Insteel Industries (NYSE:IIIN) Stock Rating Lowered by Zacks Research

Insteel Industries (NYSE:IIIN) was downgraded by stock analysts at Zacks Research from a “hold” rating to a “strong sell” rating in a report issued on Monday,Zacks.com reports.

Separately, Wall Street Zen downgraded shares of Insteel Industries from a “hold” rating to a “sell” rating in a research note on Saturday. One investment analyst has rated the stock with a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Reduce”.

Insteel Industries Stock Performance

Shares of NYSE IIIN opened at $24.71 on Monday. The firm’s 50 day moving average price is $34.19 and its 200-day moving average price is $33.27. The company has a market cap of $480.11 million, a PE ratio of 11.33, a P/E/G ratio of 1.58 and a beta of 0.83. Insteel Industries has a 52-week low of $24.35 and a 52-week high of $41.64.

Insteel Industries (NYSE:IIIN) last issued its earnings results on Thursday, April 16th. The company reported $0.27 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.80 by ($0.53). The firm had revenue of $172.65 million during the quarter. Insteel Industries had a return on equity of 11.72% and a net margin of 6.16%.The business’s quarterly revenue was up 7.5% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.52 EPS. On average, analysts forecast that Insteel Industries will post 3.04 earnings per share for the current fiscal year.

Insider Buying and Selling at Insteel Industries

In other news, COO Richard Wagner sold 1,679 shares of the business’s stock in a transaction that occurred on Thursday, February 26th. The shares were sold at an average price of $37.67, for a total transaction of $63,247.93. Following the completion of the transaction, the chief operating officer directly owned 40,000 shares of the company’s stock, valued at $1,506,800. The trade was a 4.03% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 6.20% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in the stock. SG Capital Management LLC purchased a new stake in Insteel Industries during the third quarter valued at approximately $3,264,000. Public Sector Pension Investment Board increased its holdings in Insteel Industries by 44.0% during the third quarter. Public Sector Pension Investment Board now owns 95,338 shares of the company’s stock valued at $3,655,000 after buying an additional 29,139 shares during the last quarter. Tredje AP fonden purchased a new stake in Insteel Industries during the third quarter valued at approximately $832,000. SG Americas Securities LLC increased its holdings in Insteel Industries by 97.9% during the third quarter. SG Americas Securities LLC now owns 32,532 shares of the company’s stock valued at $1,247,000 after buying an additional 16,093 shares during the last quarter. Finally, GSA Capital Partners LLP increased its holdings in Insteel Industries by 234.8% during the third quarter. GSA Capital Partners LLP now owns 36,275 shares of the company’s stock valued at $1,391,000 after buying an additional 25,440 shares during the last quarter. 83.27% of the stock is owned by hedge funds and other institutional investors.

About Insteel Industries

Insteel Industries, Inc is a leading manufacturer of steel wire reinforcing products used in concrete construction. The company specializes in the design, fabrication and distribution of welded-wire reinforcement, cut-and-bent reinforcement and related accessories for concrete walls, floors and columns. Its products are employed across residential, commercial and infrastructure projects, providing structural strength and dimensional stability in poured concrete applications.

Key product lines include truss mats—prefabricated, ladder-like assemblies of welded wire designed for rapid placement—and custom cut-and-bent wire assemblies that meet specific engineering requirements.