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

Insteel Industries, Inc. (NASDAQ:IIIN)’s share price reached a new 52-week low on Monday . The company traded as low as $26.74 and last traded at $26.96, with a volume of 27816 shares trading hands. The stock had previously closed at $27.55.

Wall Street Analyst Weigh In

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

Insteel Industries Price Performance

The firm’s 50 day moving average is $29.07 and its two-hundred day moving average is $30.57. The firm has a market capitalization of $525.40 million, a P/E ratio of 27.28, a PEG ratio of 2.21 and a beta of 1.11.

Insteel Industries (NASDAQ:IIIN) last released its quarterly earnings data on Thursday, October 17th. The industrial products company reported $0.24 earnings per share (EPS) for the quarter, meeting the consensus estimate 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 analyst estimates of $140.40 million. Analysts anticipate that Insteel Industries, Inc. will post 1.11 EPS for the current fiscal year.

Insteel Industries Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, December 13th. Shareholders of record on Friday, November 29th were given a dividend of $0.03 per share. The ex-dividend date was Friday, November 29th. This represents a $0.12 annualized dividend and a yield of 0.44%. Insteel Industries’s dividend payout ratio (DPR) is presently 12.12%.

Institutional Investors Weigh In On Insteel Industries

A number of institutional investors have recently modified their holdings of the business. Cerity Partners LLC increased its stake in Insteel Industries by 132.7% during the 3rd quarter. Cerity Partners LLC now owns 407,788 shares of the industrial products company’s stock worth $12,678,000 after acquiring an additional 232,514 shares during the period. First Eagle Investment Management LLC raised its stake 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 purchasing an additional 74,791 shares in the last quarter. American Century Companies Inc. lifted its position in Insteel Industries by 14.6% during the second quarter. American Century Companies Inc. now owns 467,712 shares of the industrial products company’s stock worth $14,480,000 after purchasing an additional 59,591 shares during the period. Jane Street Group LLC grew its stake in Insteel Industries by 228.1% during the third quarter. Jane Street Group LLC now owns 64,892 shares of the industrial products company’s stock worth $2,017,000 after buying an additional 45,115 shares in the last quarter. Finally, Jacobs Levy Equity Management Inc. increased 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 valued at $4,516,000 after buying an additional 43,846 shares during the period. 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.