Insteel Industries (NASDAQ:IIIN) Downgraded by BidaskClub

BidaskClub cut shares of Insteel Industries (NASDAQ:IIIN) from a buy rating to a hold rating in a research note released on Saturday, BidAskClub reports.

Shares of Insteel Industries stock opened at $20.65 on Friday. The stock’s fifty day moving average is $19.34 and its two-hundred day moving average is $19.93. The company has a market capitalization of $404.09 million, a PE ratio of 24.99 and a beta of 1.70. Insteel Industries has a 52 week low of $17.50 and a 52 week high of $36.04.

Insteel Industries (NASDAQ:IIIN) last announced its quarterly earnings data on Thursday, July 18th. The industrial products company reported $0.11 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.30 by ($0.19). The business had revenue of $126.30 million during the quarter, compared to the consensus estimate of $128.38 million. Insteel Industries had a net margin of 3.62% and a return on equity of 6.55%. The business’s revenue was down .3% compared to the same quarter last year. During the same period last year, the company earned $0.67 EPS.



The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 27th. Shareholders of record on Friday, September 13th will be given a $0.03 dividend. This represents a $0.12 annualized dividend and a yield of 0.58%. The ex-dividend date is Thursday, September 12th.

A number of institutional investors have recently made changes to their positions in IIIN. Parallel Advisors LLC bought a new position in Insteel Industries in the 2nd quarter valued at $26,000. Bank of Montreal Can grew its position in Insteel Industries by 35.6% in the 2nd quarter. Bank of Montreal Can now owns 2,675 shares of the industrial products company’s stock valued at $55,000 after acquiring an additional 702 shares during the last quarter. Advisory Services Network LLC bought a new position in Insteel Industries in the 2nd quarter valued at $72,000. BNP Paribas Arbitrage SA grew its position in Insteel Industries by 4,655.0% in the 1st quarter. BNP Paribas Arbitrage SA now owns 3,804 shares of the industrial products company’s stock valued at $80,000 after acquiring an additional 3,724 shares during the last quarter. Finally, SG Americas Securities LLC grew its position in Insteel Industries by 32.8% in the 1st quarter. SG Americas Securities LLC now owns 5,601 shares of the industrial products company’s stock valued at $117,000 after acquiring an additional 1,384 shares during the last quarter. 80.83% of the stock is currently owned by institutional investors.

About Insteel Industries

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.

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