Insteel Industries (NASDAQ:IIIN) Hits New 12-Month Low – Here’s Why

Insteel Industries, Inc. (NASDAQ:IIIN) shares hit a new 52-week low during trading on Tuesday . The stock traded as low as $25.44 and last traded at $25.73, with a volume of 17319 shares changing hands. The stock had previously closed at $26.13.

Wall Street Analyst Weigh In

Separately, StockNews.com downgraded Insteel Industries from a “buy” rating to a “hold” rating in a research note on Saturday, October 26th.

Insteel Industries Stock Performance

The company has a market capitalization of $494.28 million, a price-to-earnings ratio of 25.67, a PEG ratio of 2.21 and a beta of 1.14. The business’s 50 day moving average is $28.93 and its 200 day moving average is $30.41.

Insteel Industries (NASDAQ:IIIN) last released its earnings results on Thursday, October 17th. The industrial products company reported $0.24 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.24. Insteel Industries had a return on equity of 5.63% and a net margin of 3.65%. The firm had revenue of $134.30 million for the quarter, compared to the consensus estimate of $140.40 million. Sell-side analysts predict that Insteel Industries, Inc. will post 1.11 EPS for the current year.

Insteel Industries Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, December 13th. Investors of record on Friday, November 29th were issued a $0.03 dividend. The ex-dividend date of this dividend was Friday, November 29th. This represents a $0.12 annualized dividend and a yield of 0.47%. Insteel Industries’s dividend payout ratio (DPR) is presently 12.12%.

Institutional Trading of Insteel Industries

Hedge funds and other institutional investors have recently made changes to their positions in the business. Point72 Asset Management L.P. purchased a new stake in Insteel Industries in the third quarter valued at $34,000. Point72 DIFC Ltd acquired a new stake in Insteel Industries during the third quarter worth about $37,000. Quantbot Technologies LP purchased a new position in Insteel Industries during the third quarter valued at approximately $121,000. Zurcher Kantonalbank Zurich Cantonalbank boosted its position in Insteel Industries by 100.3% in the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 5,615 shares of the industrial products company’s stock worth $175,000 after purchasing an additional 2,812 shares in the last quarter. Finally, BNP Paribas Financial Markets grew its stake in shares of Insteel Industries by 8.0% during the 3rd quarter. BNP Paribas Financial Markets now owns 5,885 shares of the industrial products company’s stock worth $183,000 after purchasing an additional 434 shares during the period. Institutional investors and hedge funds own 83.27% of the company’s stock.

About Insteel Industries

Insteel Industries, Inc, together with its subsidiaries, manufactures and markets steel wire reinforcing products for concrete construction applications. The company offers prestressed 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.