BidaskClub lowered shares of Insteel Industries, Inc. (NASDAQ:IIIN) from a hold rating to a sell rating in a research note released on Tuesday.

Insteel Industries (IIIN) traded down 2.88% on Tuesday, hitting $24.27. 126,988 shares of the stock were exchanged. The company has a 50 day moving average of $28.07 and a 200 day moving average of $32.74. Insteel Industries has a one year low of $22.50 and a one year high of $42.81. The stock has a market capitalization of $461.74 million, a P/E ratio of 16.29 and a beta of 2.11.

Insteel Industries (NASDAQ:IIIN) last released its earnings results on Thursday, July 20th. The industrial products company reported $0.36 EPS for the quarter, missing the Zacks’ consensus estimate of $0.56 by $0.20. The business had revenue of $96.90 million for the quarter, compared to the consensus estimate of $122.39 million. Insteel Industries had a return on equity of 13.30% and a net margin of 7.24%. The company’s revenue for the quarter was down 16.2% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.71 earnings per share. On average, equities research analysts forecast that Insteel Industries will post $1.38 earnings per share for the current fiscal year.

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The firm also recently announced a quarterly dividend, which will be paid on Friday, September 29th. Stockholders of record on Friday, September 15th will be paid a dividend of $0.03 per share. This represents a $0.12 dividend on an annualized basis and a dividend yield of 0.48%. The ex-dividend date is Thursday, September 14th. Insteel Industries’s payout ratio is 8.05%.

Several large investors have recently added to or reduced their stakes in the company. Monarch Partners Asset Management LLC boosted its stake in Insteel Industries by 13.0% in the second quarter. Monarch Partners Asset Management LLC now owns 126,260 shares of the industrial products company’s stock worth $4,163,000 after buying an additional 14,495 shares during the last quarter. Wedge Capital Management L L P NC boosted its stake in Insteel Industries by 2.8% in the second quarter. Wedge Capital Management L L P NC now owns 36,800 shares of the industrial products company’s stock worth $1,213,000 after buying an additional 1,000 shares during the last quarter. Victory Capital Management Inc. boosted its stake in Insteel Industries by 8.1% in the second quarter. Victory Capital Management Inc. now owns 11,884 shares of the industrial products company’s stock worth $392,000 after buying an additional 886 shares during the last quarter. Marshall Wace North America L.P. acquired a new stake in Insteel Industries during the second quarter worth approximately $822,000. Finally, BNP Paribas Arbitrage SA boosted its stake in Insteel Industries by 31.7% in 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 during the last quarter. Institutional investors own 82.50% of the company’s stock.

About Insteel Industries

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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