Insteel Industries (NASDAQ:IIIN) Lifted to “Hold” at BidaskClub

BidaskClub upgraded shares of Insteel Industries (NASDAQ:IIIN) from a sell rating to a hold rating in a research note published on Thursday morning, BidAskClub reports.

Separately, Sidoti downgraded shares of Insteel Industries from a buy rating to a neutral rating and set a $19.00 target price for the company. in a research report on Wednesday, June 10th.

NASDAQ IIIN opened at $18.99 on Thursday. The company has a market capitalization of $344.38 million, a PE ratio of 33.11 and a beta of 1.92. The company has a fifty day moving average of $18.75 and a 200 day moving average of $17.44. Insteel Industries has a 1 year low of $10.00 and a 1 year high of $26.61.

Insteel Industries (NASDAQ:IIIN) last posted its earnings results on Thursday, July 16th. The industrial products company reported $0.38 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.18 by $0.20. The company had revenue of $121.96 million during the quarter. Insteel Industries had a net margin of 2.19% and a return on equity of 4.18%.

The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 25th. Shareholders of record on Friday, September 11th will be issued a $0.03 dividend. The ex-dividend date of this dividend is Thursday, September 10th. This represents a $0.12 dividend on an annualized basis and a yield of 0.63%.

In other Insteel Industries news, VP James F. Petelle sold 1,270 shares of Insteel Industries stock in a transaction on Tuesday, August 11th. The shares were sold at an average price of $20.05, for a total value of $25,463.50. Following the completion of the transaction, the vice president now owns 15,383 shares of the company’s stock, valued at $308,429.15. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 5.10% of the stock is currently owned by insiders.

A number of institutional investors and hedge funds have recently added to or reduced their stakes in IIIN. Strs Ohio purchased a new stake in shares of Insteel Industries during the second quarter worth about $26,000. BNP Paribas Arbitrage SA increased its stake in shares of Insteel Industries by 13.2% during the first quarter. BNP Paribas Arbitrage SA now owns 7,320 shares of the industrial products company’s stock worth $97,000 after purchasing an additional 855 shares in the last quarter. Pacer Advisors Inc. increased its stake in shares of Insteel Industries by 40.1% during the second quarter. Pacer Advisors Inc. now owns 6,495 shares of the industrial products company’s stock worth $124,000 after purchasing an additional 1,859 shares in the last quarter. New York State Teachers Retirement System increased its stake in shares of Insteel Industries by 24.3% during the second quarter. New York State Teachers Retirement System now owns 8,687 shares of the industrial products company’s stock worth $166,000 after purchasing an additional 1,700 shares in the last quarter. Finally, Squarepoint Ops LLC increased its stake in shares of Insteel Industries by 10.2% during the first quarter. Squarepoint Ops LLC now owns 13,500 shares of the industrial products company’s stock worth $179,000 after purchasing an additional 1,253 shares in the last quarter. 80.24% of the stock is owned by institutional investors.

About Insteel Industries

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.

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