Insteel Industries (NYSE:IIIN) Trading Down 3.2% – Here’s Why

Insteel Industries, Inc. (NYSE:IIIN) shares were down 3.2% on Friday . The stock traded as low as $30.51 and last traded at $30.65. 7,259 shares changed hands during mid-day trading, a decline of 95% from the average daily volume of 146,163 shares. The stock had previously closed at $31.66.

Analyst Ratings Changes

A number of equities analysts have weighed in on the stock. Zacks Research lowered shares of Insteel Industries from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, September 16th. Wall Street Zen downgraded Insteel Industries from a “buy” rating to a “hold” rating in a research report on Saturday, November 15th. Finally, Weiss Ratings downgraded Insteel Industries from a “buy (b-)” rating to a “hold (c)” rating in a research note on Saturday, October 25th. Two investment analysts have rated the stock with a Hold rating, According to MarketBeat.com, the company presently has an average rating of “Hold”.

Insteel Industries Stock Down 4.1%

The company has a market cap of $589.66 million, a P/E ratio of 14.46, a PEG ratio of 0.88 and a beta of 0.83. The business has a 50-day simple moving average of $33.82.

Insteel Industries (NYSE:IIIN) last announced its quarterly earnings data on Thursday, October 16th. The company reported $0.74 earnings per share for the quarter, missing analysts’ consensus estimates of $0.75 by ($0.01). The business had revenue of $177.44 million during the quarter, compared to the consensus estimate of $179.40 million. Insteel Industries had a return on equity of 12.19% and a net margin of 6.33%.

About Insteel Industries

Insteel Industries, Inc, together with its subsidiaries, manufactures and markets steel wire reinforcing products for concrete construction applications. The company offers prestressed 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.