Insteel Industries (NYSE:IIIN – Get Free Report) was downgraded by stock analysts at Zacks Research from a “strong-buy” rating to a “hold” rating in a research note issued on Tuesday, Zacks reports.
A number of other equities research analysts have also recently weighed in on the company. Wall Street Zen raised Insteel Industries from a “sell” rating to a “hold” rating in a report on Saturday, July 18th. Weiss Ratings upgraded Insteel Industries from a “hold (c-)” rating to a “hold (c)” rating in a research note on Monday, August 3rd. Two analysts have rated the stock with a Hold rating, According to MarketBeat.com, Insteel Industries presently has an average rating of “Hold”.
Get Our Latest Stock Report on Insteel Industries
Insteel Industries Trading Up 1.0%
Insteel Industries (NYSE:IIIN – Get Free Report) last posted its earnings results on Thursday, July 16th. The company reported $0.46 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.45 by $0.01. The company had revenue of $197.66 million during the quarter. Insteel Industries had a net margin of 5.14% and a return on equity of 9.92%. During the same quarter last year, the firm posted $0.78 EPS. As a group, equities research analysts predict that Insteel Industries will post 1.59 EPS for the current year.
Insider Activity at Insteel Industries
In other news, COO Richard Wagner sold 1,640 shares of Insteel Industries stock in a transaction on Thursday, August 27th. The stock was sold at an average price of $30.31, for a total value of $49,708.40. Following the completion of the sale, the chief operating officer directly owned 40,000 shares of the company’s stock, valued at approximately $1,212,400. This trade represents a 3.94% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 6.20% of the company’s stock.
Institutional Trading of Insteel Industries
Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Squarepoint Ops LLC raised its holdings in Insteel Industries by 143.4% during the 2nd quarter. Squarepoint Ops LLC now owns 56,224 shares of the company’s stock worth $1,698,000 after purchasing an additional 33,123 shares during the last quarter. Susquehanna Fundamental Investments LLC boosted its stake in shares of Insteel Industries by 111.4% in the 2nd quarter. Susquehanna Fundamental Investments LLC now owns 39,575 shares of the company’s stock valued at $1,195,000 after purchasing an additional 20,858 shares during the last quarter. Hsbc Holdings PLC grew its position in shares of Insteel Industries by 49.1% during the 2nd quarter. Hsbc Holdings PLC now owns 22,935 shares of the company’s stock worth $681,000 after buying an additional 7,557 shares during the period. Public Employees Retirement System of Ohio bought a new stake in shares of Insteel Industries during the second quarter worth approximately $526,000. Finally, Corient Private Wealth LP acquired a new position in Insteel Industries in the second quarter valued at approximately $440,000. 83.27% of the stock is currently owned by institutional investors and hedge funds.
Insteel Industries Company Profile
Insteel Industries, Inc (NYSE: IIIN) manufactures steel products used primarily in the nonresidential and infrastructure construction markets. The company’s principal products are prestressed concrete steel strand, commonly used in prestressed and precast concrete, and welded wire reinforcement, which helps reinforce concrete structures.
Insteel sells its products primarily to manufacturers of prestressed and precast concrete products, concrete pipe, utility structures, and other construction-related products.
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