TheStreet Upgrades Insteel Industries (NASDAQ:IIIN) to B-

Insteel Industries (NASDAQ:IIIN) was upgraded by analysts at TheStreet from a “c+” rating to a “b-” rating in a note issued to investors on Wednesday, January 17th.

Separately, Sidoti started coverage on Insteel Industries in a research report on Monday, December 18th. They issued a “buy” rating and a $34.00 price target for the company.

Shares of Insteel Industries (IIIN) traded up $0.21 during trading on Wednesday, hitting $29.98. The stock had a trading volume of 75,862 shares, compared to its average volume of 147,768. The stock has a market capitalization of $566.85, a price-to-earnings ratio of 25.89 and a beta of 2.01. Insteel Industries has a 52-week low of $23.20 and a 52-week high of $38.69.

Insteel Industries (NASDAQ:IIIN) last issued its quarterly earnings data on Thursday, January 18th. The industrial products company reported $0.20 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.22 by ($0.02). The firm had revenue of $97.74 million for the quarter, compared to analysts’ expectations of $94.90 million. Insteel Industries had a net margin of 6.67% and a return on equity of 10.13%. The company’s revenue for the quarter was up 4.1% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.23 EPS.

Several institutional investors have recently bought and sold shares of IIIN. Advisory Services Network LLC raised its stake 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 acquiring an additional 181 shares in the last quarter. Oppenheimer & Close LLC bought a new stake in shares of Insteel Industries during the third quarter valued at approximately $203,000. Stifel Financial Corp bought a new position in Insteel Industries in the third quarter worth approximately $204,000. Oppenheimer & Co. Inc. bought a new position in Insteel Industries in the third quarter worth approximately $217,000. Finally, Louisiana State Employees Retirement System bought a new position in Insteel Industries in the fourth quarter worth approximately $221,000. 81.82% of the stock is owned by hedge funds and other institutional investors.

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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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