TheStreet downgraded shares of Insteel Industries, Inc. (NASDAQ:IIIN) from a b- rating to a c+ rating in a research report released on Thursday.

IIIN has been the subject of several other reports. BidaskClub cut Insteel Industries from a hold rating to a sell rating in a research report on Tuesday, July 25th. Longbow Research cut Insteel Industries from a buy rating to a neutral rating in a research report on Friday, August 25th. One investment analyst has rated the stock with a sell rating, one has given a hold rating and two have issued a buy rating to the stock. Insteel Industries has an average rating of Hold.

Insteel Industries (NASDAQ:IIIN) opened at 27.00 on Thursday. The company has a market capitalization of $513.68 million, a P/E ratio of 18.12 and a beta of 2.10. Insteel Industries has a 52 week low of $23.20 and a 52 week high of $42.81. The company’s 50 day moving average price is $25.67 and its 200-day moving average price is $29.75.

Insteel Industries (NASDAQ:IIIN) last announced its quarterly earnings results on Thursday, October 19th. The industrial products company reported $0.20 earnings per share for the quarter, missing the consensus estimate of $0.25 by ($0.05). The company had revenue of $96.89 million for the quarter, compared to analysts’ expectations of $96.25 million. Insteel Industries had a net margin of 5.80% and a return on equity of 10.50%. The firm’s revenue was down 6.0% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.51 earnings per share. Equities research analysts expect that Insteel Industries will post $1.82 earnings per share for the current year.

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The business also recently declared a special dividend, which will be paid on Friday, January 5th. Investors of record on Wednesday, December 20th will be given a dividend of $1.00 per share. This represents a yield of 0.44%. The ex-dividend date is Tuesday, December 19th. Insteel Industries’s dividend payout ratio is currently 10.17%.

A number of hedge funds have recently made changes to their positions in IIIN. Franklin Resources Inc. raised its position in Insteel Industries by 42.9% during the second quarter. Franklin Resources Inc. now owns 705,500 shares of the industrial products company’s stock valued at $23,260,000 after acquiring an additional 211,900 shares in the last quarter. Royal Bank of Canada raised its position in Insteel Industries by 12.5% during the second quarter. Royal Bank of Canada now owns 1,453,445 shares of the industrial products company’s stock valued at $47,921,000 after acquiring an additional 161,813 shares in the last quarter. Dimensional Fund Advisors LP raised its position in Insteel Industries by 8.7% during the second quarter. Dimensional Fund Advisors LP now owns 1,297,264 shares of the industrial products company’s stock valued at $42,771,000 after acquiring an additional 104,298 shares in the last quarter. Kennedy Capital Management Inc. purchased a new position in Insteel Industries during the second quarter valued at approximately $2,411,000. Finally, Royce & Associates LP raised its position in Insteel Industries by 3.4% during the second quarter. Royce & Associates LP now owns 1,748,930 shares of the industrial products company’s stock valued at $57,662,000 after acquiring an additional 57,600 shares in the last quarter. Institutional investors own 81.29% of the company’s stock.

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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