Insteel Industries (IIIN) Lowered to Hold at BidaskClub

BidaskClub lowered shares of Insteel Industries (NASDAQ:IIIN) from a buy rating to a hold rating in a report released on Tuesday, BidAskClub reports.

Several other equities analysts have also recently commented on IIIN. Sidoti raised shares of Insteel Industries from a neutral rating to a buy rating and set a $25.00 price target on the stock in a research report on Thursday, January 24th. TheStreet cut shares of Insteel Industries from a b- rating to a c rating in a research report on Thursday, January 17th.

NASDAQ:IIIN opened at $20.02 on Tuesday. The company has a debt-to-equity ratio of 0.02, a current ratio of 4.25 and a quick ratio of 1.39. The stock has a market capitalization of $395.81 million, a price-to-earnings ratio of 14.69 and a beta of 1.76. Insteel Industries has a 1-year low of $17.50 and a 1-year high of $43.78.

Insteel Industries (NASDAQ:IIIN) last posted its quarterly earnings data on Thursday, April 18th. The industrial products company reported $0.05 earnings per share for the quarter, missing analysts’ consensus estimates of $0.17 by ($0.12). The firm had revenue of $111.95 million during the quarter, compared to analysts’ expectations of $119.81 million. Insteel Industries had a net margin of 5.91% and a return on equity of 11.10%. The business’s quarterly revenue was up 4.2% on a year-over-year basis. During the same period in the previous year, the company earned $0.31 earnings per share.

The business also recently declared a quarterly dividend, which will be paid on Friday, June 28th. Stockholders of record on Friday, June 14th will be given a dividend of $0.03 per share. The ex-dividend date is Thursday, June 13th. This represents a $0.12 annualized dividend and a dividend yield of 0.60%.

Hedge funds have recently modified their holdings of the company. Bank of Montreal Can lifted its position in shares of Insteel Industries by 284.8% during the fourth quarter. Bank of Montreal Can now owns 1,543 shares of the industrial products company’s stock worth $37,000 after purchasing an additional 1,142 shares during the last quarter. PNC Financial Services Group Inc. lifted its position in shares of Insteel Industries by 74.6% during the fourth quarter. PNC Financial Services Group Inc. now owns 2,520 shares of the industrial products company’s stock worth $62,000 after purchasing an additional 1,077 shares during the last quarter. BNP Paribas Arbitrage SA lifted its position in shares of Insteel Industries by 4,655.0% during the first quarter. BNP Paribas Arbitrage SA now owns 3,804 shares of the industrial products company’s stock worth $80,000 after purchasing an additional 3,724 shares during the last quarter. SG Americas Securities LLC bought a new position in shares of Insteel Industries during the fourth quarter worth about $102,000. Finally, Value Holdings Management CO. LLC bought a new position in shares of Insteel Industries during the fourth quarter worth about $146,000. 79.40% of the stock is currently owned by institutional investors and hedge funds.

Insteel Industries Company Profile

Insteel Industries, Inc, together with its subsidiaries, manufactures and markets steel wire reinforcing products for concrete construction applications. The company offers pre-stressed concrete strand (PC strand) and welded wire reinforcement (WWR) products. Its PC strand is a seven-wire strand that is used to impart compression forces into precast concrete elements and structures providing reinforcement for bridges, parking decks, buildings, and other concrete structures.

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