Insteel Industries (NYSE:IIIN) Stock Bumped Down to “Strong Sell” by Zacks Research

Zacks Research lowered shares of Insteel Industries (NYSE:IIIN) from a hold rating to a strong sell rating in a research report report published on Monday,Zacks reports.

Other research analysts have also recently issued research reports about the stock. 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 Insteel Industries from a “hold (c-)” rating to a “hold (c)” rating in a report on Monday, August 3rd. One investment analyst has rated the stock with a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, Insteel Industries currently has an average rating of “Reduce”.

Insteel Industries Stock Performance

NYSE:IIIN opened at $28.29 on Monday. Insteel Industries has a 12 month low of $24.35 and a 12 month high of $38.45. The company’s 50-day moving average price is $29.96 and its two-hundred day moving average price 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 business had revenue of $209.28 million for the quarter. Insteel Industries’s revenue was up 18.0% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.74 EPS. As a group, analysts forecast that Insteel Industries will post 1.87 EPS for the current fiscal year.

Insteel Industries Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, September 25th. Shareholders of record on Friday, September 11th were issued a dividend of $0.03 per share. The ex-dividend date of this dividend was Friday, September 11th. This represents a $0.12 dividend on an annualized basis and a yield of 0.4%.

Insider Buying and Selling

In other Insteel Industries 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 value of $49,708.40. Following the completion of the transaction, the chief operating officer directly owned 40,000 shares of the company’s stock, valued at approximately $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 accessible through this hyperlink. 6.20% of the stock is currently owned by corporate insiders.

Institutional Trading of Insteel Industries

Hedge funds have recently modified their holdings of the stock. BlackRock Inc. acquired a new position in Insteel Industries during the 2nd quarter valued at about $46,014,000. Y Intercept Hong Kong Ltd bought a new position in shares of Insteel Industries in the 1st quarter valued at about $1,369,000. Robotti Robert bought a new position in shares of Insteel Industries in the 2nd quarter valued at about $14,421,000. Bank of America Corp DE acquired a new stake in shares of Insteel Industries during the 2nd quarter worth approximately $2,353,000. Finally, Icon Advisers Inc. Co. acquired a new stake in shares of Insteel Industries during the 1st quarter worth approximately $3,126,000. 83.27% of the stock is owned by institutional investors.

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.