Insteel Industries (NYSE:IIIN) Stock Rating Upgraded by Zacks Research

Insteel Industries (NYSE:IIIN) was upgraded by stock analysts at Zacks Research from a “strong sell” rating to a “hold” rating in a research report issued to clients and investors on Tuesday,Zacks.com reports.

IIIN has been the subject of several other research reports. Weiss Ratings downgraded shares of Insteel Industries from a “hold (c)” rating to a “hold (c-)” rating in a report on Wednesday, April 22nd. Wall Street Zen cut shares of Insteel Industries from a “hold” rating to a “sell” rating in a research note on Monday, May 4th. Two analysts have rated the stock with a Hold rating, Based on data from MarketBeat, Insteel Industries has an average rating of “Hold”.

Insteel Industries Stock Performance

Shares of IIIN stock opened at $28.60 on Tuesday. The company has a market capitalization of $555.70 million, a price-to-earnings ratio of 13.12, a PEG ratio of 1.80 and a beta of 0.53. The company has a 50-day simple moving average of $28.21 and a 200 day simple moving average of $31.76. Insteel Industries has a 52 week low of $24.35 and a 52 week high of $41.64.

Insteel Industries (NYSE:IIIN) last announced its earnings results on Thursday, April 16th. The company reported $0.27 EPS for the quarter, missing the consensus estimate of $0.80 by ($0.53). The company had revenue of $172.65 million for the quarter. Insteel Industries had a return on equity of 11.72% and a net margin of 6.16%.The business’s revenue for the quarter was up 7.5% compared to the same quarter last year. During the same period last year, the firm earned $0.52 earnings per share. Sell-side analysts forecast that Insteel Industries will post 1.32 EPS for the current year.

Institutional Trading of Insteel Industries

Several hedge funds and other institutional investors have recently bought and sold shares of IIIN. Algert Global LLC raised its stake in Insteel Industries by 360.5% in the 3rd quarter. Algert Global LLC now owns 166,514 shares of the company’s stock worth $6,384,000 after purchasing an additional 130,354 shares in the last quarter. Invesco Ltd. raised its stake in Insteel Industries by 159.8% in the 4th quarter. Invesco Ltd. now owns 201,872 shares of the company’s stock worth $6,393,000 after purchasing an additional 124,162 shares in the last quarter. Icon Advisers Inc. Co. acquired a new stake in Insteel Industries in the 1st quarter worth about $3,126,000. SG Capital Management LLC acquired a new position in shares of Insteel Industries in the 3rd quarter valued at approximately $3,264,000. Finally, Segall Bryant & Hamill LLC raised its position in shares of Insteel Industries by 111.9% in the 1st quarter. Segall Bryant & Hamill LLC now owns 156,139 shares of the company’s stock valued at $5,248,000 after buying an additional 82,454 shares in the last quarter. Institutional investors and hedge funds own 83.27% of the company’s stock.

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.