Insteel Industries (NYSE:IIIN) Stock Gets Downgrade from Zacks Research

Insteel Industries (NYSE:IIIN) was downgraded by Zacks Research from a “hold” rating to a “strong sell” rating in a report issued on Monday, Zacks reports.

Other analysts also recently issued research reports about the stock. Weiss Ratings raised shares of Insteel Industries from a “hold (c-)” rating to a “hold (c)” rating in a research note on Monday, August 3rd. Wall Street Zen raised Insteel Industries from a “sell” rating to a “hold” rating in a research note on Saturday, July 18th. One equities research analyst has rated the stock with a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Reduce”.

Insteel Industries Trading Up 0.9%

Insteel Industries stock opened at $28.29 on Monday. Insteel Industries has a 12-month low of $24.35 and a 12-month high of $38.45. The firm has a 50-day moving average price of $29.96 and a 200-day moving average price of $31.08. The firm has a market capitalization of $547.62 million, a PE ratio of 18.61 and a beta of 0.54.

Insteel Industries (NYSE:IIIN) last issued its quarterly earnings results on Thursday, October 22nd. The company reported $0.40 EPS for the quarter, missing the consensus estimate of $0.49 by ($0.09). The company had revenue of $209.28 million for the quarter. Insteel Industries’s revenue was up 18.0% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.74 EPS. As a group, sell-side analysts predict that Insteel Industries will post 1.87 earnings per share for the current fiscal year.

Insider Activity

In related news, COO Richard Wagner sold 1,640 shares of the firm’s stock in a transaction dated Thursday, August 27th. The shares were sold at an average price of $30.31, for a total value of $49,708.40. Following the transaction, the chief operating officer owned 40,000 shares of the company’s stock, valued at $1,212,400. This trade represents a 3.94% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Corporate insiders own 6.20% of the company’s stock.

Institutional Investors Weigh In On Insteel Industries

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Total Wealth Planning & Management Inc. grew its stake in Insteel Industries by 24.0% in the 3rd quarter. Total Wealth Planning & Management Inc. now owns 9,220 shares of the company’s stock worth $269,000 after acquiring an additional 1,782 shares in the last quarter. Isthmus Partners LLC raised its stake in shares of Insteel Industries by 0.4% during the third quarter. Isthmus Partners LLC now owns 102,142 shares of the company’s stock valued at $2,975,000 after acquiring an additional 390 shares in the last quarter. Cardinal Capital Management raised its stake in shares of Insteel Industries by 7.2% during the third quarter. Cardinal Capital Management now owns 53,508 shares of the company’s stock valued at $1,559,000 after acquiring an additional 3,603 shares in the last quarter. Counterpoint Mutual Funds LLC bought a new stake in shares of Insteel Industries during the third quarter valued at approximately $656,000. Finally, Squarepoint Ops LLC boosted its holdings in shares of Insteel Industries by 143.4% in the second quarter. Squarepoint Ops LLC now owns 56,224 shares of the company’s stock valued at $1,698,000 after purchasing an additional 33,123 shares during the period. Institutional investors own 83.27% of the company’s stock.

About Insteel Industries

Insteel Industries, Inc is a manufacturer of steel wire reinforcing products used primarily in concrete construction. The company produces welded wire reinforcement and prestressed concrete strand, which help strengthen and reinforce concrete structures.

Its products are used in a range of infrastructure, commercial, residential, and industrial applications, including roads, bridges, buildings, precast concrete products, and other construction projects. Insteel sells its products primarily through a network serving customers across the United States.

Founded in 1953 and headquartered in Mount Airy, North Carolina, Insteel operates manufacturing facilities in the United States.