Insteel Industries (NASDAQ:IIIN) Stock Rating Upgraded by StockNews.com

Insteel Industries (NASDAQ:IIIN) was upgraded by analysts at StockNews.com from a “hold” rating to a “buy” rating in a report issued on Friday.

Insteel Industries Price Performance

IIIN stock opened at $27.35 on Friday. The stock has a market capitalization of $532.64 million, a PE ratio of 22.06, a price-to-earnings-growth ratio of 1.21 and a beta of 1.10. The company’s 50-day moving average is $31.36 and its 200-day moving average is $32.02. Insteel Industries has a 1 year low of $26.86 and a 1 year high of $39.38.

Insteel Industries (NASDAQ:IIIN) last released its quarterly earnings data on Thursday, July 18th. The industrial products company reported $0.34 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.43 by ($0.09). The company had revenue of $145.80 million for the quarter, compared to the consensus estimate of $153.04 million. Insteel Industries had a return on equity of 5.78% and a net margin of 3.67%. Insteel Industries’s revenue for the quarter was down 12.0% compared to the same quarter last year. During the same period last year, the company earned $0.54 EPS. On average, analysts anticipate that Insteel Industries will post 0.99 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Insteel Industries

A number of institutional investors and hedge funds have recently made changes to their positions in IIIN. First Eagle Investment Management LLC raised its holdings in shares of Insteel Industries by 26.8% in 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 acquiring an additional 74,791 shares during the last quarter. American Century Companies Inc. raised its holdings in shares of 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 worth $14,480,000 after acquiring an additional 59,591 shares during the last quarter. SG Americas Securities LLC acquired a new stake in shares of Insteel Industries in the 1st quarter worth about $1,717,000. Oppenheimer & Co. Inc. raised its holdings in shares of Insteel Industries by 11.4% in the 1st quarter. Oppenheimer & Co. Inc. now owns 270,074 shares of the industrial products company’s stock worth $10,322,000 after acquiring an additional 27,553 shares during the last quarter. Finally, Isthmus Partners LLC raised its holdings in shares of Insteel Industries by 38.9% in the 1st quarter. Isthmus Partners LLC now owns 97,637 shares of the industrial products company’s stock worth $3,732,000 after acquiring an additional 27,366 shares during the last quarter. Institutional investors and hedge funds own 83.27% 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 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.