Insteel Industries, Inc. (IIIN) Downgraded by TheStreet

Insteel Industries, Inc. (NASDAQ:IIIN) was downgraded by research analysts at TheStreet from a “b-” rating to a “c+” rating in a report issued on Thursday.

Several other brokerages have also commented on IIIN. Longbow Research lowered Insteel Industries from a “buy” rating to a “neutral” rating in a research report on Friday, August 25th. BidaskClub lowered Insteel Industries from a “hold” rating to a “sell” rating in a research report on Tuesday, August 22nd. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and two have issued a buy rating to the stock. The company currently has a consensus rating of “Hold”.

Insteel Industries (IIIN) opened at 27.00 on Thursday. The firm has a market cap of $513.68 million, a P/E ratio of 18.12 and a beta of 2.10. The firm’s 50-day moving average is $25.67 and its 200 day moving average is $29.75. Insteel Industries has a 12-month low of $23.20 and a 12-month high of $42.81.

Insteel Industries (NASDAQ:IIIN) last released its quarterly earnings results on Thursday, October 19th. The industrial products company reported $0.20 earnings per share for the quarter, missing the consensus estimate of $0.25 by ($0.05). The company had revenue of $96.89 million during the quarter, compared to the consensus estimate of $96.25 million. Insteel Industries had a net margin of 5.80% and a return on equity of 10.50%. The business’s revenue was down 6.0% on a year-over-year basis. During the same quarter last year, the firm earned $0.51 EPS. Equities analysts forecast that Insteel Industries will post $1.82 earnings per share for the current year.

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Several institutional investors and hedge funds have recently bought and sold shares of IIIN. Russell Investments Group Ltd. raised its position in shares of Insteel Industries by 18.0% in the 2nd quarter. Russell Investments Group Ltd. now owns 38,350 shares of the industrial products company’s stock worth $1,264,000 after purchasing an additional 5,854 shares during the last quarter. Great West Life Assurance Co. Can raised its position in shares of Insteel Industries by 6.5% in the 2nd quarter. Great West Life Assurance Co. Can now owns 26,384 shares of the industrial products company’s stock worth $868,000 after purchasing an additional 1,600 shares during the last quarter. Texas Permanent School Fund raised its position in shares of Insteel Industries by 1.1% in the 2nd quarter. Texas Permanent School Fund now owns 12,779 shares of the industrial products company’s stock worth $421,000 after purchasing an additional 134 shares during the last quarter. Sei Investments Co. raised its position in shares of Insteel Industries by 970.9% in the 2nd quarter. Sei Investments Co. now owns 13,643 shares of the industrial products company’s stock worth $450,000 after purchasing an additional 12,369 shares during the last quarter. Finally, Forward Management LLC raised its position in shares of Insteel Industries by 27.7% in the 2nd quarter. Forward Management LLC now owns 5,964 shares of the industrial products company’s stock worth $197,000 after purchasing an additional 1,295 shares during the last quarter. 81.29% of the stock is owned by hedge funds and other institutional investors.

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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