Insteel Industries (NYSE:IIIN) Stock Rating Lowered by Zacks Research

Key Points

• Zacks Research downgraded Insteel Industries from “strong buy” to “hold,” while other analysts’ ratings also support a consensus “hold” view.
• Insteel’s stock opened at $30.29, with a market capitalization of approximately $586 million and a 12-month trading range of $24.35 to $39.91.
• The company slightly exceeded quarterly earnings expectations, reporting $0.46 in EPS versus the $0.45 consensus estimate on revenue of $197.66 million; institutional investors own 83.27% of the stock.

Insteel Industries (NYSE:IIIN - Get Free Report) was downgraded by analysts at Zacks Research from a "strong-buy" rating to a "hold" rating in a note issued to investors on Tuesday, Zacks reports.

IIIN has been the subject of a number of other reports. Weiss Ratings raised shares of Insteel Industries from a "hold (c-)" rating to a "hold (c)" rating in a report on Monday, August 3rd. Wall Street Zen upgraded shares of Insteel Industries from a "sell" rating to a "hold" rating in a report on Saturday, July 18th. Two equities research analysts have rated the stock with a Hold rating, According to MarketBeat, the company currently has a consensus rating of "Hold".

Insteel Industries Stock Up 1.0%

IIIN opened at $30.29 on Tuesday. The stock's 50 day moving average price is $31.10 and its two-hundred day moving average price is $30.38. The firm has a market capitalization of $586.41 million, a P/E ratio of 16.28, a price-to-earnings-growth ratio of 1.57 and a beta of 0.51. Insteel Industries has a 12-month low of $24.35 and a 12-month high of $39.91.

Insteel Industries (NYSE:IIIN - Get Free Report) last posted its quarterly earnings data on Thursday, July 16th. The company reported $0.46 earnings per share for the quarter, beating the consensus estimate of $0.45 by $0.01. The company had revenue of $197.66 million during the quarter. Insteel Industries had a return on equity of 9.92% and a net margin of 5.14%.During the same period in the prior year, the company posted $0.78 earnings per share. As a group, analysts anticipate that Insteel Industries will post 1.59 earnings per share for the current year.

Insider Buying and Selling

In other Insteel Industries news, COO Richard Wagner sold 1,640 shares of Insteel Industries stock in a transaction on Thursday, August 27th. The shares were sold at an average price of $30.31, for a total transaction of $49,708.40. Following the sale, the chief operating officer owned 40,000 shares in the company, valued at $1,212,400. The trade was a 3.94% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 6.20% of the stock is currently owned by company insiders.

Institutional Trading of Insteel Industries

Several institutional investors have recently made changes to their positions in IIIN. BlackRock Inc. bought a new position in Insteel Industries during the second quarter worth about $46,014,000. Dimensional Fund Advisors LP raised its holdings in shares of Insteel Industries by 2.3% in the 1st quarter. Dimensional Fund Advisors LP now owns 1,087,782 shares of the company's stock worth $36,559,000 after buying an additional 24,429 shares in the last quarter. Robotti Robert bought a new position in shares of Insteel Industries during the 2nd quarter worth approximately $14,421,000. Diamond Hill Capital Management LLC Investment Advisor bought a new position in shares of Insteel Industries during the 2nd quarter worth approximately $9,023,000. Finally, Bank of New York Mellon Corp acquired a new stake in Insteel Industries in the 2nd quarter valued at $6,726,000. 83.27% of the stock is currently owned by institutional investors and hedge funds.

Insteel Industries Company Profile

Insteel Industries, Inc NYSE: IIIN manufactures steel products used primarily in the nonresidential and infrastructure construction markets. The company's principal products are prestressed concrete steel strand, commonly used in prestressed and precast concrete, and welded wire reinforcement, which helps reinforce concrete structures.

Insteel sells its products primarily to manufacturers of prestressed and precast concrete products, concrete pipe, utility structures, and other construction-related products.

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