Insteel Industries (NYSE:IIIN) Shares Gap Down Following Weak Earnings

Key Points

• Insteel Industries shares gapped down significantly from a previous close of $37.54 to open at $36.00 following disappointing earnings, with the latest price at $32.18.
• The company reported an earnings per share (EPS) of $0.74, falling short of the consensus estimate of $0.75, indicating a miss in quarterly earnings.
• Analyst ratings for Insteel Industries have been mixed, with Zacks Research downgrading from "strong-buy" to "hold," while one analyst maintains a "buy" rating, resulting in an average rating of "Moderate Buy."

Shares of Insteel Industries, Inc. (NYSE:IIIN - Get Free Report) gapped down before the market opened on Thursday following a dissappointing earnings announcement. The stock had previously closed at $37.54, but opened at $36.00. Insteel Industries shares last traded at $32.18, with a volume of 119,377 shares traded.

The company reported $0.74 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.75 by ($0.01). Insteel Industries had a return on equity of 9.50% and a net margin of 5.15%.

Analyst Ratings Changes

Several equities research analysts have recently issued reports on the company. Zacks Research cut Insteel Industries from a "strong-buy" rating to a "hold" rating in a report on Tuesday, September 16th. Wall Street Zen upgraded Insteel Industries from a "buy" rating to a "strong-buy" rating in a research note on Sunday, July 20th. Finally, Weiss Ratings restated a "buy (b-)" rating on shares of Insteel Industries in a research note on Wednesday, October 8th. One equities research analyst has rated the stock with a Buy rating and one has given a Hold rating to the company's stock. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy".

Insteel Industries Trading Down 15.2%

The stock's 50 day moving average is $37.99. The stock has a market cap of $618.21 million, a PE ratio of 19.91, a price-to-earnings-growth ratio of 1.04 and a beta of 0.79.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.