Insteel Industries, Inc. (NASDAQ:IIIN) was downgraded by investment analysts at TheStreet from a “b-” rating to a “c+” rating in a research report issued on Thursday.

A number of other equities analysts have also recently weighed in on IIIN. BidaskClub cut shares of Insteel Industries from a “hold” rating to a “sell” rating in a research report on Tuesday, July 25th. Longbow Research cut shares of Insteel Industries from a “buy” rating to a “neutral” rating in a research report on Friday, August 25th. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and two have assigned a buy rating to the stock. The company currently has a consensus rating of “Hold”.

Shares of Insteel Industries (NASDAQ:IIIN) opened at 27.00 on Thursday. The stock 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 one year low of $23.20 and a one year high of $42.81. The firm’s 50-day moving average price is $25.67 and its 200-day moving average price is $29.75.

Insteel Industries (NASDAQ:IIIN) last posted its quarterly earnings data on Thursday, October 19th. The industrial products company reported $0.20 earnings per share for the quarter, missing analysts’ consensus estimates of $0.25 by ($0.05). The firm had revenue of $96.89 million during 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 business’s quarterly revenue was down 6.0% on a year-over-year basis. During the same period in the previous year, the company earned $0.51 earnings per share. Equities research analysts anticipate that Insteel Industries will post $1.82 EPS for the current fiscal year.

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Several hedge funds have recently modified their holdings of IIIN. Russell Investments Group Ltd. lifted its position in shares of Insteel Industries by 18.0% during the second quarter. Russell Investments Group Ltd. now owns 38,350 shares of the industrial products company’s stock worth $1,264,000 after purchasing an additional 5,854 shares during the last quarter. Great West Life Assurance Co. Can lifted its position in shares of Insteel Industries by 6.5% during the second quarter. Great West Life Assurance Co. Can now owns 26,384 shares of the industrial products company’s stock worth $868,000 after purchasing an additional 1,600 shares during the last quarter. Texas Permanent School Fund lifted its position in shares of Insteel Industries by 1.1% during the second quarter. Texas Permanent School Fund now owns 12,779 shares of the industrial products company’s stock worth $421,000 after purchasing an additional 134 shares during the last quarter. Sei Investments Co. lifted its position in shares of Insteel Industries by 970.9% during the second quarter. Sei Investments Co. now owns 13,643 shares of the industrial products company’s stock worth $450,000 after purchasing an additional 12,369 shares during the last quarter. Finally, Forward Management LLC lifted its position in shares of Insteel Industries by 27.7% during the second quarter. Forward Management LLC now owns 5,964 shares of the industrial products company’s stock worth $197,000 after purchasing an additional 1,295 shares during the last quarter. 81.29% of the stock is currently owned by institutional investors and hedge funds.

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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