Insteel Industries (NASDAQ:IIIN – Get Free Report) was downgraded by analysts at StockNews.com from a “buy” rating to a “hold” rating in a note issued to investors on Tuesday.
Insteel Industries Stock Up 0.9 %
NASDAQ IIIN opened at $32.29 on Tuesday. Insteel Industries has a 52 week low of $24.00 and a 52 week high of $33.61. The business’s fifty day simple moving average is $31.27 and its 200-day simple moving average is $29.67. The firm has a market cap of $627.39 million, a PE ratio of 12.37 and a beta of 1.09.
Insteel Industries (NASDAQ:IIIN – Get Free Report) last posted its quarterly earnings results on Thursday, July 20th. The industrial products company reported $0.54 EPS for the quarter, missing the consensus estimate of $0.67 by ($0.13). Insteel Industries had a return on equity of 13.00% and a net margin of 7.30%. The company had revenue of $165.71 million for the quarter.
Insider Activity at Insteel Industries
In related news, VP James F. Petelle sold 4,908 shares of the business’s stock in a transaction dated Tuesday, June 6th. The shares were sold at an average price of $31.76, for a total value of $155,878.08. Following the sale, the vice president now directly owns 16,535 shares in the company, valued at approximately $525,151.60. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. 5.40% of the stock is owned by insiders.
Hedge Funds Weigh In On Insteel Industries
Institutional investors have recently bought and sold shares of the company. Legato Capital Management LLC acquired a new position in Insteel Industries in the 4th quarter valued at about $625,000. Isthmus Partners LLC grew its position in shares of Insteel Industries by 1.6% during the fourth quarter. Isthmus Partners LLC now owns 64,990 shares of the industrial products company’s stock worth $1,789,000 after buying an additional 1,005 shares in the last quarter. Barnett & Company Inc. grew its position in shares of Insteel Industries by 33.3% during the first quarter. Barnett & Company Inc. now owns 45,600 shares of the industrial products company’s stock worth $1,269,000 after buying an additional 11,400 shares in the last quarter. B. Riley Wealth Advisors Inc. acquired a new position in shares of Insteel Industries during the fourth quarter worth about $1,928,000. Finally, TD Asset Management Inc grew its position in shares of Insteel Industries by 26.9% during the fourth quarter. TD Asset Management Inc now owns 45,300 shares of the industrial products company’s stock worth $1,247,000 after buying an additional 9,600 shares in the last quarter. 79.09% of the stock is owned by institutional investors and hedge funds.
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 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.