Zacks: Insteel Industries, Inc. (IIIN) Given $44.00 Average Price Target by Brokerages
Shares of Insteel Industries, Inc. (NASDAQ:IIIN) have received an average broker rating score of 2.00 (Buy) from the two analysts that cover the stock, Zacks Investment Research reports. One equities research analyst has rated the stock with a hold recommendation and one has assigned a strong buy recommendation to the company. Insteel Industries’ rating score has declined by 100% in the last 90 days as a result of a number of analysts’ ratings changes.
Brokerages have set a one year consensus price target of $44.00 for the company, according to Zacks. Zacks has also assigned Insteel Industries an industry rank of 246 out of 265 based on the ratings given to related companies.
Several research analysts have weighed in on IIIN shares. Longbow Research lowered shares of Insteel Industries from a “buy” rating to a “neutral” rating in a report on Friday, August 25th. BidaskClub lowered shares of Insteel Industries from a “hold” rating to a “sell” rating in a report on Tuesday, July 25th.
Hedge funds and other institutional investors have recently made changes to their positions in the company. Franklin Resources Inc. raised its position in shares of Insteel Industries by 42.9% in the second quarter. Franklin Resources Inc. now owns 705,500 shares of the industrial products company’s stock valued at $23,260,000 after buying an additional 211,900 shares in the last quarter. Royal Bank of Canada raised its position in shares of Insteel Industries by 12.5% in the second quarter. Royal Bank of Canada now owns 1,453,445 shares of the industrial products company’s stock valued at $47,921,000 after buying an additional 161,813 shares in the last quarter. Dimensional Fund Advisors LP increased its position in Insteel Industries by 8.7% in the second quarter. Dimensional Fund Advisors LP now owns 1,297,264 shares of the industrial products company’s stock worth $42,771,000 after buying an additional 104,298 shares during the last quarter. Kennedy Capital Management Inc. acquired a new position in Insteel Industries during the second quarter worth about $2,411,000. Finally, Royce & Associates LP increased its position in Insteel Industries by 3.4% in the second quarter. Royce & Associates LP now owns 1,748,930 shares of the industrial products company’s stock worth $57,662,000 after buying an additional 57,600 shares during the last quarter. 81.30% of the stock is owned by institutional investors.
Insteel Industries (NASDAQ IIIN) traded up 1.25% during midday trading on Friday, hitting $25.13. 47,773 shares of the stock traded hands. Insteel Industries has a one year low of $22.50 and a one year high of $42.81. The company’s 50-day moving average is $27.83 and its 200-day moving average is $32.64. The company has a market cap of $478.10 million, a PE ratio of 16.87 and a beta of 2.11.
Insteel Industries (NASDAQ:IIIN) last announced its quarterly earnings data on Thursday, July 20th. The industrial products company reported $0.36 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.56 by $0.20. The company had revenue of $96.90 million for the quarter, compared to analyst estimates of $122.39 million. Insteel Industries had a return on equity of 13.30% and a net margin of 7.24%. Insteel Industries’s revenue was down 16.2% on a year-over-year basis. During the same period in the prior year, the business earned $0.71 earnings per share. Equities research analysts expect that Insteel Industries will post $1.38 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 29th. Shareholders of record on Friday, September 15th will be issued a dividend of $0.03 per share. This represents a $0.12 annualized dividend and a yield of 0.48%. The ex-dividend date is Thursday, September 14th. Insteel Industries’s dividend payout ratio is currently 8.05%.
Insteel Industries Company Profile
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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