Shares of Insteel Industries, Inc. (NASDAQ:IIIN) have earned a consensus broker rating score of 2.00 (Buy) from the two analysts that cover the company, Zacks Investment Research reports. One analyst has rated the stock with a hold rating and one has assigned a strong buy rating to the company. Insteel Industries’ rating score has declined by 100% in the last three months as a result of a number of analysts’ ratings changes.
Brokerages have set a twelve-month consensus target price of $44.00 for the company, according to Zacks. Zacks has also given Insteel Industries an industry rank of 232 out of 265 based on the ratings given to related companies.
IIIN has been the topic of several research reports. BidaskClub raised Insteel Industries from a “sell” rating to a “hold” rating in a research report on Wednesday, August 2nd. Longbow Research downgraded Insteel Industries from a “buy” rating to a “neutral” rating in a research report on Friday, August 25th.
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Insteel Industries (NASDAQ:IIIN) traded up 1.70% during trading on Wednesday, hitting $25.65. The company had a trading volume of 133,806 shares. The company has a market capitalization of $487.99 million, a price-to-earnings ratio of 17.21 and a beta of 2.13. Insteel Industries has a one year low of $22.50 and a one year high of $42.81. The stock has a 50-day moving average of $25.27 and a 200 day moving average of $31.15.
Insteel Industries (NASDAQ:IIIN) last posted its earnings results on Thursday, July 20th. The industrial products company reported $0.36 EPS for the quarter, missing the consensus estimate of $0.56 by ($0.20). Insteel Industries had a net margin of 7.24% and a return on equity of 13.30%. The firm had revenue of $96.90 million during the quarter, compared to analyst estimates of $122.39 million. During the same period in the previous year, the company posted $0.71 EPS. Insteel Industries’s revenue for the quarter was down 16.2% compared to the same quarter last year. Equities analysts forecast that Insteel Industries will post $1.38 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Friday, September 29th. Investors of record on Friday, September 15th will be given a dividend of $0.03 per share. This represents a $0.12 dividend on an annualized basis and a yield of 0.47%. The ex-dividend date of this dividend is Thursday, September 14th. Insteel Industries’s dividend payout ratio is currently 8.05%.
Large investors have recently modified their holdings of the stock. Advisory Services Network LLC grew its position in Insteel Industries by 3.2% during the second 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 in the last quarter. Forward Management LLC grew its position in Insteel Industries by 27.7% during the second quarter. Forward Management LLC now owns 5,964 shares of the industrial products company’s stock worth $197,000 after buying an additional 1,295 shares in the last quarter. UBS Asset Management Americas Inc. acquired a new stake in Insteel Industries during the second quarter worth approximately $254,000. SG Americas Securities LLC acquired a new stake in Insteel Industries during the second quarter worth approximately $256,000. Finally, BNP Paribas Arbitrage SA grew its position in Insteel Industries by 31.7% during the second quarter. BNP Paribas Arbitrage SA now owns 8,198 shares of the industrial products company’s stock worth $270,000 after buying an additional 1,971 shares in the last quarter. 81.29% 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 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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