Shares of Insteel Industries, Inc. (NASDAQ:IIIN) have earned a consensus broker rating score of 2.00 (Buy) from the two analysts that provide coverage for the stock, Zacks Investment Research reports. One investment analyst has rated the stock with a hold rating and one has given a strong buy rating to the company. Insteel Industries’ rating score has declined by 100% from three months ago as a result of various analysts’ ratings changes.
Analysts have set a 1-year consensus price objective of $44.00 for the company, according to Zacks. Zacks has also given Insteel Industries an industry rank of 119 out of 265 based on the ratings given to related companies.
A number of equities research analysts have weighed in on IIIN shares. BidaskClub lowered shares of Insteel Industries from a “hold” rating to a “sell” rating in a report on Tuesday, August 22nd. TheStreet downgraded shares of Insteel Industries from a “b-” rating to a “c+” rating in a research report on Thursday, October 19th. Finally, Longbow Research downgraded shares of Insteel Industries from a “buy” rating to a “neutral” rating in a report on Friday, August 25th.
In other news, VP James F. Petelle sold 1,000 shares of the company’s stock in a transaction that occurred on Tuesday, October 24th. The stock was sold at an average price of $27.11, for a total transaction of $27,110.00. Following the sale, the vice president now directly owns 14,788 shares of the company’s stock, valued at approximately $400,902.68. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 5.70% of the stock is currently owned by insiders.
A number of institutional investors have recently added to or reduced their stakes in IIIN. Russell Investments Group Ltd. raised its stake in shares of Insteel Industries by 18.0% in the second quarter. Russell Investments Group Ltd. now owns 38,350 shares of the industrial products company’s stock worth $1,264,000 after purchasing an additional 5,854 shares during the last quarter. Franklin Resources Inc. raised its position in Insteel Industries by 42.9% during the second 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. Epoch Investment Partners Inc. raised its position in Insteel Industries by 2.4% during the second quarter. Epoch Investment Partners Inc. now owns 515,569 shares of the industrial products company’s stock valued at $16,998,000 after acquiring an additional 12,008 shares in the last quarter. Employees Retirement System of Texas raised its position in Insteel Industries by 58.8% during the second quarter. Employees Retirement System of Texas now owns 54,000 shares of the industrial products company’s stock valued at $1,780,000 after acquiring an additional 20,000 shares in the last quarter. Finally, Marshall Wace North America L.P. purchased a new position in Insteel Industries during the second quarter valued at approximately $822,000. Institutional investors own 80.94% of the company’s stock.
Shares of Insteel Industries (IIIN) traded up $0.09 during midday trading on Wednesday, reaching $25.73. 20,521 shares of the company traded hands, compared to its average volume of 199,375. The firm has a market capitalization of $493.73, a price-to-earnings ratio of 21.98 and a beta of 2.10. Insteel Industries has a fifty-two week low of $23.20 and a fifty-two week 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 (EPS) for the quarter, missing analysts’ consensus estimates of $0.25 by ($0.05). Insteel Industries had a return on equity of 10.50% and a net margin of 5.80%. The company had revenue of $96.89 million for the quarter, compared to analyst estimates of $96.25 million. During the same quarter in the prior year, the business posted $0.51 EPS. The business’s quarterly revenue was down 6.0% compared to the same quarter last year.
The business also recently declared a special dividend, which will be paid on Friday, January 5th. Stockholders of record on Wednesday, December 20th will be given a $1.00 dividend. This represents a dividend yield of 0.44%. The ex-dividend date is Tuesday, December 19th. Insteel Industries’s dividend payout ratio is presently 10.17%.
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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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