Zacks: Insteel Industries Inc (IIIN) Given $25.00 Average Target Price by Brokerages

Shares of Insteel Industries Inc (NASDAQ:IIIN) have received an average broker rating score of 1.00 (Strong Buy) from the one brokers that cover the stock, Zacks Investment Research reports. One equities research analyst has rated the stock with a strong buy recommendation.

Analysts have set a 12 month consensus price objective of $25.00 for the company, according to Zacks. Zacks has also given Insteel Industries an industry rank of 7 out of 255 based on the ratings given to related companies.

Several analysts have recently issued reports on the stock. BidaskClub upgraded shares of Insteel Industries from a “sell” rating to a “hold” rating in a research report on Tuesday, April 9th. Sidoti upgraded shares of Insteel Industries from a “neutral” rating to a “buy” rating and set a $25.00 target price on the stock 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.

Shares of NASDAQ IIIN opened at $17.66 on Thursday. Insteel Industries has a 52-week low of $17.60 and a 52-week high of $43.78. The stock has a market capitalization of $339.48 million, a PE ratio of 12.61 and a beta of 1.80. The company has a current ratio of 4.25, a quick ratio of 1.21 and a debt-to-equity ratio of 0.02.

Insteel Industries (NASDAQ:IIIN) last announced its earnings results on Thursday, April 18th. The industrial products company reported $0.05 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.17 by ($0.12). Insteel Industries had a net margin of 5.91% and a return on equity of 11.10%. The company had revenue of $111.95 million during the quarter, compared to analyst estimates of $119.81 million. During the same quarter last year, the business earned $0.31 EPS. The firm’s revenue for the quarter was up 4.2% compared to the same quarter last year.

The business also recently announced a quarterly dividend, which was paid on Friday, March 29th. Stockholders of record on Friday, March 15th were given a $0.03 dividend. The ex-dividend date of this dividend was Thursday, March 14th. This represents a $0.12 annualized dividend and a dividend yield of 0.68%.

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Royce & Associates LP boosted its position in Insteel Industries by 56.2% during the fourth quarter. Royce & Associates LP now owns 1,195,585 shares of the industrial products company’s stock worth $29,029,000 after acquiring an additional 429,995 shares during the last quarter. BlackRock Inc. boosted its position in Insteel Industries by 4.9% during the third quarter. BlackRock Inc. now owns 2,633,712 shares of the industrial products company’s stock worth $94,497,000 after acquiring an additional 123,542 shares during the last quarter. AQR Capital Management LLC boosted its position in Insteel Industries by 561.1% during the third quarter. AQR Capital Management LLC now owns 105,691 shares of the industrial products company’s stock worth $3,792,000 after acquiring an additional 89,703 shares during the last quarter. Morgan Stanley boosted its position in Insteel Industries by 147.2% during the third quarter. Morgan Stanley now owns 142,038 shares of the industrial products company’s stock worth $5,097,000 after acquiring an additional 84,575 shares during the last quarter. Finally, Renaissance Technologies LLC acquired a new position in Insteel Industries during the third quarter worth about $1,993,000. Institutional investors and hedge funds own 78.69% of the company’s stock.

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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