Insteel Industries (IIIN) Upgraded at BidaskClub

BidaskClub upgraded shares of Insteel Industries (NASDAQ:IIIN) from a buy rating to a strong-buy rating in a report published on Tuesday.

Several other research analysts have also recently weighed in on the company. TheStreet upgraded Insteel Industries from a c+ rating to a b- rating in a research report on Wednesday, January 17th. Sidoti cut Insteel Industries from a buy rating to a neutral rating in a research report on Thursday, January 18th.

Insteel Industries (IIIN) opened at $32.60 on Tuesday. The firm has a market capitalization of $620.93, a P/E ratio of 28.36 and a beta of 2.11. Insteel Industries has a 12-month low of $23.20 and a 12-month high of $39.20.

Insteel Industries (NASDAQ:IIIN) last announced its quarterly earnings results on Thursday, January 18th. The industrial products company reported $0.20 earnings per share for the quarter, missing the consensus estimate of $0.22 by ($0.02). The company had revenue of $97.74 million for the quarter, compared to analysts’ expectations of $94.90 million. Insteel Industries had a net margin of 6.67% and a return on equity of 10.13%. The firm’s revenue was up 4.1% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.23 earnings per share.

A number of institutional investors and hedge funds have recently modified their holdings of IIIN. Advisory Services Network LLC grew its holdings in Insteel Industries by 3.2% in the second quarter. Advisory Services Network LLC now owns 5,895 shares of the industrial products company’s stock valued at $194,000 after purchasing an additional 181 shares during the period. Oppenheimer & Close LLC acquired a new stake in Insteel Industries in the third quarter valued at approximately $203,000. Stifel Financial Corp acquired a new stake in Insteel Industries in the third quarter valued at approximately $204,000. Oppenheimer & Co. Inc. acquired a new stake in Insteel Industries in the third quarter valued at approximately $217,000. Finally, Louisiana State Employees Retirement System acquired a new stake in Insteel Industries in the fourth quarter valued at approximately $221,000. 82.15% of the stock is currently owned by institutional investors.

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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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