Zacks: Insteel Industries Inc (NASDAQ:IIIN) Given Consensus Rating of “Strong Buy” by Brokerages

Insteel Industries Inc (NASDAQ:IIIN) has received an average broker rating score of 1.00 (Strong Buy) from the one brokers that provide coverage for the company, Zacks Investment Research reports. One investment analyst has rated the stock with a strong buy rating.

Brokers have set a twelve-month consensus price objective of $25.00 for the company, according to Zacks. Zacks has also assigned Insteel Industries an industry rank of 43 out of 255 based on the ratings given to related companies.

Separately, BidaskClub downgraded shares of Insteel Industries from a “buy” rating to a “hold” rating in a research report on Saturday, September 21st.

NASDAQ:IIIN traded down $1.52 during mid-day trading on Thursday, hitting $18.48. 209,758 shares of the company’s stock were exchanged, compared to its average volume of 123,591. The company has a 50 day simple moving average of $20.04 and a 200-day simple moving average of $19.89. Insteel Industries has a fifty-two week low of $17.49 and a fifty-two week high of $32.22. The firm has a market capitalization of $382.14 million, a P/E ratio of 23.63 and a beta of 1.68.

Insteel Industries (NASDAQ:IIIN) last posted its earnings results on Thursday, July 18th. The industrial products company reported $0.11 EPS for the quarter, missing the consensus estimate of $0.30 by ($0.19). Insteel Industries had a return on equity of 6.55% and a net margin of 3.62%. The business had revenue of $126.30 million for the quarter, compared to analyst estimates of $128.38 million. During the same quarter in the prior year, the business earned $0.67 earnings per share. The firm’s quarterly revenue was down .3% on a year-over-year basis.

The firm also recently announced a quarterly dividend, which was paid on Friday, September 27th. Investors of record on Friday, September 13th were given a dividend of $0.03 per share. The ex-dividend date of this dividend was Thursday, September 12th. This represents a $0.12 annualized dividend and a yield of 0.65%.

A number of large investors have recently bought and sold shares of IIIN. Parallel Advisors LLC acquired a new stake in Insteel Industries during the 2nd quarter worth approximately $26,000. Bank of Montreal Can lifted its position in shares of 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 worth $55,000 after purchasing an additional 702 shares during the period. Advisory Services Network LLC acquired a new position in shares of Insteel Industries in the 2nd quarter worth approximately $72,000. Aperio Group LLC acquired a new position in shares of Insteel Industries in the 2nd quarter worth approximately $170,000. Finally, State of Alaska Department of Revenue lifted its position in shares of Insteel Industries by 125.8% in the 3rd quarter. State of Alaska Department of Revenue now owns 14,054 shares of the industrial products company’s stock worth $288,000 after purchasing an additional 7,829 shares during the period. Institutional investors and hedge funds own 80.90% of the company’s stock.

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.

Further Reading: What are convertible shares? 

Get a free copy of the Zacks research report on Insteel Industries (IIIN)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

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.