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

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

Other equities research analysts also recently issued reports about the stock. Wall Street Zen upgraded shares of Insteel Industries from a “sell” rating to a “hold” rating in a research report on Saturday, July 18th. Weiss Ratings raised Insteel Industries from a “hold (c-)” rating to a “hold (c)” rating in a research note on Monday, August 3rd. One investment analyst has rated the stock with a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Reduce”.

Insteel Industries Trading Up 0.9%

Shares of NYSE IIIN opened at $28.29 on Monday. Insteel Industries has a 52 week low of $24.35 and a 52 week high of $38.45. The firm has a 50-day moving average price of $29.96 and a 200 day moving average price of $31.08.

Insteel Industries (NYSE:IIIN) last issued its earnings results on Thursday, October 22nd. The company reported $0.40 earnings per share for the quarter, missing the consensus estimate of $0.49 by ($0.09). The business had revenue of $209.28 million for the quarter. During the same quarter last year, the company earned $0.74 EPS. The firm’s revenue for the quarter was up 18.0% on a year-over-year basis. Analysts anticipate that Insteel Industries will post 1.87 EPS for the current fiscal year.

Insider Transactions at Insteel Industries

In other Insteel Industries news, COO Richard Wagner sold 1,640 shares of Insteel Industries stock in a transaction dated Thursday, August 27th. The shares were sold at an average price of $30.31, for a total transaction of $49,708.40. Following the completion of the transaction, the chief operating officer owned 40,000 shares in the company, valued at approximately $1,212,400. The trade was a 3.94% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders own 6.20% of the company’s stock.

Institutional Trading of Insteel Industries

Several large investors have recently modified their holdings of the business. Total Wealth Planning & Management Inc. lifted its position in shares of Insteel Industries by 24.0% in the third quarter. Total Wealth Planning & Management Inc. now owns 9,220 shares of the company’s stock valued at $269,000 after acquiring an additional 1,782 shares in the last quarter. Isthmus Partners LLC increased its position in Insteel Industries by 0.4% during the 3rd quarter. Isthmus Partners LLC now owns 102,142 shares of the company’s stock worth $2,975,000 after purchasing an additional 390 shares in the last quarter. Cardinal Capital Management increased its position in Insteel Industries by 7.2% during the 3rd quarter. Cardinal Capital Management now owns 53,508 shares of the company’s stock worth $1,559,000 after purchasing an additional 3,603 shares in the last quarter. Counterpoint Mutual Funds LLC acquired a new position in Insteel Industries in the 3rd quarter valued at about $656,000. Finally, Squarepoint Ops LLC raised its stake in Insteel Industries by 143.4% in the 2nd quarter. Squarepoint Ops LLC now owns 56,224 shares of the company’s stock valued at $1,698,000 after purchasing an additional 33,123 shares during the last quarter. 83.27% of the stock is currently owned by institutional investors and hedge funds.

Insteel Industries Company Profile

Insteel Industries, Inc is a manufacturer of steel wire reinforcing products used primarily in concrete construction. The company produces welded wire reinforcement and prestressed concrete strand, which help strengthen and reinforce concrete structures.

Its products are used in a range of infrastructure, commercial, residential, and industrial applications, including roads, bridges, buildings, precast concrete products, and other construction projects. Insteel sells its products primarily through a network serving customers across the United States.

Founded in 1953 and headquartered in Mount Airy, North Carolina, Insteel operates manufacturing facilities in the United States.