Insteel Industries (IIIN) Upgraded to B- at TheStreet

Insteel Industries (NASDAQ:IIIN) was upgraded by stock analysts at TheStreet from a “c+” rating to a “b-” rating in a research report issued to clients and investors on Wednesday.

Separately, Sidoti started coverage on Insteel Industries in a research report on Monday, December 18th. They issued a “buy” rating and a $34.00 price objective on the stock.

Insteel Industries (NASDAQ IIIN) traded up $0.85 during mid-day trading on Wednesday, reaching $32.49. The company’s stock had a trading volume of 338,808 shares, compared to its average volume of 158,123. Insteel Industries has a twelve month low of $23.20 and a twelve month high of $39.20. The stock has a market capitalization of $618.64, a PE ratio of 23.89 and a beta of 2.11.

Insteel Industries (NASDAQ:IIIN) last posted its quarterly earnings data on Thursday, January 18th. The industrial products company reported $0.20 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.22 by ($0.02). Insteel Industries had a return on equity of 10.50% and a net margin of 5.80%. The business had revenue of $97.74 million during the quarter, compared to analysts’ expectations of $94.90 million. During the same period in the prior year, the firm posted $0.23 EPS. The firm’s revenue for the quarter was up 4.1% on a year-over-year basis.

In other news, VP James F. Petelle sold 1,000 shares of the company’s stock in a transaction on Tuesday, October 24th. The stock was sold at an average price of $27.11, for a total transaction of $27,110.00. Following 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 Securities & Exchange Commission, which can be accessed through this link. 5.70% of the stock is owned by corporate insiders.

Several hedge funds and other institutional investors have recently modified their holdings of IIIN. Bruce & Co. Inc. purchased a new position in shares of Insteel Industries during the 3rd quarter valued at $6,149,000. Thomson Horstmann & Bryant Inc. lifted its position in shares of Insteel Industries by 66.4% during the 4th quarter. Thomson Horstmann & Bryant Inc. now owns 482,220 shares of the industrial products company’s stock valued at $13,656,000 after buying an additional 192,360 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 valued at $47,921,000 after buying 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 valued at $42,771,000 after buying an additional 104,298 shares during the last quarter. Finally, Epoch Investment Partners Inc. raised its stake in shares of Insteel Industries by 16.1% during the 3rd quarter. Epoch Investment Partners Inc. now owns 598,363 shares of the industrial products company’s stock valued at $15,624,000 after purchasing an additional 82,794 shares during the period. 81.03% of the stock is currently owned by hedge funds and other institutional investors.

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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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