Insteel Industries (IIIN) Earns Buy Rating from Analysts at Sidoti

Sidoti assumed coverage on shares of Insteel Industries (NASDAQ:IIIN) in a research report sent to investors on Monday, Marketbeat.com reports. The brokerage issued a buy rating and a $34.00 price target on the industrial products company’s stock.

A number of other research analysts have also commented on IIIN. BidaskClub lowered Insteel Industries from a hold rating to a sell rating in a research report on Tuesday, August 22nd. Longbow Research lowered Insteel Industries from a buy rating to a neutral rating in a research report on Friday, August 25th. Finally, TheStreet lowered Insteel Industries from a b- rating to a c+ rating in a research report on Thursday, October 19th.

Shares of Insteel Industries (NASDAQ IIIN) opened at $28.14 on Monday. Insteel Industries has a 52 week low of $23.20 and a 52 week high of $39.20. The firm has a market capitalization of $532.39, a PE ratio of 23.69 and a beta of 2.11.

Insteel Industries (NASDAQ:IIIN) last released its earnings results on Thursday, October 19th. The industrial products company reported $0.20 earnings per share for the quarter, missing analysts’ consensus estimates of $0.25 by ($0.05). Insteel Industries had a net margin of 5.80% and a return on equity of 10.50%. The company had revenue of $96.89 million during the quarter, compared to the consensus estimate of $96.25 million. During the same period last year, the firm posted $0.51 EPS. The company’s revenue was down 6.0% on a year-over-year basis.

The company also recently announced 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 currently 10.17%.

In other news, VP James F. Petelle sold 1,000 shares of the stock in a transaction that occurred on Tuesday, October 24th. The stock was sold at an average price of $27.11, for a total value of $27,110.00. Following the completion of the transaction, the vice president now owns 14,788 shares of the company’s stock, valued at approximately $400,902.68. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 5.70% of the stock is currently owned by corporate insiders.

Institutional investors have recently bought and sold shares of the stock. Advisory Services Network LLC grew its stake in shares of Insteel Industries by 3.2% in the 2nd quarter. Advisory Services Network LLC now owns 5,895 shares of the industrial products company’s stock worth $194,000 after buying an additional 181 shares during the last quarter. Oppenheimer & Close LLC bought a new position in Insteel Industries in the 3rd quarter worth $203,000. Stifel Financial Corp bought a new position in Insteel Industries in the 3rd quarter worth $204,000. Oppenheimer & Co. Inc. bought a new position in Insteel Industries in the 3rd quarter worth $217,000. Finally, Municipal Employees Retirement System of Michigan raised its holdings in Insteel Industries by 43.0% during the third quarter. Municipal Employees Retirement System of Michigan now owns 8,910 shares of the industrial products company’s stock valued at $233,000 after acquiring an additional 2,680 shares during the period. Institutional investors own 81.03% 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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