BidaskClub upgraded shares of Insteel Industries (NASDAQ:IIIN) from a strong sell rating to a sell rating in a report issued on Wednesday.

Several other equities research analysts have also recently issued reports on IIIN. TheStreet cut shares of Insteel Industries from a b- rating to a c rating in a research note on Thursday, January 17th. Sidoti raised shares of Insteel Industries from a neutral rating to a buy rating and set a $25.00 price target on the stock in a research note on Thursday, January 24th.

Insteel Industries stock opened at $20.11 on Wednesday. Insteel Industries has a 12-month low of $19.30 and a 12-month high of $43.78. The stock has a market cap of $381.00 million, a price-to-earnings ratio of 11.94 and a beta of 1.81.

Insteel Industries (NASDAQ:IIIN) last released its quarterly earnings results on Thursday, January 17th. The industrial products company reported $0.21 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.14 by $0.07. Insteel Industries had a net margin of 7.02% and a return on equity of 13.50%. The company had revenue of $104.11 million for the quarter, compared to analysts’ expectations of $106.79 million. During the same period last year, the company earned $0.42 EPS. The firm’s revenue for the quarter was up 6.5% compared to the same quarter last year.

The company also recently declared a quarterly dividend, which will be paid on Friday, March 29th. Shareholders of record on Friday, March 15th will be paid a dividend of $0.03 per share. The ex-dividend date of this dividend is Thursday, March 14th. This represents a $0.12 annualized dividend and a dividend yield of 0.60%.

Several institutional investors have recently added to or reduced their stakes in the business. Royce & Associates LP boosted its position in shares of Insteel Industries by 56.2% in 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. raised its holdings in Insteel Industries by 4.9% in the third quarter. BlackRock Inc. now owns 2,633,712 shares of the industrial products company’s stock valued at $94,497,000 after buying an additional 123,542 shares during the period. AQR Capital Management LLC raised its holdings in Insteel Industries by 561.1% in the third quarter. AQR Capital Management LLC now owns 105,691 shares of the industrial products company’s stock valued at $3,792,000 after buying an additional 89,703 shares during the period. Morgan Stanley raised its holdings in Insteel Industries by 147.2% in the third quarter. Morgan Stanley now owns 142,038 shares of the industrial products company’s stock valued at $5,097,000 after buying an additional 84,575 shares during the period. Finally, Citadel Advisors LLC raised its holdings in Insteel Industries by 63.4% in the third quarter. Citadel Advisors LLC now owns 154,877 shares of the industrial products company’s stock valued at $5,557,000 after buying an additional 60,071 shares during the period. 78.69% of the stock is currently owned by institutional investors.

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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