Insteel Industries Inc (IIIN) Given Consensus Rating of “Hold” by Brokerages
Insteel Industries Inc (NASDAQ:IIIN) has earned an average broker rating score of 3.00 (Hold) from the one brokers that provide coverage for the company, Zacks Investment Research reports. One equities research analyst has rated the stock with a hold recommendation. Insteel Industries’ rating score has declined by 50% in the last 90 days as a result of a number of analysts’ upgrades and downgrades.
Brokerages have set a 12-month consensus price target of $34.00 for the company, according to Zacks. Zacks has also given Insteel Industries an industry rank of 1 out of 255 based on the ratings given to its competitors.
A number of equities analysts have recently issued reports on IIIN shares. Sidoti cut shares of Insteel Industries from a “buy” rating to a “neutral” rating in a research note on Monday, July 9th. BidaskClub cut shares of Insteel Industries from a “buy” rating to a “hold” rating in a research note on Wednesday, August 29th.
Insteel Industries (NASDAQ:IIIN) last issued its quarterly earnings results on Thursday, July 19th. The industrial products company reported $0.67 earnings per share for the quarter, beating analysts’ consensus estimates 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 during the quarter, compared to the consensus estimate of $119.02 million. During the same period in the prior year, the firm earned $0.36 EPS. The business’s revenue was up 30.7% on a year-over-year basis.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 28th. Stockholders of record on Friday, September 14th will be paid a $0.03 dividend. This represents a $0.12 dividend on an annualized basis and a dividend yield of 0.33%. The ex-dividend date is Thursday, September 13th.
In related news, Director W Allen Rogers II sold 5,000 shares of the stock in a transaction dated Thursday, August 9th. The shares were sold at an average price of $42.71, for a total transaction of $213,550.00. Following the completion of the sale, the director now owns 78,050 shares in the company, valued at approximately $3,333,515.50. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO H O. Woltz III sold 3,700 shares of the stock in a transaction dated Tuesday, August 14th. The stock was sold at an average price of $42.30, for a total transaction of $156,510.00. Following the sale, the chief executive officer now owns 509,322 shares of the company’s stock, valued at approximately $21,544,320.60. The disclosure for this sale can be found here. In the last 90 days, insiders sold 140,523 shares of company stock valued at $5,760,476. Corporate insiders own 5.70% of the company’s stock.
Several institutional investors have recently made changes to their positions in IIIN. Piedmont Investment Advisors LLC acquired a new stake in shares of Insteel Industries during the 2nd quarter worth about $141,000. SG Americas Securities LLC acquired a new stake in shares of Insteel Industries during the 2nd quarter worth about $141,000. Municipal Employees Retirement System of Michigan increased its position in shares of 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 purchasing an additional 1,440 shares in the last quarter. Barclays PLC increased its position in shares of Insteel Industries by 296.8% during the 1st quarter. Barclays PLC now owns 11,603 shares of the industrial products company’s stock worth $320,000 after purchasing an additional 8,679 shares in the last quarter. Finally, Global X Management Co LLC increased its position in shares of Insteel Industries by 17.2% during the 2nd quarter. Global X Management Co LLC now owns 10,611 shares of the industrial products company’s stock worth $354,000 after purchasing an additional 1,558 shares in the last quarter. Institutional investors and hedge funds own 81.12% 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 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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