Insteel Industries (IIIN) Cut to “Buy” at BidaskClub

BidaskClub downgraded shares of Insteel Industries (NASDAQ:IIIN) from a strong-buy rating to a buy rating in a research note published on Saturday, February 3rd.

Several other equities research analysts also recently issued reports on the company. TheStreet raised Insteel Industries from a c+ rating to a b- rating in a report on Wednesday, January 17th. Sidoti downgraded Insteel Industries from a buy rating to a neutral rating in a report on Thursday, January 18th.

Shares of Insteel Industries (NASDAQ IIIN) opened at $29.98 on Friday. The firm has a market cap of $566.85, a P/E 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 results on Thursday, January 18th. The industrial products company reported $0.20 earnings per share for the quarter, missing the consensus estimate of $0.22 by ($0.02). Insteel Industries had a return on equity of 10.13% and a net margin of 6.67%. The business had revenue of $97.74 million for the quarter, compared to the consensus estimate of $94.90 million. During the same period in the prior year, the business earned $0.23 earnings per share. Insteel Industries’s revenue was up 4.1% compared to the same quarter last year.

Institutional investors have recently added to or reduced their stakes in the business. BlackRock Inc. grew its holdings in shares of Insteel Industries by 5.4% during the fourth quarter. BlackRock Inc. now owns 2,321,755 shares of the industrial products company’s stock worth $65,752,000 after purchasing an additional 119,375 shares during the last quarter. Dimensional Fund Advisors LP lifted its stake in shares of Insteel Industries by 1.3% in the third quarter. Dimensional Fund Advisors LP now owns 1,314,319 shares of the industrial products company’s stock worth $34,317,000 after acquiring an additional 17,055 shares during the period. Vanguard Group Inc. lifted its stake in shares of Insteel Industries by 1.0% in the second quarter. Vanguard Group Inc. now owns 1,161,064 shares of the industrial products company’s stock worth $38,280,000 after acquiring an additional 11,906 shares during the period. Epoch Investment Partners Inc. lifted its stake in shares of Insteel Industries by 16.1% in the third quarter. Epoch Investment Partners Inc. now owns 598,363 shares of the industrial products company’s stock worth $15,624,000 after acquiring an additional 82,794 shares during the period. Finally, Thomson Horstmann & Bryant Inc. lifted its stake in shares of Insteel Industries by 66.4% in the fourth quarter. Thomson Horstmann & Bryant Inc. now owns 482,220 shares of the industrial products company’s stock worth $13,656,000 after acquiring an additional 192,360 shares during the period. Hedge funds and other institutional investors own 81.82% 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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