IIIN opened at $22.33 on Friday. The stock has a fifty day moving average of $19.13 and a 200-day moving average of $19.97. The firm has a market capitalization of $426.81 million, a P/E ratio of 26.39 and a beta of 1.70. Insteel Industries has a 12-month low of $17.50 and a 12-month high of $37.80.
Insteel Industries (NASDAQ:IIIN) last released its earnings results on Thursday, July 18th. The industrial products company reported $0.11 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.30 by ($0.19). The business had revenue of $126.30 million during the quarter, compared to analysts’ expectations of $128.38 million. Insteel Industries had a net margin of 3.62% and a return on equity of 6.55%. Insteel Industries’s revenue for the quarter was down .3% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.67 EPS.
Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Harvey Partners LLC purchased a new stake in shares of Insteel Industries in the second quarter valued at $500,000. Price T Rowe Associates Inc. MD lifted its holdings in shares of Insteel Industries by 15.1% in the second quarter. Price T Rowe Associates Inc. MD now owns 1,054,718 shares of the industrial products company’s stock valued at $21,959,000 after purchasing an additional 138,239 shares in the last quarter. Morgan Stanley lifted its holdings in shares of Insteel Industries by 536.5% in the second quarter. Morgan Stanley now owns 121,064 shares of the industrial products company’s stock valued at $2,520,000 after purchasing an additional 102,043 shares in the last quarter. Bank of America Corp DE lifted its holdings in shares of Insteel Industries by 27.0% in the second quarter. Bank of America Corp DE now owns 30,138 shares of the industrial products company’s stock valued at $627,000 after purchasing an additional 6,412 shares in the last quarter. Finally, Invesco Ltd. lifted its holdings in shares of Insteel Industries by 11.5% in the second quarter. Invesco Ltd. now owns 60,432 shares of the industrial products company’s stock valued at $1,259,000 after purchasing an additional 6,213 shares in the last quarter. Institutional investors own 80.83% of the company’s stock.
Insteel Industries Company Profile
Insteel Industries, Inc, together with its subsidiaries, manufactures and markets steel wire reinforcing products for concrete construction applications. The company offers pre-stressed concrete strand (PC strand) and welded wire reinforcement (WWR) products. Its PC strand is a seven-wire strand that is used to impart compression forces into precast concrete elements and structures providing reinforcement for bridges, parking decks, buildings, and other concrete structures.
Further Reading: What is a short straddle?
Receive News & Ratings for Insteel Industries Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Insteel Industries and related companies with MarketBeat.com's FREE daily email newsletter.