BidaskClub downgraded shares of Insteel Industries (NASDAQ:IIIN) from a strong-buy rating to a buy rating in a report published on Saturday.
IIIN has been the topic of several other research reports. Sidoti began coverage on shares of Insteel Industries in a research note on Monday, December 18th. They issued a buy rating and a $34.00 price target on the stock. TheStreet upgraded shares of Insteel Industries from a c+ rating to a b- rating in a research note on Wednesday, January 17th.
Shares of Insteel Industries (NASDAQ IIIN) traded up $0.03 during trading hours on Friday, hitting $29.78. 53,293 shares of the company’s stock traded hands, compared to its average volume of 113,491. Insteel Industries has a 12 month low of $23.20 and a 12 month high of $38.69. The firm has a market capitalization of $567.04, a price-to-earnings ratio of 25.90 and a beta of 2.01.
Insteel Industries (NASDAQ:IIIN) last announced its quarterly earnings results on Thursday, January 18th. The industrial products company reported $0.20 EPS for the quarter, missing the consensus estimate of $0.22 by ($0.02). Insteel Industries had a net margin of 6.67% and a return on equity of 10.13%. The firm had revenue of $97.74 million during the quarter, compared to analyst estimates of $94.90 million. During the same quarter in the previous year, the business posted $0.23 EPS. Insteel Industries’s revenue for the quarter was up 4.1% compared to the same quarter last year.
The company also recently declared a quarterly dividend, which will be paid on Friday, March 30th. Shareholders of record on Friday, March 16th will be paid a $0.03 dividend. The ex-dividend date of this dividend is Thursday, March 15th. This represents a $0.12 annualized dividend and a dividend yield of 0.40%. Insteel Industries’s payout ratio is currently 8.76%.
In other Insteel Industries news, VP James F. Petelle sold 1,237 shares of the firm’s stock in a transaction that occurred on Tuesday, February 20th. The shares were sold at an average price of $31.38, for a total value of $38,817.06. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 5.70% of the stock is currently owned by company insiders.
Institutional investors have recently bought and sold shares of the company. Oppenheimer & Close LLC bought a new position in shares of Insteel Industries in the third quarter valued at approximately $203,000. Stifel Financial Corp bought a new position in shares of Insteel Industries in the third quarter valued at approximately $204,000. Leucadia National Corp bought a new position in shares of Insteel Industries in the fourth quarter valued at approximately $215,000. Oppenheimer & Co. Inc. bought a new position in shares of Insteel Industries in the third quarter valued at approximately $217,000. Finally, Louisiana State Employees Retirement System bought a new position in shares of Insteel Industries in the fourth quarter valued at approximately $221,000. Institutional investors and hedge funds own 81.42% 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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