Insteel Industries (NYSE:IIIN) Shares Gap Down – Here’s Why

Insteel Industries, Inc. (NYSE:IIIN)’s share price gapped down prior to trading on Thursday . The stock had previously closed at $33.70, but opened at $31.37. Insteel Industries shares last traded at $32.35, with a volume of 25,317 shares.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on IIIN. Wall Street Zen downgraded shares of Insteel Industries from a “buy” rating to a “hold” rating in a research report on Saturday. Weiss Ratings lowered shares of Insteel Industries from a “buy (b-)” rating to a “hold (c)” rating in a report on Saturday, October 25th. Two investment analysts have rated the stock with a Hold rating, According to MarketBeat, Insteel Industries has an average rating of “Hold”.

Insteel Industries Stock Performance

The business has a 50 day simple moving average of $32.03. The stock has a market cap of $663.73 million, a P/E ratio of 14.08, a PEG ratio of 0.91 and a beta of 0.81.

Insteel Industries (NYSE:IIIN) last posted its quarterly earnings results on Thursday, October 16th. The company reported $0.74 earnings per share for the quarter, missing the consensus estimate of $0.75 by ($0.01). Insteel Industries had a net margin of 7.01% and a return on equity of 13.51%. The firm had revenue of $177.44 million for the quarter, compared to analysts’ expectations of $179.40 million.

About Insteel Industries

Insteel Industries, Inc is a leading manufacturer of steel wire reinforcing products used in concrete construction. The company specializes in the design, fabrication and distribution of welded-wire reinforcement, cut-and-bent reinforcement and related accessories for concrete walls, floors and columns. Its products are employed across residential, commercial and infrastructure projects, providing structural strength and dimensional stability in poured concrete applications.

Key product lines include truss mats—prefabricated, ladder-like assemblies of welded wire designed for rapid placement—and custom cut-and-bent wire assemblies that meet specific engineering requirements.