Insteel Industries (NYSE:IIIN) Downgraded by Zacks Research to Strong Sell

Insteel Industries (NYSE:IIIN) was downgraded by Zacks Research from a “hold” rating to a “strong sell” rating in a report released on Monday, Zacks reports.

Several other equities research analysts have also commented on IIIN. Wall Street Zen upgraded shares of Insteel Industries from a “sell” rating to a “hold” rating in a research note on Saturday, July 18th. Weiss Ratings raised shares of Insteel Industries from a “hold (c-)” rating to a “hold (c)” rating in a research report on Monday, August 3rd. One investment analyst has rated the stock with a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, Insteel Industries presently has a consensus rating of “Reduce”.

Insteel Industries Price Performance

IIIN stock opened at $28.29 on Monday. Insteel Industries has a twelve month low of $24.35 and a twelve month high of $38.45. The company’s 50 day moving average is $29.96 and its two-hundred day moving average is $31.08.

Insteel Industries (NYSE:IIIN) last issued its quarterly earnings data on Thursday, October 22nd. The company reported $0.40 earnings per share for the quarter, missing the consensus estimate of $0.49 by ($0.09). The firm had revenue of $209.28 million for the quarter. During the same quarter in the prior year, the firm posted $0.74 earnings per share. The firm’s revenue was up 18.0% compared to the same quarter last year. On average, equities research analysts expect that Insteel Industries will post 1.87 earnings per share for the current fiscal year.

Insider Activity at Insteel Industries

In other news, COO Richard Wagner sold 1,640 shares of the business’s stock in a transaction dated Thursday, August 27th. The shares were sold at an average price of $30.31, for a total transaction of $49,708.40. Following the transaction, the chief operating officer directly owned 40,000 shares in the company, valued at $1,212,400. The trade was a 3.94% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Company insiders own 6.20% of the company’s stock.

Institutional Investors Weigh In On Insteel Industries

A number of hedge funds have recently added to or reduced their stakes in the company. Total Wealth Planning & Management Inc. increased its position in Insteel Industries by 24.0% during the 3rd quarter. Total Wealth Planning & Management Inc. now owns 9,220 shares of the company’s stock worth $269,000 after purchasing an additional 1,782 shares during the period. Isthmus Partners LLC boosted its stake in shares of Insteel Industries by 0.4% in the third quarter. Isthmus Partners LLC now owns 102,142 shares of the company’s stock valued at $2,975,000 after buying an additional 390 shares in the last quarter. Cardinal Capital Management boosted its stake in shares of Insteel Industries by 7.2% in the third quarter. Cardinal Capital Management now owns 53,508 shares of the company’s stock valued at $1,559,000 after buying an additional 3,603 shares in the last quarter. Counterpoint Mutual Funds LLC acquired a new position in Insteel Industries during the third quarter worth $656,000. Finally, Squarepoint Ops LLC grew its holdings in Insteel Industries by 143.4% during the second quarter. Squarepoint Ops LLC now owns 56,224 shares of the company’s stock worth $1,698,000 after acquiring an additional 33,123 shares during the period. Institutional investors and hedge funds own 83.27% of the company’s stock.

Insteel Industries Company Profile

Insteel Industries, Inc is a manufacturer of steel wire reinforcing products used primarily in concrete construction. The company produces welded wire reinforcement and prestressed concrete strand, which help strengthen and reinforce concrete structures.

Its products are used in a range of infrastructure, commercial, residential, and industrial applications, including roads, bridges, buildings, precast concrete products, and other construction projects. Insteel sells its products primarily through a network serving customers across the United States.

Founded in 1953 and headquartered in Mount Airy, North Carolina, Insteel operates manufacturing facilities in the United States.