Insteel Industries Inc (NASDAQ:IIIN) Given $25.00 Consensus Target Price by Brokerages

Insteel Industries Inc (NASDAQ:IIIN) has earned an average broker rating score of 1.00 (Strong Buy) from the one analysts that cover the stock, Zacks Investment Research reports. One equities research analyst has rated the stock with a strong buy rating.

Analysts have set a 12-month consensus price objective of $25.00 for the company, according to Zacks. Zacks has also assigned Insteel Industries an industry rank of 101 out of 255 based on the ratings given to its competitors.

Separately, BidaskClub cut shares of Insteel Industries from a “buy” rating to a “hold” rating in a report on Saturday, September 21st.

Institutional investors have recently added to or reduced their stakes in the business. BlackRock Inc. lifted its position in shares of Insteel Industries by 1.1% in the 2nd quarter. BlackRock Inc. now owns 2,744,930 shares of the industrial products company’s stock worth $57,149,000 after purchasing an additional 29,363 shares during the period. Price T Rowe Associates Inc. MD lifted its position in shares of Insteel Industries by 15.1% in the 2nd quarter. Price T Rowe Associates Inc. MD now owns 1,054,718 shares of the industrial products company’s stock worth $21,959,000 after purchasing an additional 138,239 shares during the period. THB Asset Management lifted its position in shares of Insteel Industries by 14.8% in the 2nd quarter. THB Asset Management now owns 395,916 shares of the industrial products company’s stock worth $8,242,000 after purchasing an additional 51,125 shares during the period. Northern Trust Corp lifted its position in shares of Insteel Industries by 2.5% in the 2nd quarter. Northern Trust Corp now owns 263,593 shares of the industrial products company’s stock worth $5,489,000 after purchasing an additional 6,529 shares during the period. Finally, Bank of New York Mellon Corp lifted its position in shares of Insteel Industries by 3.7% in the 2nd quarter. Bank of New York Mellon Corp now owns 243,638 shares of the industrial products company’s stock worth $5,071,000 after purchasing an additional 8,669 shares during the period. 80.89% of the stock is owned by institutional investors.

Shares of NASDAQ IIIN traded down $0.20 during trading on Thursday, hitting $20.24. 585 shares of the company were exchanged, compared to its average volume of 70,566. The company has a market cap of $375.41 million, a price-to-earnings ratio of 75.00 and a beta of 1.68. Insteel Industries has a 1 year low of $17.49 and a 1 year high of $28.56. The firm’s fifty day moving average price is $20.13 and its 200 day moving average price is $19.87.

Insteel Industries (NASDAQ:IIIN) last issued its earnings results on Thursday, October 17th. The industrial products company reported ($0.09) EPS for the quarter, missing the consensus estimate of $0.19 by ($0.28). Insteel Industries had a return on equity of 1.99% and a net margin of 1.23%. The company had revenue of $113.40 million for the quarter, compared to analysts’ expectations of $126.88 million. During the same quarter in the previous year, the firm posted $0.49 earnings per share. Insteel Industries’s revenue for the quarter was down 6.6% on a year-over-year basis.

The business also recently disclosed a quarterly dividend, which was paid on Friday, September 27th. Shareholders of record on Friday, September 13th were given a $0.03 dividend. The ex-dividend date was Thursday, September 12th. This represents a $0.12 annualized dividend and a yield of 0.59%.

About Insteel Industries

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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