Insteel Industries, Inc. (IIIN) Given Average Recommendation of “Buy” by Brokerages
Shares of Insteel Industries, Inc. (NASDAQ:IIIN) have received an average broker rating score of 2.00 (Buy) from the two brokers that provide coverage for the company, Zacks Investment Research reports. One investment analyst has rated the stock with a hold recommendation and one has assigned a strong buy recommendation to the company. Insteel Industries’ rating score has declined by 100% from 90 days ago as a result of a number of analysts’ upgrades and downgrades.
Analysts have set a twelve-month consensus price objective of $44.00 for the company, according to Zacks. Zacks has also given Insteel Industries an industry rank of 250 out of 265 based on the ratings given to its competitors.
A number of research analysts have recently issued reports on IIIN shares. Longbow Research downgraded shares of Insteel Industries from a “buy” rating to a “neutral” rating in a research report on Friday, August 25th. BidaskClub downgraded shares of Insteel Industries from a “hold” rating to a “sell” rating in a research report on Tuesday, July 25th.
Shares of Insteel Industries (NASDAQ:IIIN) traded up 0.29% on Monday, hitting $24.38. 84,176 shares of the stock traded hands. Insteel Industries has a 52-week low of $22.50 and a 52-week high of $42.81. The stock’s 50 day moving average price is $25.58 and its 200 day moving average price is $31.71. The stock has a market cap of $463.83 million, a P/E ratio of 16.36 and a beta of 2.13.
Insteel Industries (NASDAQ:IIIN) last issued its quarterly earnings data on Thursday, July 20th. The industrial products company reported $0.36 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.56 by $0.20. Insteel Industries had a return on equity of 13.30% and a net margin of 7.24%. The firm had revenue of $96.90 million during the quarter, compared to analysts’ expectations of $122.39 million. During the same period in the previous year, the firm earned $0.71 EPS. The firm’s quarterly revenue was down 16.2% on a year-over-year basis. On average, equities analysts expect that Insteel Industries will post $1.38 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Friday, September 29th. Shareholders of record on Friday, September 15th will be given a dividend of $0.03 per share. This represents a $0.12 annualized dividend and a yield of 0.49%. The ex-dividend date of this dividend is Thursday, September 14th. Insteel Industries’s dividend payout ratio is presently 8.05%.
A number of large investors have recently added to or reduced their stakes in IIIN. Advisory Services Network LLC grew its position in Insteel Industries by 3.2% during the 2nd quarter. Advisory Services Network LLC now owns 5,895 shares of the industrial products company’s stock worth $194,000 after purchasing an additional 181 shares during the last quarter. Forward Management LLC grew its position in Insteel Industries by 27.7% during the 2nd quarter. Forward Management LLC now owns 5,964 shares of the industrial products company’s stock worth $197,000 after purchasing an additional 1,295 shares during the last quarter. UBS Asset Management Americas Inc. purchased a new stake in Insteel Industries during the 2nd quarter worth approximately $254,000. SG Americas Securities LLC purchased a new stake in Insteel Industries during the 2nd quarter worth approximately $256,000. Finally, BNP Paribas Arbitrage SA grew its position in Insteel Industries by 31.7% during the 2nd quarter. BNP Paribas Arbitrage SA now owns 8,198 shares of the industrial products company’s stock worth $270,000 after purchasing an additional 1,971 shares during the last quarter. 81.30% of the stock is currently owned by institutional investors.
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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