Insteel Industries Inc (IIIN) Given Consensus Rating of “Buy” by Analysts
Shares of Insteel Industries Inc (NASDAQ:IIIN) have been assigned an average broker rating score of 2.00 (Buy) from the two analysts that cover the stock, Zacks Investment Research reports. One analyst has rated the stock with a hold recommendation and one has given a strong buy recommendation to the company.
Zacks has also given Insteel Industries an industry rank of 236 out of 265 based on the ratings given to its competitors.
A number of equities analysts have issued reports on IIIN shares. TheStreet cut Insteel Industries from a “b-” rating to a “c+” rating in a report on Thursday, October 19th. Sidoti started coverage on Insteel Industries in a report on Monday, December 18th. They issued a “buy” rating and a $34.00 target price for the company.
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 analysts’ consensus estimates of $0.25 by ($0.05). Insteel Industries had a return on equity of 10.50% and a net margin of 5.80%. The firm had revenue of $96.89 million during the quarter, compared to analyst estimates of $96.25 million. During the same period in the previous year, the company earned $0.51 EPS. Insteel Industries’s revenue for the quarter was down 6.0% on a year-over-year basis.
The company also recently announced a special dividend, which was paid on Friday, January 5th. Shareholders of record on Wednesday, December 20th were issued a $1.00 dividend. The ex-dividend date was Tuesday, December 19th. This represents a yield of 0.44%. Insteel Industries’s payout ratio is presently 10.17%.
In other Insteel Industries news, VP James F. Petelle sold 1,000 shares of the company’s stock in a transaction dated Tuesday, October 24th. The stock was sold at an average price of $27.11, for a total value of $27,110.00. Following the completion of the transaction, the vice president now owns 14,788 shares of the company’s stock, valued at approximately $400,902.68. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. 5.70% of the stock is owned by corporate insiders.
Several hedge funds have recently modified their holdings of the company. Royal Bank of Canada increased its stake in shares of Insteel Industries by 12.5% in the second quarter. Royal Bank of Canada now owns 1,453,445 shares of the industrial products company’s stock valued at $47,921,000 after buying an additional 161,813 shares during the period. Dimensional Fund Advisors LP increased its stake in shares of Insteel Industries by 1.3% in the third quarter. Dimensional Fund Advisors LP now owns 1,314,319 shares of the industrial products company’s stock valued at $34,317,000 after buying an additional 17,055 shares during the period. Vanguard Group Inc. increased its stake in shares of Insteel Industries by 1.0% in the second quarter. Vanguard Group Inc. now owns 1,161,064 shares of the industrial products company’s stock valued at $38,280,000 after buying an additional 11,906 shares during the period. Franklin Resources Inc. increased its stake in shares of Insteel Industries by 42.9% in the second quarter. Franklin Resources Inc. now owns 705,500 shares of the industrial products company’s stock valued at $23,260,000 after buying an additional 211,900 shares during the period. Finally, Epoch Investment Partners Inc. increased its stake in shares of Insteel Industries by 16.1% in the third quarter. Epoch Investment Partners Inc. now owns 598,363 shares of the industrial products company’s stock valued at $15,624,000 after buying an additional 82,794 shares during the period. 81.03% of the stock is owned by institutional investors.
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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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