Insteel Industries (NASDAQ:IIIN – Get Free Report) was upgraded by StockNews.com from a “hold” rating to a “buy” rating in a research note issued to investors on Friday.
Insteel Industries Stock Performance
Shares of NASDAQ IIIN traded down $0.71 during midday trading on Friday, reaching $27.34. The company’s stock had a trading volume of 547,908 shares, compared to its average volume of 104,699. Insteel Industries has a fifty-two week low of $26.86 and a fifty-two week high of $39.38. The business’s 50 day moving average price is $31.36 and its two-hundred day moving average price is $32.05. The company has a market cap of $532.45 million, a P/E ratio of 22.05, a P/E/G ratio of 1.21 and a beta of 1.10.
Insteel Industries (NASDAQ:IIIN – Get Free Report) last released its quarterly earnings results on Thursday, July 18th. The industrial products company reported $0.34 earnings per share for the quarter, missing analysts’ consensus estimates of $0.43 by ($0.09). Insteel Industries had a net margin of 3.67% and a return on equity of 5.78%. The business had revenue of $145.80 million during the quarter, compared to analyst estimates of $153.04 million. During the same quarter in the previous year, the firm posted $0.54 earnings per share. The firm’s quarterly revenue was down 12.0% on a year-over-year basis. Sell-side analysts forecast that Insteel Industries will post 0.99 earnings per share for the current fiscal year.
Institutional Inflows and Outflows
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.
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