold at an average price of $27.11, for a total value of $27,110.00. Following the completion of the sale, the vice president now owns 14,788 shares in the company, valued at approximately $400,902.68. The transaction was disclosed in a document filed with the SEC, which is available at this link. Company insiders own 5.70% of the company’s stock.
A number of large investors have recently bought and sold shares of IIIN. Bruce & Co. Inc. purchased a new stake in Insteel Industries in the 3rd quarter valued at about $6,149,000. Thomson Horstmann & Bryant Inc. increased its stake in Insteel Industries by 66.4% in the 4th quarter. Thomson Horstmann & Bryant Inc. now owns 482,220 shares of the industrial products company’s stock valued at $13,656,000 after buying an additional 192,360 shares during the last quarter. Royal Bank of Canada increased its stake in Insteel Industries by 12.5% in 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 buying an additional 161,813 shares during the last quarter. Dimensional Fund Advisors LP increased its stake in Insteel Industries by 8.7% in the 2nd quarter. Dimensional Fund Advisors LP now owns 1,297,264 shares of the industrial products company’s stock valued at $42,771,000 after buying an additional 104,298 shares during the last quarter. Finally, Epoch Investment Partners Inc. increased its stake in shares of Insteel Industries by 16.1% during the 3rd quarter. Epoch Investment Partners Inc. now owns 598,363 shares of the industrial products company’s stock worth $15,624,000 after purchasing an additional 82,794 shares during the last quarter. Hedge funds and other institutional investors own 81.03% of the company’s stock.
Insteel Industries (NASDAQ:IIIN) opened at $31.64 on Friday. Insteel Industries has a 1 year low of $23.20 and a 1 year high of $39.20. The firm has a market cap of $567.99, a PE ratio of 26.81 and a beta of 2.11.
Insteel Industries (NASDAQ:IIIN) last announced its quarterly earnings results on Thursday, October 19th. The industrial products company reported $0.20 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.25 by ($0.05). Insteel Industries had a net margin of 5.80% and a return on equity of 10.50%. The business had revenue of $96.89 million during the quarter, compared to the consensus estimate of $96.25 million. During the same period in the previous year, the business posted $0.51 EPS. Insteel Industries’s revenue was down 6.0% compared to the same quarter last year.
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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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