Insteel Industries (NASDAQ:IIIN) Downgraded by Sidoti to “Neutral”

Insteel Industries (NASDAQ:IIIN) was downgraded by equities research analysts at Sidoti from a “buy” rating to a “neutral” rating in a report released on Wednesday, The Fly reports. They presently have a $28.00 price objective on the industrial products company’s stock. Sidoti’s price target points to a potential upside of 9.25% from the stock’s current price.

Separately, BidaskClub downgraded shares of Insteel Industries from a “buy” rating to a “hold” rating in a research note on Tuesday, January 14th.

Insteel Industries stock opened at $25.63 on Wednesday. The company has a market capitalization of $500.97 million, a PE ratio of 256.33 and a beta of 1.71. Insteel Industries has a fifty-two week low of $17.49 and a fifty-two week high of $26.61. The company has a 50 day moving average price of $22.49 and a 200-day moving average price of $20.71.

Insteel Industries (NASDAQ:IIIN) last issued its quarterly earnings data on Thursday, January 16th. The industrial products company reported $0.03 EPS for the quarter, topping analysts’ consensus estimates of ($0.14) by $0.17. The company had revenue of $97.57 million during the quarter. Insteel Industries had a net margin of 0.45% and a return on equity of 0.82%.

In related news, VP James F. Petelle sold 1,928 shares of the business’s stock in a transaction that occurred on Tuesday, January 21st. The shares were sold at an average price of $25.87, for a total value of $49,877.36. Following the completion of the transaction, the vice president now owns 14,898 shares of the company’s stock, valued at $385,411.26. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Insiders own 5.10% of the company’s stock.

A number of large investors have recently modified their holdings of the stock. Assenagon Asset Management S.A. bought a new position in Insteel Industries in the fourth quarter worth approximately $2,583,000. Public Employees Retirement System of Ohio increased its position in shares of Insteel Industries by 49.1% during the third quarter. Public Employees Retirement System of Ohio now owns 1,492 shares of the industrial products company’s stock worth $31,000 after purchasing an additional 491 shares in the last quarter. Quantum Capital Management increased its position in shares of Insteel Industries by 3.1% during the third quarter. Quantum Capital Management now owns 77,458 shares of the industrial products company’s stock worth $1,590,000 after purchasing an additional 2,340 shares in the last quarter. State Street Corp increased its position in shares of Insteel Industries by 0.4% during the third quarter. State Street Corp now owns 633,506 shares of the industrial products company’s stock worth $13,006,000 after purchasing an additional 2,598 shares in the last quarter. Finally, Tower Research Capital LLC TRC increased its position in shares of Insteel Industries by 238.1% during the third quarter. Tower Research Capital LLC TRC now owns 1,633 shares of the industrial products company’s stock worth $33,000 after purchasing an additional 1,150 shares in the last quarter. 81.03% of the stock is owned by institutional investors.

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 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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