Insteel Industries (NASDAQ:IIIN) Downgraded to Hold at StockNews.com

Insteel Industries (NASDAQ:IIIN) was downgraded by equities research analysts at StockNews.com from a “buy” rating to a “hold” rating in a report released on Saturday.

Insteel Industries Trading Down 2.0 %

Shares of IIIN opened at $27.82 on Friday. Insteel Industries has a twelve month low of $26.74 and a twelve month high of $39.38. The firm has a market capitalization of $541.79 million, a P/E ratio of 22.44, a PEG ratio of 1.21 and a beta of 1.10. The firm’s 50-day moving average is $30.95 and its two-hundred day moving average is $31.74.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the company. American Century Companies Inc. grew its stake in Insteel Industries by 14.6% in the 2nd quarter. American Century Companies Inc. now owns 467,712 shares of the industrial products company’s stock valued at $14,480,000 after acquiring an additional 59,591 shares during the last quarter. First Eagle Investment Management LLC increased its stake in shares of Insteel Industries by 26.8% during the 2nd quarter. First Eagle Investment Management LLC now owns 353,806 shares of the industrial products company’s stock worth $10,954,000 after purchasing an additional 74,791 shares in the last quarter. Oppenheimer & Co. Inc. increased its stake in shares of Insteel Industries by 2.0% during the 2nd quarter. Oppenheimer & Co. Inc. now owns 275,387 shares of the industrial products company’s stock worth $8,526,000 after purchasing an additional 5,313 shares in the last quarter. Robotti Robert raised its position in shares of Insteel Industries by 6.2% during the 1st quarter. Robotti Robert now owns 262,780 shares of the industrial products company’s stock worth $10,043,000 after purchasing an additional 15,415 shares during the last quarter. Finally, Principal Financial Group Inc. lifted its stake in Insteel Industries by 1.2% in the 1st quarter. Principal Financial Group Inc. now owns 108,185 shares of the industrial products company’s stock valued at $4,135,000 after buying an additional 1,276 shares in the last quarter. Hedge funds and other institutional investors own 83.27% 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 prestressed 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.