Insteel Industries (NASDAQ:IIIN) Lifted to “Buy” at Sidoti

Sidoti upgraded shares of Insteel Industries (NASDAQ:IIIN) from a neutral rating to a buy rating in a report issued on Thursday, January 24th, MarketBeat reports. Sidoti currently has $25.00 target price on the industrial products company’s stock.

IIIN has been the topic of several other reports. BidaskClub raised shares of Insteel Industries from a strong sell rating to a sell rating in a research note on Tuesday, December 18th. TheStreet downgraded shares of Insteel Industries from a b- rating to a c rating in a research note on Thursday, January 17th.

Shares of Insteel Industries stock opened at $20.89 on Thursday. Insteel Industries has a 52-week low of $20.13 and a 52-week high of $43.78. The company has a market capitalization of $401.57 million, a PE ratio of 12.58 and a beta of 1.82.

Insteel Industries (NASDAQ:IIIN) last issued its earnings results on Thursday, January 17th. The industrial products company reported $0.21 EPS for the quarter, topping 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 company had revenue of $104.11 million for the quarter, compared to the consensus estimate of $106.79 million. During the same period in the previous year, the firm earned $0.42 earnings per share. The firm’s revenue for the quarter was up 6.5% on a year-over-year basis.

In related news, Director Jon M. Ruth acquired 4,000 shares of Insteel Industries stock in a transaction on Friday, December 7th. The shares were acquired at an average cost of $26.04 per share, with a total value of $104,160.00. Following the transaction, the director now owns 5,349 shares in the company, valued at $139,287.96. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. 5.20% of the stock is currently owned by insiders.

A number of institutional investors have recently modified their holdings of the business. BlackRock Inc. increased its position in Insteel Industries by 2.2% during the 4th quarter. BlackRock Inc. now owns 2,692,847 shares of the industrial products company’s stock valued at $65,381,000 after purchasing an additional 59,135 shares during the period. Value Holdings Management CO. LLC purchased a new position in Insteel Industries during the 4th quarter valued at $146,000. PNC Financial Services Group Inc. increased its position in 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 valued at $62,000 after purchasing an additional 1,077 shares during the period. Prudential Financial Inc. increased its position in Insteel Industries by 2.5% during the 4th quarter. Prudential Financial Inc. now owns 33,752 shares of the industrial products company’s stock valued at $819,000 after purchasing an additional 830 shares during the period. Finally, Oregon Public Employees Retirement Fund purchased a new position in Insteel Industries during the 4th quarter valued at $169,000. 78.90% of the stock is currently 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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