Zacks: Insteel Industries, Inc. (IIIN) Given Average Recommendation of “Buy” by Brokerages
Shares of Insteel Industries, Inc. (NASDAQ:IIIN) have earned a consensus broker rating score of 2.00 (Buy) from the two brokers that cover the stock, Zacks Investment Research reports. One research analyst has rated the stock with a hold rating and one has given a strong buy rating to the company. Insteel Industries’ rating score has declined by 100% in the last 90 days as a result of a number of analysts’ ratings changes.
Brokerages have set a 1 year consensus price objective of $44.00 for the company, according to Zacks. Zacks has also given Insteel Industries an industry rank of 109 out of 265 based on the ratings given to related companies.
IIIN has been the subject of a number of research reports. Longbow Research cut shares of Insteel Industries from a “buy” rating to a “neutral” rating in a research report on Friday, August 25th. BidaskClub cut shares of Insteel Industries from a “hold” rating to a “sell” rating in a research report on Tuesday, July 25th. Finally, TheStreet cut shares of Insteel Industries from a “b-” rating to a “c+” rating in a research report on Thursday.
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Institutional investors have recently modified their holdings of the stock. Russell Investments Group Ltd. increased its stake in Insteel Industries by 18.0% during the 2nd quarter. Russell Investments Group Ltd. now owns 38,350 shares of the industrial products company’s stock valued at $1,264,000 after purchasing an additional 5,854 shares in the last quarter. Great West Life Assurance Co. Can increased its stake in Insteel Industries by 6.5% during the 2nd quarter. Great West Life Assurance Co. Can now owns 26,384 shares of the industrial products company’s stock valued at $868,000 after purchasing an additional 1,600 shares in the last quarter. Texas Permanent School Fund increased its stake in Insteel Industries by 1.1% during the 2nd quarter. Texas Permanent School Fund now owns 12,779 shares of the industrial products company’s stock valued at $421,000 after purchasing an additional 134 shares in the last quarter. Sei Investments Co. increased its stake in Insteel Industries by 970.9% during the 2nd quarter. Sei Investments Co. now owns 13,643 shares of the industrial products company’s stock valued at $450,000 after purchasing an additional 12,369 shares in the last quarter. Finally, Forward Management LLC increased its stake in Insteel Industries by 27.7% during the 2nd quarter. Forward Management LLC now owns 5,964 shares of the industrial products company’s stock valued at $197,000 after purchasing an additional 1,295 shares in the last quarter. Institutional investors own 81.29% of the company’s stock.
Shares of Insteel Industries (IIIN) traded down 7.41% during mid-day trading on Friday, hitting $27.00. The company had a trading volume of 720,324 shares. The firm’s 50-day moving average price is $25.67 and its 200 day moving average price is $29.75. 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 one year low of $23.20 and a one year high of $42.81.
Insteel Industries (NASDAQ:IIIN) last released its quarterly earnings results on Thursday, October 19th. The industrial products company reported $0.20 EPS for the quarter, missing the Zacks’ consensus estimate of $0.25 by ($0.05). Insteel Industries had a return on equity of 10.50% and a net margin of 5.80%. The company had revenue of $96.89 million during the quarter, compared to analysts’ expectations of $96.25 million. During the same period in the prior year, the firm earned $0.51 EPS. Insteel Industries’s quarterly revenue was down 6.0% on a year-over-year basis. Analysts predict that Insteel Industries will post $1.82 earnings per share for the current fiscal year.
The business also recently disclosed a special dividend, which will be paid on Friday, January 5th. Shareholders of record on Wednesday, December 20th will be issued a $1.00 dividend. The ex-dividend date of this dividend is Tuesday, December 19th. This represents a yield of 0.44%. Insteel Industries’s dividend payout ratio (DPR) is presently 10.17%.
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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