Insteel Industries, Inc. (NASDAQ:IIIN) has been assigned an average broker rating score of 2.00 (Buy) from the two analysts that cover the stock, Zacks Investment Research reports. One equities research analyst has rated the stock with a hold recommendation and one has issued a strong buy recommendation on the company.
Zacks has also given Insteel Industries an industry rank of 29 out of 265 based on the ratings given to its competitors.
Several research firms have issued reports on IIIN. BidaskClub lowered Insteel Industries from a “hold” rating to a “sell” rating in a research note on Tuesday, August 22nd. TheStreet cut Insteel Industries from a “b-” rating to a “c+” rating in a report on Thursday, October 19th. Finally, Longbow Research cut Insteel Industries from a “buy” rating to a “neutral” rating in a report on Friday, August 25th.
Insteel Industries (IIIN) traded up $0.20 during trading hours on Thursday, reaching $25.88. 38,746 shares of the company’s stock traded hands, compared to its average volume of 166,934. The firm has a market cap of $492.78, a price-to-earnings ratio of 21.93 and a beta of 2.10. Insteel Industries has a 12 month low of $23.20 and a 12 month high of $42.81.
Insteel Industries (NASDAQ:IIIN) last posted its 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 firm had revenue of $96.89 million during the quarter, compared to analyst estimates 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 for the quarter was down 6.0% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.51 earnings per share.
The business also recently announced a special dividend, which will be paid on Friday, January 5th. Shareholders of record on Wednesday, December 20th will be issued a dividend of $1.00 per share. This represents a yield of 0.44%. The ex-dividend date is Tuesday, December 19th. Insteel Industries’s dividend payout ratio (DPR) is currently 10.17%.
In other Insteel Industries news, VP James F. Petelle sold 1,000 shares of the firm’s stock in a transaction dated Tuesday, October 24th. The stock was sold at an average price of $27.11, for a total transaction of $27,110.00. Following the transaction, the vice president now owns 14,788 shares in the company, valued at $400,902.68. The sale was disclosed in a document filed with the SEC, which is available through this link. 5.70% of the stock is currently owned by company insiders.
A number of institutional investors and hedge funds have recently modified their holdings of the business. Bruce & Co. Inc. purchased a new stake in Insteel Industries in the third quarter worth $6,149,000. Franklin Resources Inc. lifted its position in Insteel Industries by 42.9% in the 2nd quarter. Franklin Resources Inc. now owns 705,500 shares of the industrial products company’s stock valued at $23,260,000 after acquiring an additional 211,900 shares in the last quarter. Royal Bank of Canada raised its stake in Insteel Industries by 12.5% during the 2nd quarter. Royal Bank of Canada now owns 1,453,445 shares of the industrial products company’s stock valued at $47,921,000 after buying an additional 161,813 shares during the last quarter. Dimensional Fund Advisors LP raised its stake in Insteel Industries by 8.7% during the 2nd quarter. Dimensional Fund Advisors LP now owns 1,297,264 shares of the industrial products company’s stock valued at $42,771,000 after buying an additional 104,298 shares during the last quarter. Finally, Epoch Investment Partners Inc. raised its stake in Insteel Industries by 16.1% during the 3rd quarter. Epoch Investment Partners Inc. now owns 598,363 shares of the industrial products company’s stock valued at $15,624,000 after buying an additional 82,794 shares during the last quarter. Hedge funds and other institutional investors own 78.92% of the company’s stock.
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Insteel Industries Company Profile
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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