Insteel Industries (NYSE:IIIN) Downgraded to Hold Rating by Zacks Research

Key Points

• Insteel Industries has been downgraded from a "strong-buy" rating to a "hold" rating by Zacks Research, reflecting a shift in analyst sentiment.
• In contrast, Wall Street Zen upgraded Insteel Industries to a "strong-buy" rating shortly before the downgrade, resulting in conflicting assessments of the stock's potential.
• The company's latest earnings report showed earnings per share of $0.78, exceeding analysts' expectations of $0.68, along with revenues of $179.89 million, which surpassed the forecast of $177.60 million.

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

Separately, Wall Street Zen raised shares of Insteel Industries from a "buy" rating to a "strong-buy" rating in a report on Sunday, July 20th. One investment analyst has rated the stock with a Hold rating, Based on data from MarketBeat.com, the stock has an average rating of "Hold".

Insteel Industries Stock Performance

NYSE IIIN traded up $0.38 on Tuesday, reaching $38.88. The company's stock had a trading volume of 67,986 shares, compared to its average volume of 86,052. The stock has a market capitalization of $754.66 million, a price-to-earnings ratio of 24.30, a PEG ratio of 1.45 and a beta of 0.78. The company's 50-day moving average price is $37.49. Insteel Industries has a 52 week low of $22.49 and a 52 week high of $41.64.

Insteel Industries (NYSE:IIIN - Get Free Report) last posted its earnings results on Thursday, July 17th. The company reported $0.78 earnings per share for the quarter, beating analysts' consensus estimates of $0.68 by $0.10. The business had revenue of $179.89 million for the quarter, compared to analysts' expectations of $177.60 million. Insteel Industries had a net margin of 5.15% and a return on equity of 9.50%.

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.