Insteel Industries (NASDAQ:IIIN) Lifted to Buy at BidaskClub

BidaskClub upgraded shares of Insteel Industries (NASDAQ:IIIN) from a hold rating to a buy rating in a research report sent to investors on Saturday morning, BidAskClub reports.

NASDAQ:IIIN opened at $22.33 on Friday. Insteel Industries has a 52 week low of $17.50 and a 52 week high of $37.80. The firm has a market capitalization of $426.81 million, a PE ratio of 26.39 and a beta of 1.70. The stock has a 50 day moving average of $19.13 and a 200-day moving average of $19.97.

Insteel Industries (NASDAQ:IIIN) last issued its quarterly earnings data on Thursday, July 18th. The industrial products company reported $0.11 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates 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 during the quarter, compared to the consensus estimate of $128.38 million. During the same period last year, the company earned $0.67 earnings per share. The business’s quarterly revenue was down .3% compared to the same quarter last year.

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 27th. Investors of record on Friday, September 13th will be issued a $0.03 dividend. This represents a $0.12 dividend on an annualized basis and a yield of 0.54%. The ex-dividend date is Thursday, September 12th.

Hedge funds have recently modified their holdings of the stock. Parallel Advisors LLC bought a new position in Insteel Industries in the 2nd quarter worth approximately $26,000. Bank of Montreal Can grew its holdings 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 worth $55,000 after buying an additional 702 shares in the last quarter. Advisory Services Network LLC bought a new position in Insteel Industries in the 2nd quarter worth approximately $72,000. BNP Paribas Arbitrage SA grew its holdings 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 worth $80,000 after buying an additional 3,724 shares in the last quarter. Finally, SG Americas Securities LLC grew its holdings 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 worth $117,000 after buying an additional 1,384 shares in the last quarter. 80.83% 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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