Zacks: Insteel Industries Inc (IIIN) Given Consensus Rating of “Hold” by Analysts
Shares of Insteel Industries Inc (NASDAQ:IIIN) have been assigned a consensus broker rating score of 3.00 (Hold) from the one analysts that cover the stock, Zacks Investment Research reports. One equities research analyst has rated the stock with a hold recommendation. Insteel Industries’ rating score has declined by 50% from 90 days ago as a result of a number of analysts’ upgrades and downgrades.
Zacks has also assigned Insteel Industries an industry rank of 15 out of 265 based on the ratings given to related companies.
Several research firms have weighed in on IIIN. Longbow Research cut shares of Insteel Industries from a “buy” rating to a “neutral” rating in a report on Friday, August 25th. BidaskClub cut shares of Insteel Industries from a “hold” rating to a “sell” rating in a report on Tuesday, August 22nd. Finally, TheStreet cut shares of Insteel Industries from a “b-” rating to a “c+” rating in a report on Thursday, October 19th.
In other news, VP James F. Petelle sold 1,000 shares of the firm’s stock in a transaction that occurred on Tuesday, October 24th. The shares were sold at an average price of $27.11, for a total transaction of $27,110.00. Following the transaction, the vice president now directly owns 14,788 shares of the company’s stock, valued at $400,902.68. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 5.70% of the stock is currently owned by company insiders.
Several institutional investors and hedge funds have recently made changes to their positions in IIIN. Bruce & Co. Inc. bought a new position in shares of Insteel Industries during the third quarter worth approximately $6,149,000. Franklin Resources Inc. increased its holdings in shares of Insteel Industries by 42.9% during the second quarter. Franklin Resources Inc. now owns 705,500 shares of the industrial products company’s stock worth $23,260,000 after purchasing an additional 211,900 shares during the period. Royal Bank of Canada increased its holdings in shares of 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 worth $47,921,000 after purchasing an additional 161,813 shares during the period. Dimensional Fund Advisors LP increased its holdings in shares of 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 worth $42,771,000 after purchasing an additional 104,298 shares during the period. Finally, Epoch Investment Partners Inc. increased its holdings in shares of Insteel Industries by 16.1% during the third quarter. Epoch Investment Partners Inc. now owns 598,363 shares of the industrial products company’s stock worth $15,624,000 after purchasing an additional 82,794 shares during the period. 81.06% of the stock is currently owned by institutional investors.
Shares of Insteel Industries (NASDAQ IIIN) traded down $0.23 during mid-day trading on Wednesday, hitting $27.32. 143,689 shares of the stock were exchanged, compared to its average volume of 153,846. The company has a market cap of $524.58, a PE ratio of 23.35 and a beta of 2.11. Insteel Industries has a 12 month low of $23.20 and a 12 month high of $40.47.
Insteel Industries (NASDAQ:IIIN) last issued its earnings results on Thursday, October 19th. The industrial products company reported $0.20 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.25 by ($0.05). The firm had revenue of $96.89 million during the quarter, compared to the consensus estimate 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 for the quarter was down 6.0% compared to the same quarter last year. During the same period in the previous year, the company posted $0.51 earnings per share.
The firm also recently announced a special dividend, which will be paid on Friday, January 5th. Stockholders of record on Wednesday, December 20th will be issued a dividend of $1.00 per share. The ex-dividend date of this dividend is Tuesday, December 19th. This represents a dividend yield of 0.44%. Insteel Industries’s dividend payout ratio is presently 10.17%.
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Insteel Industries Company Profile
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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