Insteel Industries (NYSE:IIIN) Cut to Sell at Wall Street Zen

Wall Street Zen lowered shares of Insteel Industries (NYSE:IIIN) from a hold rating to a sell rating in a research report released on Saturday morning.

Insteel Industries Price Performance

Shares of NYSE IIIN opened at $24.98 on Friday. The stock’s fifty day moving average price is $34.43 and its two-hundred day moving average price is $33.37. Insteel Industries has a one year low of $24.66 and a one year high of $41.64. The firm has a market cap of $485.44 million, a price-to-earnings ratio of 11.46, a P/E/G ratio of 0.72 and a beta of 0.83.

Insteel Industries (NYSE:IIIN) last issued its quarterly earnings data on Thursday, April 16th. The company reported $0.27 EPS for the quarter, missing analysts’ consensus estimates of $0.80 by ($0.53). The firm had revenue of $172.65 million during the quarter. Insteel Industries had a net margin of 6.16% and a return on equity of 11.72%. Insteel Industries’s quarterly revenue was up 7.5% on a year-over-year basis. During the same quarter last year, the company posted $0.52 earnings per share. On average, equities analysts anticipate that Insteel Industries will post 3.04 earnings per share for the current fiscal year.

Insteel Industries Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, March 27th. Stockholders of record on Friday, March 13th were given a dividend of $0.03 per share. This represents a $0.12 dividend on an annualized basis and a dividend yield of 0.5%. The ex-dividend date was Friday, March 13th. Insteel Industries’s dividend payout ratio is presently 5.50%.

Insider Buying and Selling at Insteel Industries

In other news, COO Richard Wagner sold 1,679 shares of the company’s stock in a transaction on Thursday, February 26th. The stock was sold at an average price of $37.67, for a total transaction of $63,247.93. Following the completion of the sale, the chief operating officer directly owned 40,000 shares in the company, valued at approximately $1,506,800. This represents a 4.03% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Insiders own 6.20% of the company’s stock.

Institutional Trading of Insteel Industries

A number of institutional investors have recently modified their holdings of IIIN. Algert Global LLC lifted its position in shares of Insteel Industries by 360.5% during the 3rd quarter. Algert Global LLC now owns 166,514 shares of the company’s stock valued at $6,384,000 after acquiring an additional 130,354 shares during the period. Invesco Ltd. lifted its position in shares of Insteel Industries by 159.8% during the 4th quarter. Invesco Ltd. now owns 201,872 shares of the company’s stock valued at $6,393,000 after acquiring an additional 124,162 shares during the period. SG Capital Management LLC bought a new stake in shares of Insteel Industries during the 3rd quarter valued at $3,264,000. First Trust Advisors LP bought a new stake in shares of Insteel Industries during the 3rd quarter valued at $2,332,000. Finally, Vanguard Group Inc. lifted its position in shares of Insteel Industries by 4.2% during the 3rd quarter. Vanguard Group Inc. now owns 1,397,496 shares of the company’s stock valued at $53,580,000 after acquiring an additional 55,712 shares during the period. 83.27% of the stock is currently owned by institutional investors.

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.