Insteel Industries (IIIN) Lowered to Hold at BidaskClub

BidaskClub downgraded shares of Insteel Industries (NASDAQ:IIIN) from a buy rating to a hold rating in a research note released on Tuesday, BidAskClub reports.

IIIN has been the subject of a number of other reports. TheStreet downgraded Insteel Industries from a b- rating to a c rating in a report on Thursday, January 17th. Sidoti upgraded Insteel Industries from a neutral rating to a buy rating and set a $25.00 price objective for the company in a report on Thursday, January 24th.

Shares of IIIN opened at $20.02 on Tuesday. The company has a debt-to-equity ratio of 0.02, a current ratio of 4.25 and a quick ratio of 1.39. The firm has a market capitalization of $395.81 million, a price-to-earnings ratio of 14.69 and a beta of 1.76. Insteel Industries has a fifty-two week low of $17.50 and a fifty-two week high of $43.78.

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

The company also recently disclosed a quarterly dividend, which will be paid on Friday, June 28th. Stockholders of record on Friday, June 14th will be issued a dividend of $0.03 per share. The ex-dividend date is Thursday, June 13th. This represents a $0.12 dividend on an annualized basis and a dividend yield of 0.60%.

Several hedge funds have recently added to or reduced their stakes in IIIN. Royce & Associates LP increased its holdings in shares of Insteel Industries by 43.7% during the 1st quarter. Royce & Associates LP now owns 1,718,543 shares of the industrial products company’s stock worth $35,952,000 after buying an additional 522,958 shares during the last quarter. Assenagon Asset Management S.A. acquired a new stake in shares of Insteel Industries during the 1st quarter worth $2,619,000. Wellington Management Group LLP increased its holdings in shares of Insteel Industries by 20.4% during the 1st quarter. Wellington Management Group LLP now owns 584,459 shares of the industrial products company’s stock worth $12,227,000 after buying an additional 98,900 shares during the last quarter. Morgan Stanley increased its holdings in shares of Insteel Industries by 147.2% during the 3rd quarter. Morgan Stanley now owns 142,038 shares of the industrial products company’s stock worth $5,097,000 after buying an additional 84,575 shares during the last quarter. Finally, BlackRock Inc. increased its holdings in shares of Insteel Industries by 2.2% during the 4th quarter. BlackRock Inc. now owns 2,692,847 shares of the industrial products company’s stock worth $65,381,000 after buying an additional 59,135 shares during the last quarter. Institutional investors and hedge funds own 79.40% 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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