Insteel Industries (NYSE:IIIN) Stock Rating Lowered by Zacks Research

Insteel Industries (NYSE:IIIN) was downgraded by stock analysts at Zacks Research from a “hold” rating to a “strong sell” rating in a note issued to investors on Monday,Zacks.com reports.

Separately, Wall Street Zen lowered shares of Insteel Industries from a “hold” rating to a “sell” rating in a research report on Saturday. One research analyst has rated the stock with a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, Insteel Industries presently has a consensus rating of “Reduce”.

Insteel Industries Price Performance

IIIN opened at $24.71 on Monday. The firm has a market cap of $480.11 million, a P/E ratio of 11.33, a PEG ratio of 1.58 and a beta of 0.83. Insteel Industries has a 1-year low of $24.35 and a 1-year high of $41.64. The company has a 50 day simple moving average of $34.19 and a two-hundred day simple moving average of $33.27.

Insteel Industries (NYSE:IIIN) last posted its quarterly earnings results on Thursday, April 16th. The company reported $0.27 earnings per share for the quarter, missing analysts’ consensus estimates of $0.80 by ($0.53). The firm had revenue of $172.65 million during the quarter. Insteel Industries had a return on equity of 11.72% and a net margin of 6.16%.Insteel Industries’s revenue for the quarter was up 7.5% on a year-over-year basis. During the same period in the prior year, the firm posted $0.52 EPS. Equities analysts anticipate that Insteel Industries will post 3.04 earnings per share for the current year.

Insider Buying and Selling at Insteel Industries

In related news, COO Richard Wagner sold 1,679 shares of the company’s stock in a transaction on Thursday, February 26th. The shares were sold at an average price of $37.67, for a total transaction of $63,247.93. Following the completion of the transaction, the chief operating officer owned 40,000 shares in the company, valued at approximately $1,506,800. This represents a 4.03% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 6.20% of the company’s stock.

Hedge Funds Weigh In On Insteel Industries

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Louisiana State Employees Retirement System bought a new position in shares of Insteel Industries during the first quarter worth $289,000. Delphi Management Inc. MA bought a new position in shares of Insteel Industries during the first quarter worth $422,000. Hsbc Holdings PLC bought a new position in shares of Insteel Industries during the fourth quarter worth $207,000. Corient Private Wealth LLC boosted its position in shares of Insteel Industries by 5.1% during the fourth quarter. Corient Private Wealth LLC now owns 33,976 shares of the company’s stock worth $1,076,000 after acquiring an additional 1,656 shares during the last quarter. Finally, Invesco Ltd. boosted its position in shares of Insteel Industries by 159.8% during the fourth quarter. Invesco Ltd. now owns 201,872 shares of the company’s stock worth $6,393,000 after acquiring an additional 124,162 shares during the last quarter. Institutional investors own 83.27% of the company’s stock.

About Insteel Industries

Insteel Industries, Inc is a leading manufacturer of steel wire reinforcing products used in concrete construction. The company specializes in the design, fabrication and distribution of welded-wire reinforcement, cut-and-bent reinforcement and related accessories for concrete walls, floors and columns. Its products are employed across residential, commercial and infrastructure projects, providing structural strength and dimensional stability in poured concrete applications.

Key product lines include truss mats—prefabricated, ladder-like assemblies of welded wire designed for rapid placement—and custom cut-and-bent wire assemblies that meet specific engineering requirements.