Insteel Industries (NYSE:IIIN) Shares Up 3.7% - Here's What Happened

Key Points

• Insteel Industries shares rose by 3.7% during trading on Friday, reaching a high of $31.48 before closing at $31.43.
• Recent analyst ratings have varied, with Weiss Ratings maintaining a "buy" rating, while Zacks Research downgraded it to "hold"; overall, the stock holds a moderate buy consensus rating.
• Insteel reported earnings per share (EPS) of $0.74, which was slightly below the consensus estimate of $0.75, with revenue for the quarter totaling $177.44 million.

Insteel Industries, Inc. (NYSE:IIIN - Get Free Report) shares shot up 3.7% during trading on Friday . The stock traded as high as $31.48 and last traded at $31.43. 45,347 shares changed hands during mid-day trading, a decline of 69% from the average session volume of 147,584 shares. The stock had previously closed at $30.32.

Analysts Set New Price Targets

IIIN has been the subject of a number of recent analyst reports. Weiss Ratings reiterated a "buy (b-)" rating on shares of Insteel Industries in a report on Wednesday, October 8th. Zacks Research cut shares of Insteel Industries from a "strong-buy" rating to a "hold" rating in a report on Tuesday, September 16th. Finally, Wall Street Zen raised shares of Insteel Industries from a "buy" rating to a "strong-buy" rating in a research report on Sunday, July 20th. One research analyst has rated the stock with a Buy rating and one has issued a Hold rating to the company. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy".

Insteel Industries Stock Up 0.7%

The stock has a market capitalization of $592.39 million, a P/E ratio of 19.08, a PEG ratio of 1.05 and a beta of 0.79. The business has a fifty day moving average of $37.89.

Insteel Industries (NYSE:IIIN - Get Free Report) last released its earnings results on Thursday, October 16th. 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%.The business had revenue of $177.44 million for the quarter, compared to analysts' expectations of $179.40 million.

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.

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