Insteel Industries (NASDAQ:IIIN) was downgraded by research analysts at BidaskClub from a “hold” rating to a “sell” rating in a note issued to investors on Thursday, September 20th.

Separately, Sidoti downgraded Insteel Industries from a “buy” rating to a “neutral” rating in a research report on Monday, July 9th.

Shares of NASDAQ:IIIN traded down $0.53 during trading on Thursday, reaching $32.43. The stock had a trading volume of 114,301 shares, compared to its average volume of 121,905. Insteel Industries has a 1-year low of $24.51 and a 1-year high of $43.78. The firm has a market capitalization of $684.79 million, a PE ratio of 26.00 and a beta of 2.20.

Insteel Industries (NASDAQ:IIIN) last announced its quarterly earnings data on Thursday, July 19th. The industrial products company reported $0.67 EPS for the quarter, topping the Zacks’ consensus estimate of $0.52 by $0.15. Insteel Industries had a return on equity of 11.96% and a net margin of 7.15%. The firm had revenue of $126.69 million for the quarter, compared to the consensus estimate of $119.02 million. During the same quarter last year, the business posted $0.36 earnings per share. The firm’s revenue was up 30.7% compared to the same quarter last year.

In other Insteel Industries news, VP Michael C. Gazmarian sold 35,900 shares of Insteel Industries stock in a transaction on Wednesday, August 22nd. The stock was sold at an average price of $40.17, for a total value of $1,442,103.00. Following the sale, the vice president now owns 48,272 shares in the company, valued at $1,939,086.24. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Scot R. Jafroodi sold 5,670 shares of the business’s stock in a transaction on Wednesday, August 8th. The shares were sold at an average price of $42.97, for a total value of $243,639.90. Following the completion of the sale, the insider now owns 29,438 shares in the company, valued at approximately $1,264,950.86. The disclosure for this sale can be found here. Insiders sold 140,523 shares of company stock worth $5,760,476 in the last 90 days. Company insiders own 5.70% of the company’s stock.

Several hedge funds have recently bought and sold shares of IIIN. Oppenheimer & Co. Inc. grew its stake in Insteel Industries by 15.9% during the 2nd quarter. Oppenheimer & Co. Inc. now owns 25,450 shares of the industrial products company’s stock worth $850,000 after purchasing an additional 3,500 shares in the last quarter. BlackRock Inc. grew its stake in Insteel Industries by 1.2% during the 1st quarter. BlackRock Inc. now owns 2,349,552 shares of the industrial products company’s stock worth $64,919,000 after purchasing an additional 27,797 shares in the last quarter. Dimensional Fund Advisors LP grew its stake in Insteel Industries by 0.8% during the 1st quarter. Dimensional Fund Advisors LP now owns 1,322,101 shares of the industrial products company’s stock worth $36,530,000 after purchasing an additional 9,843 shares in the last quarter. Russell Investments Group Ltd. grew its stake in Insteel Industries by 7.1% during the 2nd quarter. Russell Investments Group Ltd. now owns 206,293 shares of the industrial products company’s stock worth $6,892,000 after purchasing an additional 13,617 shares in the last quarter. Finally, Pinebridge Investments L.P. acquired a new position in Insteel Industries during the 2nd quarter worth $1,290,000. Hedge funds and other institutional investors own 81.12% 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 markets prestressed concrete strand (PC strand) and welded wire reinforcement (WWR). 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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