Insteel Industries (IIIN) Hits New 1-Year Low at $25.23

Insteel Industries Inc (NASDAQ:IIIN)’s share price hit a new 52-week low during mid-day trading on Thursday . The company traded as low as $25.23 and last traded at $25.78, with a volume of 5058 shares traded. The stock had previously closed at $25.86.

Separately, BidaskClub cut Insteel Industries from a “hold” rating to a “sell” rating in a report on Thursday, September 20th.

The firm has a market capitalization of $497.09 million, a PE ratio of 15.48 and a beta of 2.39.

Insteel Industries (NASDAQ:IIIN) last issued its earnings results on Thursday, October 18th. The industrial products company reported $0.49 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.56 by ($0.07). Insteel Industries had a return on equity of 14.20% and a net margin of 8.00%. The firm had revenue of $121.40 million during the quarter, compared to analyst estimates of $130.38 million. During the same period in the previous year, the company earned $0.20 EPS. Insteel Industries’s revenue for the quarter was up 25.3% on a year-over-year basis.

The company also recently announced a quarterly dividend, which will be paid on Friday, January 4th. Shareholders of record on Friday, December 14th will be issued a $0.03 dividend. The ex-dividend date of this dividend is Thursday, December 13th. This represents a $0.12 dividend on an annualized basis and a yield of 0.47%.

A number of institutional investors and hedge funds have recently modified their holdings of IIIN. SG Americas Securities LLC acquired a new position in Insteel Industries in the 2nd quarter worth about $141,000. Piedmont Investment Advisors LLC bought a new stake in shares of Insteel Industries in the 2nd quarter valued at about $141,000. Ibex Investors LLC bought a new stake in shares of Insteel Industries in the 3rd quarter valued at about $201,000. Virtu Financial LLC bought a new stake in shares of Insteel Industries in the 3rd quarter valued at about $239,000. Finally, Trexquant Investment LP bought a new stake in shares of Insteel Industries in the 3rd quarter valued at about $243,000. 79.10% of the stock is owned by institutional investors and hedge funds.

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Insteel Industries Company Profile (NASDAQ:IIIN)

Insteel Industries, Inc, together with its subsidiaries, manufactures and markets steel wire reinforcing products for concrete construction applications. The company offers pre-stressed concrete strand (PC strand) and welded wire reinforcement (WWR) products. Its PC strand is a seven-wire strand that is used to impart compression forces into precast concrete elements and structures providing reinforcement for bridges, parking decks, buildings, and other concrete structures.

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