Insteel Industries (NASDAQ:IIIN) Shares Cross Above 200 Day Moving Average of $0.00

Insteel Industries Inc (NASDAQ:IIIN) passed above its two hundred day moving average during trading on Thursday . The stock has a two hundred day moving average of $0.00 and traded as high as $19.79. Insteel Industries shares last traded at $19.55, with a volume of 2,003 shares traded.

Separately, BidaskClub upgraded shares of Insteel Industries from a “hold” rating to a “buy” rating in a report on Tuesday, July 2nd.

The company has a market cap of $376.95 million, a price-to-earnings ratio of 23.31 and a beta of 1.81. The business has a fifty day simple moving average of $20.07.

Insteel Industries (NASDAQ:IIIN) last issued its quarterly earnings data on Thursday, July 18th. The industrial products company reported $0.11 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.30 by ($0.19). Insteel Industries had a return on equity of 6.55% and a net margin of 3.62%. The company had revenue of $126.30 million during the quarter, compared to the consensus estimate of $128.38 million. During the same quarter last year, the company posted $0.67 earnings per share. The firm’s revenue for the quarter was down .3% compared to the same quarter last year.

Hedge funds and other institutional investors have recently modified their holdings of the business. Advisory Services Network LLC purchased a new stake in Insteel Industries in the second quarter valued at approximately $72,000. Balter Liquid Alternatives LLC boosted its position in Insteel Industries by 28.8% in the second quarter. Balter Liquid Alternatives LLC now owns 51,338 shares of the industrial products company’s stock valued at $1,069,000 after buying an additional 11,479 shares during the last quarter. Aperio Group LLC purchased a new stake in Insteel Industries in the second quarter valued at approximately $170,000. Virginia Retirement Systems ET AL boosted its position in Insteel Industries by 13.0% in the second quarter. Virginia Retirement Systems ET AL now owns 20,900 shares of the industrial products company’s stock valued at $435,000 after buying an additional 2,400 shares during the last quarter. Finally, Bridge City Capital LLC boosted its position in Insteel Industries by 74.2% in the second quarter. Bridge City Capital LLC now owns 63,605 shares of the industrial products company’s stock valued at $1,324,000 after buying an additional 27,095 shares during the last quarter. Institutional investors and hedge funds own 78.91% of the company’s stock.

About Insteel Industries (NASDAQ:IIIN)

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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