Insteel Industries (NASDAQ:IIIN) Hits New 1-Year Low – What’s Next?

Insteel Industries, Inc. (NASDAQ:IIIN) shares reached a new 52-week low during trading on Tuesday . The stock traded as low as $25.44 and last traded at $25.73, with a volume of 17319 shares traded. The stock had previously closed at $26.13.

Analyst Ratings Changes

Separately, StockNews.com lowered Insteel Industries from a “buy” rating to a “hold” rating in a research note on Saturday, October 26th.

Insteel Industries Stock Down 2.8 %

The company’s 50 day moving average price is $28.93 and its two-hundred day moving average price is $30.41. The firm has a market cap of $494.28 million, a PE ratio of 25.67, a P/E/G ratio of 2.21 and a beta of 1.14.

Insteel Industries (NASDAQ:IIIN) last released its earnings results on Thursday, October 17th. The industrial products company reported $0.24 EPS for the quarter, meeting analysts’ consensus estimates of $0.24. Insteel Industries had a return on equity of 5.63% and a net margin of 3.65%. The firm had revenue of $134.30 million for the quarter, compared to analysts’ expectations of $140.40 million. On average, analysts expect that Insteel Industries, Inc. will post 1.11 earnings per share for the current fiscal year.

Insteel Industries Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, December 13th. Stockholders of record on Friday, November 29th were issued a $0.03 dividend. This represents a $0.12 dividend on an annualized basis and a dividend yield of 0.47%. The ex-dividend date of this dividend was Friday, November 29th. Insteel Industries’s payout ratio is presently 12.12%.

Hedge Funds Weigh In On Insteel Industries

Several institutional investors have recently made changes to their positions in the company. Point72 Asset Management L.P. bought a new stake in shares of Insteel Industries in the 3rd quarter valued at about $34,000. Point72 DIFC Ltd bought a new stake in Insteel Industries during the third quarter valued at about $37,000. Quantbot Technologies LP purchased a new position in Insteel Industries in the third quarter valued at about $121,000. Zurcher Kantonalbank Zurich Cantonalbank lifted its position in shares of Insteel Industries by 100.3% during the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 5,615 shares of the industrial products company’s stock valued at $175,000 after buying an additional 2,812 shares during the last quarter. Finally, BNP Paribas Financial Markets boosted its holdings in shares of Insteel Industries by 8.0% in the 3rd quarter. BNP Paribas Financial Markets now owns 5,885 shares of the industrial products company’s stock valued at $183,000 after buying an additional 434 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.