Insteel Industries (NYSE:IIIN) Raised to Hold at Zacks Research

Insteel Industries (NYSE:IIIN) was upgraded by research analysts at Zacks Research from a “strong sell” rating to a “hold” rating in a note issued to investors on Tuesday,Zacks.com reports.

Several other analysts have also commented on the stock. Wall Street Zen lowered shares of Insteel Industries from a “hold” rating to a “sell” rating in a research report on Monday, May 4th. Weiss Ratings cut Insteel Industries from a “hold (c)” rating to a “hold (c-)” rating in a research note on Wednesday, April 22nd. Two investment analysts have rated the stock with a Hold rating, Based on data from MarketBeat.com, the company has an average rating of “Hold”.

Insteel Industries Stock Performance

NYSE:IIIN opened at $28.60 on Tuesday. Insteel Industries has a one year low of $24.35 and a one year high of $41.64. The stock has a market cap of $555.70 million, a PE ratio of 13.12, a P/E/G ratio of 1.80 and a beta of 0.53. The stock has a 50 day moving average price of $28.21 and a 200 day moving average price of $31.76.

Insteel Industries (NYSE:IIIN) last posted its quarterly earnings results on Thursday, April 16th. The company reported $0.27 EPS for the quarter, missing the consensus estimate of $0.80 by ($0.53). Insteel Industries had a net margin of 6.16% and a return on equity of 11.72%. The company had revenue of $172.65 million during the quarter. During the same period in the previous year, the company posted $0.52 earnings per share. The business’s revenue was up 7.5% on a year-over-year basis. As a group, analysts predict that Insteel Industries will post 1.32 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Insteel Industries

Several large investors have recently bought and sold shares of IIIN. Advisory Services Network LLC acquired a new position in Insteel Industries in the third quarter valued at $26,000. BNP Paribas Financial Markets boosted its stake in shares of Insteel Industries by 74.3% during the second quarter. BNP Paribas Financial Markets now owns 2,248 shares of the company’s stock worth $84,000 after buying an additional 958 shares during the period. Quarry LP acquired a new stake in Insteel Industries in the third quarter valued at about $89,000. Smartleaf Asset Management LLC lifted its position in Insteel Industries by 30.2% in the second quarter. Smartleaf Asset Management LLC now owns 2,516 shares of the company’s stock valued at $95,000 after purchasing an additional 583 shares during the period. Finally, Tower Research Capital LLC TRC lifted its position in Insteel Industries by 372.4% in the second quarter. Tower Research Capital LLC TRC now owns 3,283 shares of the company’s stock valued at $122,000 after purchasing an additional 2,588 shares during the period. Institutional investors and hedge funds own 83.27% of the company’s stock.

About Insteel Industries

Insteel Industries, Inc is a leading manufacturer of steel wire reinforcing products used in concrete construction. The company specializes in the design, fabrication and distribution of welded-wire reinforcement, cut-and-bent reinforcement and related accessories for concrete walls, floors and columns. Its products are employed across residential, commercial and infrastructure projects, providing structural strength and dimensional stability in poured concrete applications.

Key product lines include truss mats—prefabricated, ladder-like assemblies of welded wire designed for rapid placement—and custom cut-and-bent wire assemblies that meet specific engineering requirements.