Insteel Industries (NYSE:IIIN) Raised to Hold at Zacks Research

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

A number of other research analysts have also recently commented on the company. Weiss Ratings cut Insteel Industries from a “hold (c)” rating to a “hold (c-)” rating in a research note on Wednesday, April 22nd. Wall Street Zen cut Insteel Industries from a “hold” rating to a “sell” rating in a research note on Monday, May 4th. Two research analysts have rated the stock with a Hold rating, According to data from MarketBeat, the company currently has a consensus rating of “Hold”.

Insteel Industries Price Performance

Shares of IIIN stock opened at $28.60 on Tuesday. Insteel Industries has a 1 year low of $24.35 and a 1 year high of $41.64. The stock’s 50 day simple moving average is $28.21 and its two-hundred day simple moving average is $31.76. The company has a market cap of $555.70 million, a PE ratio of 13.12, a price-to-earnings-growth ratio of 1.80 and a beta of 0.53.

Insteel Industries (NYSE:IIIN) last released its earnings results on Thursday, April 16th. The company reported $0.27 EPS for the quarter, missing analysts’ consensus estimates of $0.80 by ($0.53). The business had revenue of $172.65 million for the quarter. Insteel Industries had a net margin of 6.16% and a return on equity of 11.72%. The business’s 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. Equities research analysts expect that Insteel Industries will post 1.32 EPS for the current year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of IIIN. Advisory Services Network LLC bought a new stake in Insteel Industries during the 3rd quarter valued at $26,000. BNP Paribas Financial Markets grew its position in Insteel Industries by 74.3% during the 2nd quarter. BNP Paribas Financial Markets now owns 2,248 shares of the company’s stock worth $84,000 after purchasing an additional 958 shares during the period. Quarry LP acquired a new stake in Insteel Industries during the 3rd quarter worth about $89,000. Smartleaf Asset Management LLC grew its position in Insteel Industries by 30.2% during the 2nd quarter. Smartleaf Asset Management LLC now owns 2,516 shares of the company’s stock worth $95,000 after purchasing an additional 583 shares during the period. Finally, Tower Research Capital LLC TRC grew its position in Insteel Industries by 372.4% during the 2nd quarter. Tower Research Capital LLC TRC now owns 3,283 shares of the company’s stock worth $122,000 after purchasing an additional 2,588 shares during the period. Institutional investors 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.