BidaskClub cut shares of Insteel Industries, Inc. (NASDAQ:IIIN) from a hold rating to a sell rating in a research report sent to investors on Tuesday morning.

Insteel Industries (NASDAQ:IIIN) traded up 1.48% on Tuesday, hitting $26.83. The stock had a trading volume of 284,671 shares. Insteel Industries has a 12 month low of $22.50 and a 12 month high of $42.81. The company has a market cap of $510.44 million, a PE ratio of 18.01 and a beta of 2.16. The company has a 50-day moving average of $32.22 and a 200 day moving average of $34.51.

Insteel Industries (NASDAQ:IIIN) last issued its quarterly earnings results on Thursday, July 20th. The industrial products company reported $0.36 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.56 by $0.20. Insteel Industries had a return on equity of 13.30% and a net margin of 7.24%. The firm had revenue of $96.90 million for the quarter, compared to analysts’ expectations of $122.39 million. During the same quarter in the previous year, the firm posted $0.71 earnings per share. The firm’s revenue for the quarter was down 16.2% compared to the same quarter last year. On average, analysts predict that Insteel Industries will post $1.38 EPS for the current fiscal year.

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The company also recently declared a quarterly dividend, which was paid on Friday, June 30th. Investors of record on Friday, June 16th were given a dividend of $0.03 per share. This represents a $0.12 annualized dividend and a dividend yield of 0.45%. The ex-dividend date of this dividend was Wednesday, June 14th. Insteel Industries’s payout ratio is 8.05%.

In other Insteel Industries news, VP Richard Wagner sold 10,732 shares of the company’s stock in a transaction on Wednesday, May 24th. The stock was sold at an average price of $31.62, for a total value of $339,345.84. Following the completion of the sale, the vice president now directly owns 27,500 shares in the company, valued at approximately $869,550. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. 5.70% of the stock is currently owned by insiders.

A hedge fund recently raised its stake in Insteel Industries stock. Russell Investments Group Ltd. increased its stake in shares of Insteel Industries, Inc. (NASDAQ:IIIN) by 18.0% during the second quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 38,350 shares of the industrial products company’s stock after buying an additional 5,854 shares during the period. Russell Investments Group Ltd. owned approximately 0.20% of Insteel Industries worth $1,264,000 at the end of the most recent quarter. 82.30% of the stock is currently owned by institutional investors.

About Insteel Industries

Insteel Industries, Inc is a manufacturer of steel wire reinforcing products for concrete construction applications. The Company’s operations are focused on the manufacture and marketing of steel wire reinforcing products for concrete construction applications. Its concrete reinforcing products consist of two product lines: prestressed concrete strand (PC strand) and welded wire reinforcement (WWR).

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