Insteel Industries (NYSE:IIIN) Stock Rating Lowered 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 researchers at Zacks Research from a "strong-buy" rating to a "hold" rating in a research report issued on Tuesday,Zacks.com reports.

Separately, Wall Street Zen upgraded shares of Insteel Industries from a "buy" rating to a "strong-buy" rating in a research report on Sunday, July 20th. One analyst has rated the stock with a Hold rating, According to data from MarketBeat.com, Insteel Industries currently has a consensus rating of "Hold".

Insteel Industries Stock Down 0.5%

Shares of NYSE IIIN traded down $0.19 during mid-day trading on Tuesday, reaching $38.31. The company's stock had a trading volume of 14,492 shares, compared to its average volume of 151,209. The business has a 50-day simple moving average of $37.46. The firm has a market cap of $743.60 million, a PE ratio of 23.94, a P/E/G ratio of 1.45 and a beta of 0.78. Insteel Industries has a 1-year low of $22.49 and a 1-year high of $41.64.

Insteel Industries (NYSE:IIIN - Get Free Report) last issued its earnings results on Thursday, July 17th. The company reported $0.78 EPS for the quarter, beating analysts' consensus estimates of $0.68 by $0.10. The business had revenue of $179.89 million during 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%.

Insteel Industries Company Profile

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.