Shares of Insteel Industries Inc (NASDAQ:IIIN) have been assigned a consensus broker rating score of 1.00 (Strong Buy) from the one brokers that cover the company, Zacks Investment Research reports. One analyst has rated the stock with a strong buy rating. Insteel Industries’ rating score has improved by 66.7% from three months ago as a result of a number of analysts’ upgrades and downgrades.
Brokerages have set a 1-year consensus price objective of $25.00 for the company, according to Zacks. Zacks has also assigned Insteel Industries an industry rank of 104 out of 255 based on the ratings given to related companies.
Get Insteel Industries alerts:IIIN has been the subject of a number of research analyst reports. BidaskClub raised shares of Insteel Industries from a “strong sell” rating to a “sell” rating in a research report on Tuesday, December 18th. Sidoti raised shares of Insteel Industries from a “neutral” rating to a “buy” rating and set a $25.00 price target for the company in a research report on Thursday, January 24th. Finally, TheStreet lowered shares of Insteel Industries from a “b-” rating to a “c” rating in a research report on Thursday, January 17th.
IIIN traded up $0.04 during trading on Friday, hitting $22.05. The company had a trading volume of 160,416 shares, compared to its average volume of 200,072. The stock has a market capitalization of $423.29 million, a PE ratio of 13.27 and a beta of 1.82. Insteel Industries has a 1-year low of $20.13 and a 1-year high of $43.78.
Insteel Industries (NASDAQ:IIIN) last posted its quarterly earnings results on Thursday, January 17th. The industrial products company reported $0.21 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.14 by $0.07. Insteel Industries had a net margin of 7.02% and a return on equity of 13.50%. The firm had revenue of $104.11 million for the quarter, compared to analysts’ expectations of $106.79 million. During the same period in the prior year, the company posted $0.42 earnings per share. The firm’s quarterly revenue was up 6.5% on a year-over-year basis.
The business also recently declared a quarterly dividend, which will be paid on Friday, March 29th. Stockholders of record on Friday, March 15th will be given a $0.03 dividend. This represents a $0.12 dividend on an annualized basis and a dividend yield of 0.54%. The ex-dividend date is Thursday, March 14th.
In related news, Director Jon M. Ruth purchased 4,000 shares of Insteel Industries stock in a transaction dated Friday, December 7th. The stock was acquired at an average cost of $26.04 per share, with a total value of $104,160.00. Following the completion of the transaction, the director now directly owns 5,349 shares of the company’s stock, valued at $139,287.96. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 5.20% of the stock is owned by corporate insiders.
Hedge funds and other institutional investors have recently bought and sold shares of the company. Bank of Montreal Can boosted its position in shares of Insteel Industries by 284.8% in the fourth quarter. Bank of Montreal Can now owns 1,543 shares of the industrial products company’s stock valued at $37,000 after acquiring an additional 1,142 shares during the period. PNC Financial Services Group Inc. grew its position in shares of Insteel Industries by 74.6% during the 4th quarter. PNC Financial Services Group Inc. now owns 2,520 shares of the industrial products company’s stock worth $62,000 after buying an additional 1,077 shares during the period. SG Americas Securities LLC acquired a new position in shares of Insteel Industries during the 4th quarter worth about $102,000. Ibex Investors LLC acquired a new position in shares of Insteel Industries during the 3rd quarter worth about $201,000. Finally, Value Holdings Management CO. LLC acquired a new position in shares of Insteel Industries during the 4th quarter worth about $146,000. 79.45% of the stock is owned by institutional investors and hedge funds.
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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