Insteel Industries (NASDAQ:IIIN) was downgraded by stock analysts at BidaskClub from a “strong-buy” rating to a “buy” rating in a note issued to investors on Saturday.

Separately, Sidoti lowered shares of Insteel Industries from a “buy” rating to a “neutral” rating in a report on Monday, July 9th.

Shares of IIIN stock opened at $40.58 on Friday. Insteel Industries has a one year low of $23.20 and a one year high of $43.78. The company has a market capitalization of $805.02 million, a PE ratio of 30.57 and a beta of 2.22.

Insteel Industries (NASDAQ:IIIN) last issued its quarterly earnings data on Thursday, July 19th. The industrial products company reported $0.67 EPS for the quarter, topping the consensus estimate of $0.52 by $0.15. Insteel Industries had a net margin of 7.15% and a return on equity of 11.96%. The firm had revenue of $126.69 million for the quarter, compared to analyst estimates of $119.02 million. During the same period in the prior year, the business posted $0.36 EPS. The business’s revenue for the quarter was up 30.7% compared to the same quarter last year.

In other news, CEO H O. Woltz III sold 3,700 shares of the company’s stock in a transaction that occurred on Tuesday, August 14th. The shares were sold at an average price of $42.30, for a total value of $156,510.00. Following the transaction, the chief executive officer now directly owns 509,322 shares in the company, valued at approximately $21,544,320.60. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Scot R. Jafroodi sold 5,591 shares of the company’s stock in a transaction that occurred on Thursday, May 24th. The stock was sold at an average price of $31.75, for a total transaction of $177,514.25. Following the completion of the transaction, the insider now owns 24,666 shares in the company, valued at $783,145.50. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 104,191 shares of company stock worth $4,255,005. Company insiders own 5.70% of the company’s stock.

Several hedge funds have recently modified their holdings of the company. Piedmont Investment Advisors LLC purchased a new stake in Insteel Industries during the 2nd quarter worth approximately $141,000. SG Americas Securities LLC purchased a new stake in Insteel Industries during the 2nd quarter worth approximately $141,000. Global X Management Co. LLC increased its stake in Insteel Industries by 331.1% during the 1st quarter. Global X Management Co. LLC now owns 9,053 shares of the industrial products company’s stock worth $250,000 after buying an additional 6,953 shares during the period. MetLife Investment Advisors LLC purchased a new stake in Insteel Industries during the 4th quarter worth approximately $255,000. Finally, Municipal Employees Retirement System of Michigan increased its stake in Insteel Industries by 21.2% during the 2nd quarter. Municipal Employees Retirement System of Michigan now owns 8,240 shares of the industrial products company’s stock worth $276,000 after buying an additional 1,440 shares during the period. Hedge funds and other institutional investors own 83.01% of the company’s stock.

Insteel Industries Company Profile

Insteel Industries, Inc, together with its subsidiaries, manufactures and markets steel wire reinforcing products for concrete construction applications. The company markets prestressed concrete strand (PC strand) and welded wire reinforcement (WWR). 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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