Insteel Industries (NASDAQ:IIIN) was downgraded by stock analysts at BidaskClub from a “strong-buy” rating to a “buy” rating in a research note issued to investors on Saturday.
IIIN has been the topic of several other reports. Sidoti assumed coverage on Insteel Industries in a research note on Monday, December 18th. They issued a “buy” rating and a $34.00 price objective on the stock. TheStreet upgraded Insteel Industries from a “c+” rating to a “b-” rating in a research note on Wednesday, January 17th.
Insteel Industries (IIIN) traded down $0.57 on Friday, hitting $30.61. The stock had a trading volume of 131,846 shares, compared to its average volume of 149,107. The stock has a market capitalization of $593.70, a price-to-earnings ratio of 22.34 and a beta of 2.01. Insteel Industries has a 1-year low of $23.20 and a 1-year high of $39.20.
Hedge funds and other institutional investors have recently made changes to their positions in the company. Advisory Services Network LLC raised its stake in shares of Insteel Industries by 3.2% in the second quarter. Advisory Services Network LLC now owns 5,895 shares of the industrial products company’s stock valued at $194,000 after acquiring an additional 181 shares in the last quarter. Oppenheimer & Close LLC acquired a new stake in shares of Insteel Industries in the third quarter valued at $203,000. Stifel Financial Corp acquired a new stake in shares of Insteel Industries in the third quarter valued at $204,000. Oppenheimer & Co. Inc. acquired a new stake in Insteel Industries in the third quarter valued at $217,000. Finally, Louisiana State Employees Retirement System acquired a new stake in Insteel Industries in the fourth quarter valued at $221,000. Institutional investors and hedge funds own 82.18% of the company’s stock.
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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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