TheStreet upgraded shares of Insteel Industries (NASDAQ:IIIN) from a c+ rating to a b- rating in a research note published on Wednesday morning.
Separately, Sidoti initiated coverage on shares of Insteel Industries in a research report on Monday, December 18th. They set a buy rating and a $34.00 price target on the stock.
Insteel Industries (IIIN) opened at $32.49 on Wednesday. Insteel Industries has a 52-week low of $23.20 and a 52-week high of $39.20. The stock has a market cap of $618.64, a PE ratio of 28.25 and a beta of 2.11.
Insteel Industries (NASDAQ:IIIN) last released its quarterly earnings data on Thursday, January 18th. The industrial products company reported $0.20 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.22 by ($0.02). Insteel Industries had a net margin of 6.67% and a return on equity of 10.13%. The firm had revenue of $97.74 million during the quarter, compared to analysts’ expectations of $94.90 million. During the same quarter in the previous year, the firm posted $0.23 EPS. Insteel Industries’s revenue was up 4.1% compared to the same quarter last year.
In related news, VP James F. Petelle sold 1,000 shares of the business’s stock in a transaction dated Tuesday, October 24th. The shares were 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 filing with the Securities & Exchange Commission, which is available through this link. 5.70% of the stock is owned by insiders.
Several hedge funds and other institutional investors have recently made changes to their positions in IIIN. Advisory Services Network LLC increased its position in shares of Insteel Industries by 3.2% during the second quarter. Advisory Services Network LLC now owns 5,895 shares of the industrial products company’s stock valued at $194,000 after buying an additional 181 shares during the period. Oppenheimer & Close LLC purchased a new position in shares of Insteel Industries during the third quarter valued at about $203,000. Stifel Financial Corp purchased a new position in shares of Insteel Industries during the third quarter valued at about $204,000. Oppenheimer & Co. Inc. purchased a new position in shares of Insteel Industries during the third quarter valued at about $217,000. Finally, Louisiana State Employees Retirement System purchased a new position in shares of Insteel Industries during the fourth quarter valued at about $221,000. 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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