Insteel Industries (IIIN) Downgraded by Sidoti to Neutral
Insteel Industries (NASDAQ:IIIN) was downgraded by stock analysts at Sidoti from a “buy” rating to a “neutral” rating in a research note issued to investors on Thursday, The Fly reports.
Separately, TheStreet downgraded Insteel Industries from a “b-” rating to a “c+” rating in a report on Thursday, October 19th.
Insteel Industries (NASDAQ:IIIN) traded up $0.57 during midday trading on Thursday, reaching $29.83. The company had a trading volume of 218,400 shares, compared to its average volume of 112,982. Insteel Industries has a 1 year low of $23.20 and a 1 year high of $39.20. The stock has a market capitalization of $557.14, a P/E ratio of 25.28 and a beta of 2.11.
In other news, VP James F. Petelle sold 1,000 shares of the firm’s stock in a transaction dated Tuesday, October 24th. The stock was sold at an average price of $27.11, for a total value of $27,110.00. Following the transaction, the vice president now directly owns 14,788 shares in the company, valued at approximately $400,902.68. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Company insiders own 5.70% of the company’s stock.
Institutional investors have recently added to or reduced their stakes in the company. Advisory Services Network LLC raised its holdings in shares of Insteel Industries by 3.2% in the 2nd quarter. Advisory Services Network LLC now owns 5,895 shares of the industrial products company’s stock worth $194,000 after purchasing an additional 181 shares during the period. UBS Asset Management Americas Inc. purchased a new position in shares of Insteel Industries in the 2nd quarter worth about $254,000. Oppenheimer & Close LLC purchased a new position in shares of Insteel Industries in the 3rd quarter worth about $203,000. Louisiana State Employees Retirement System purchased a new position in shares of Insteel Industries in the 4th quarter worth about $221,000. Finally, Stifel Financial Corp purchased a new position in shares of Insteel Industries in the 3rd quarter worth about $204,000. Institutional investors own 81.03% of the company’s stock.
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About Insteel Industries
Insteel Industries, Inc is a manufacturer of steel wire reinforcing products for concrete construction applications. The Company’s operations are focused on the manufacture and marketing of steel wire reinforcing products for concrete construction applications. Its concrete reinforcing products consist of two product lines: prestressed concrete strand (PC strand) and welded wire reinforcement (WWR).
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