Insteel Industries Inc (NASDAQ:IIIN) hit a new 52-week low on Wednesday . The company traded as low as $20.27 and last traded at $20.28, with a volume of 10402 shares trading hands. The stock had previously closed at $21.16.

IIIN has been the topic of several research reports. TheStreet downgraded shares of Insteel Industries from a “b-” rating to a “c” rating in a research note on Thursday, January 17th. BidaskClub lowered Insteel Industries from a “sell” rating to a “strong sell” rating in a research report on Wednesday, January 16th.

The stock has a market cap of $420.79 million, a price-to-earnings ratio of 13.19 and a beta of 2.19.

Insteel Industries (NASDAQ:IIIN) last announced its quarterly earnings results on Thursday, January 17th. The industrial products company reported $0.21 earnings per share for the quarter, beating the consensus estimate of $0.14 by $0.07. Insteel Industries had a return on equity of 13.50% and a net margin of 7.02%. The company had revenue of $104.11 million during the quarter, compared to analysts’ expectations of $106.79 million. During the same period last year, the business earned $0.42 earnings per share. Insteel Industries’s quarterly revenue was up 6.5% on a year-over-year basis.

The company also recently announced a quarterly dividend, which was paid on Friday, January 4th. Investors of record on Friday, December 14th were given a $0.03 dividend. The ex-dividend date of this dividend was Thursday, December 13th. This represents a $0.12 dividend on an annualized basis and a dividend yield of 0.59%.

In other news, Director Jon M. Ruth acquired 4,000 shares of the company’s stock in a transaction that occurred on Friday, December 7th. The stock was purchased at an average cost of $26.04 per share, with a total value of $104,160.00. Following the purchase, the director now directly owns 5,349 shares of the company’s stock, valued at approximately $139,287.96. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 5.20% of the stock is currently owned by company insiders.

Hedge funds and other institutional investors have recently made changes to their positions in the company. BlackRock Inc. increased its holdings in shares of Insteel Industries by 6.8% in the second quarter. BlackRock Inc. now owns 2,510,170 shares of the industrial products company’s stock valued at $83,838,000 after buying an additional 160,618 shares in the last quarter. Ibex Investors LLC acquired a new position in shares of Insteel Industries during the 3rd quarter worth about $201,000. Schwab Charles Investment Management Inc. boosted its position in shares of Insteel Industries by 10.9% during the 2nd quarter. Schwab Charles Investment Management Inc. now owns 95,450 shares of the industrial products company’s stock worth $3,189,000 after acquiring an additional 9,375 shares in the last quarter. Assenagon Asset Management S.A. acquired a new position in shares of Insteel Industries during the 3rd quarter worth about $485,000. Finally, Trexquant Investment LP acquired a new position in shares of Insteel Industries during the 3rd quarter worth about $243,000. 78.98% of the stock is currently owned by institutional investors and hedge funds.

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Insteel Industries Company Profile (NASDAQ:IIIN)

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.

Further Reading: Earnings Per Share

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