Insteel Industries (NYSE:IIIN) Rating Lowered to “Buy” at Wall Street Zen

Insteel Industries (NYSE:IIIN) was downgraded by research analysts at Wall Street Zen from a “strong-buy” rating to a “buy” rating in a note issued to investors on Saturday.

Several other brokerages have also recently weighed in on IIIN. Zacks Research cut Insteel Industries from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, September 16th. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Insteel Industries in a research note on Wednesday, October 8th. One analyst has rated the stock with a Buy rating and one has given a Hold rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy”.

Insteel Industries Price Performance

Shares of IIIN stock opened at $30.88 on Friday. The company’s 50-day moving average price is $37.79. Insteel Industries has a fifty-two week low of $22.49 and a fifty-two week high of $41.64. The company has a market capitalization of $599.38 million, a PE ratio of 14.70, a P/E/G ratio of 0.86 and a beta of 0.79.

Insteel Industries (NYSE:IIIN) last announced its earnings results on Thursday, October 16th. The company reported $0.74 earnings per share for the quarter, missing the consensus estimate of $0.75 by ($0.01). Insteel Industries had a net margin of 6.33% and a return on equity of 12.19%. The firm had revenue of $177.44 million for the quarter, compared to the consensus estimate of $179.40 million.

About Insteel Industries

Insteel Industries, Inc, together with its subsidiaries, manufactures and markets steel wire reinforcing products for concrete construction applications. The company offers prestressed 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.