Insteel Industries (NASDAQ:IIIN) Sets New 1-Year Low – Here’s Why

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

Analyst Upgrades and Downgrades

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

Insteel Industries Stock Down 2.5 %

The firm’s 50-day simple moving average is $28.83 and its 200-day simple moving average is $30.34. The firm has a market capitalization of $480.03 million, a PE ratio of 24.93, a price-to-earnings-growth ratio of 2.22 and a beta of 1.11.

Insteel Industries (NASDAQ:IIIN) last posted its quarterly earnings results on Thursday, October 17th. The industrial products company reported $0.24 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.24. Insteel Industries had a return on equity of 5.63% and a net margin of 3.65%. The business had revenue of $134.30 million for the quarter, compared to analyst estimates of $140.40 million. On average, equities research analysts forecast that Insteel Industries, Inc. will post 1.11 earnings per share for the current year.

Insteel Industries Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, December 13th. Investors of record on Friday, November 29th were issued a dividend of $0.03 per share. The ex-dividend date was Friday, November 29th. This represents a $0.12 dividend on an annualized basis and a yield of 0.49%. Insteel Industries’s dividend payout ratio is currently 12.12%.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of IIIN. Cerity Partners LLC grew its position in shares of Insteel Industries by 132.7% in the 3rd quarter. Cerity Partners LLC now owns 407,788 shares of the industrial products company’s stock worth $12,678,000 after buying an additional 232,514 shares during the last quarter. First Eagle Investment Management LLC boosted its holdings in Insteel Industries by 26.8% in the second quarter. First Eagle Investment Management LLC now owns 353,806 shares of the industrial products company’s stock valued at $10,954,000 after acquiring an additional 74,791 shares in the last quarter. American Century Companies Inc. increased its position in Insteel Industries by 14.6% during 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 purchasing an additional 59,591 shares during the period. Jane Street Group LLC raised its holdings in Insteel Industries by 228.1% in the 3rd quarter. Jane Street Group LLC now owns 64,892 shares of the industrial products company’s stock worth $2,017,000 after purchasing an additional 45,115 shares in the last quarter. Finally, Jacobs Levy Equity Management Inc. raised its holdings in Insteel Industries by 43.2% in the 3rd quarter. Jacobs Levy Equity Management Inc. now owns 145,264 shares of the industrial products company’s stock worth $4,516,000 after purchasing an additional 43,846 shares in the last quarter. Hedge funds and other institutional investors 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.