Insteel Industries (NASDAQ:IIIN) was downgraded by analysts at Sidoti from a “buy” rating to a “neutral” rating in a research report issued on Wednesday, MarketBeat.com reports. They currently have a $28.00 target price on the industrial products company’s stock. Sidoti’s target price indicates a potential upside of 16.47% from the stock’s previous close.

Separately, BidaskClub lowered shares of Insteel Industries from a “buy” rating to a “hold” rating in a research note on Tuesday, January 14th.

NASDAQ IIIN traded down $1.24 on Wednesday, reaching $24.04. 3,054 shares of the stock traded hands, compared to its average volume of 126,173. Insteel Industries has a 12 month low of $17.49 and a 12 month high of $26.61. The company has a market cap of $483.93 million, a price-to-earnings ratio of 239.02 and a beta of 1.71. The company has a fifty day moving average price of $22.60 and a 200-day moving average price of $20.74.

Insteel Industries (NASDAQ:IIIN) last posted its quarterly earnings results on Thursday, January 16th. The industrial products company reported $0.03 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.14) by $0.17. The business had revenue of $97.57 million for the quarter. Insteel Industries had a return on equity of 0.82% and a net margin of 0.45%.

In other news, VP James F. Petelle sold 1,928 shares of the company’s stock in a transaction that occurred on Tuesday, January 21st. The shares were sold at an average price of $25.87, for a total value of $49,877.36. Following the completion of the sale, the vice president now owns 14,898 shares of the company’s stock, valued at approximately $385,411.26. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 5.10% of the stock is currently owned by corporate insiders.

Several large investors have recently made changes to their positions in the company. Public Employees Retirement System of Ohio lifted its stake in shares of Insteel Industries by 49.1% during the 3rd quarter. Public Employees Retirement System of Ohio now owns 1,492 shares of the industrial products company’s stock worth $31,000 after purchasing an additional 491 shares during the last quarter. Tower Research Capital LLC TRC boosted its stake in Insteel Industries by 238.1% in the third quarter. Tower Research Capital LLC TRC now owns 1,633 shares of the industrial products company’s stock valued at $33,000 after acquiring an additional 1,150 shares in the last quarter. Bank of Montreal Can boosted its stake in Insteel Industries by 35.6% in the second quarter. Bank of Montreal Can now owns 2,675 shares of the industrial products company’s stock valued at $55,000 after acquiring an additional 702 shares in the last quarter. State of Tennessee Treasury Department grew its holdings in Insteel Industries by 8.5% in the third quarter. State of Tennessee Treasury Department now owns 7,865 shares of the industrial products company’s stock worth $161,000 after purchasing an additional 618 shares during the last quarter. Finally, State of Alaska Department of Revenue grew its holdings in Insteel Industries by 125.8% in the third quarter. State of Alaska Department of Revenue now owns 14,054 shares of the industrial products company’s stock worth $288,000 after purchasing an additional 7,829 shares during the last quarter. Institutional investors and hedge funds own 81.03% 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 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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