Insteel Industries, Inc. (NASDAQ:IIIN) has earned a consensus broker rating score of 2.00 (Buy) from the two brokers that cover the stock, Zacks Investment Research reports. One analyst has rated the stock with a hold recommendation and one has issued a strong buy recommendation on the company. Insteel Industries’ rating score has declined by 100% from 90 days ago as a result of a number of analysts’ ratings changes.

Brokers have set a 1 year consensus price target of $44.00 for the company, according to Zacks. Zacks has also assigned Insteel Industries an industry rank of 247 out of 265 based on the ratings given to its competitors.

Several analysts have recently issued reports on the company. Longbow Research downgraded Insteel Industries from a “buy” rating to a “neutral” rating in a research note on Friday, August 25th. BidaskClub downgraded Insteel Industries from a “hold” rating to a “sell” rating in a research note on Tuesday, August 22nd.

Insteel Industries (IIIN) traded up 1.14% during midday trading on Friday, reaching $24.87. 213,865 shares of the company were exchanged. The company has a 50 day moving average of $25.40 and a 200-day moving average of $31.48. The company has a market capitalization of $473.15 million, a price-to-earnings ratio of 16.69 and a beta of 2.13. Insteel Industries has a 52-week low of $22.50 and a 52-week high of $42.81.

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

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 29th. Investors of record on Friday, September 15th will be given a dividend of $0.03 per share. The ex-dividend date of this dividend is Thursday, September 14th. This represents a $0.12 annualized dividend and a dividend yield of 0.48%. Insteel Industries’s dividend payout ratio is presently 8.05%.

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Royce & Associates LP lifted its position in shares of Insteel Industries by 3.4% during the 2nd quarter. Royce & Associates LP now owns 1,748,930 shares of the industrial products company’s stock worth $57,662,000 after purchasing an additional 57,600 shares during the last quarter. Royal Bank of Canada lifted its position in shares of Insteel Industries by 12.5% during the 2nd 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 last quarter. Dimensional Fund Advisors LP lifted its position in shares of Insteel Industries by 8.7% during the 2nd 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 last quarter. Vanguard Group Inc. lifted its position in shares of Insteel Industries by 1.0% during the 2nd quarter. Vanguard Group Inc. now owns 1,161,064 shares of the industrial products company’s stock worth $38,280,000 after purchasing an additional 11,906 shares during the last quarter. Finally, Franklin Resources Inc. lifted its position in shares of Insteel Industries by 42.9% during the 2nd 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 last quarter. 81.30% of the stock is owned by institutional investors and hedge funds.

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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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