Insteel Industries (NASDAQ:IIIN) was upgraded by analysts at BidaskClub from a “buy” rating to a “strong-buy” rating in a research report issued on Tuesday, January 23rd.
Several other research analysts have also recently issued reports on the company. Sidoti started coverage on Insteel Industries in a research note on Monday, December 18th. They issued a “buy” rating and a $34.00 price objective for the company. TheStreet cut Insteel Industries from a “b-” rating to a “c+” rating in a research note on Thursday, October 19th.
Shares of Insteel Industries (NASDAQ:IIIN) traded up $0.25 during midday trading on Tuesday, reaching $29.94. The company’s stock had a trading volume of 90,768 shares, compared to its average volume of 143,460. The firm has a market capitalization of $570.85, a P/E ratio of 21.67 and a beta of 2.01. Insteel Industries has a fifty-two week low of $23.20 and a fifty-two 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 during the quarter, compared to analyst estimates of $94.90 million. During the same period in the prior year, the business posted $0.23 EPS. Insteel Industries’s revenue was up 4.1% compared to the same quarter last year.
A number of hedge funds have recently made changes to their positions in IIIN. Bruce & Co. Inc. purchased a new stake in shares of Insteel Industries in the third quarter valued at approximately $6,149,000. UBS Asset Management Americas Inc. purchased a new stake in shares of Insteel Industries in the second quarter valued at approximately $254,000. JPMorgan Chase & Co. increased its position in shares of Insteel Industries by 888.2% in the third quarter. JPMorgan Chase & Co. now owns 54,699 shares of the industrial products company’s stock valued at $1,397,000 after buying an additional 49,164 shares in the last quarter. Rhumbline Advisers increased its position in shares of Insteel Industries by 25.1% in the third quarter. Rhumbline Advisers now owns 67,137 shares of the industrial products company’s stock valued at $1,753,000 after buying an additional 13,455 shares in the last quarter. Finally, Epoch Investment Partners Inc. increased its position in shares of Insteel Industries by 2.4% in the second quarter. Epoch Investment Partners Inc. now owns 515,569 shares of the industrial products company’s stock valued at $16,998,000 after buying an additional 12,008 shares in the last quarter. 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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