Insteel Industries (NASDAQ:IIIN) Hits New 52-Week Low – Here’s What Happened

Insteel Industries, Inc. (NASDAQ:IIIN)’s share price reached a new 52-week low on Monday . The stock 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.

Analyst Upgrades and Downgrades

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

Insteel Industries Stock Performance

The firm has a market cap of $526.76 million, a price-to-earnings ratio of 27.35, a price-to-earnings-growth ratio of 2.21 and a beta of 1.11. The company has a 50 day moving average price of $29.07 and a 200 day moving average price of $30.63.

Insteel Industries (NASDAQ:IIIN) last issued 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. The firm had revenue of $134.30 million for the quarter, compared to analyst estimates of $140.40 million. Insteel Industries had a net margin of 3.65% and a return on equity of 5.63%. On average, research analysts forecast that Insteel Industries, Inc. will post 1.11 earnings per share for the current year.

Insteel Industries Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, December 13th. Stockholders of record on Friday, November 29th were issued a $0.03 dividend. The ex-dividend date of this dividend was Friday, November 29th. This represents a $0.12 annualized dividend and a dividend yield of 0.44%. Insteel Industries’s dividend payout ratio is currently 12.12%.

Institutional Trading of Insteel Industries

A number of institutional investors and hedge funds have recently added to or reduced their stakes in IIIN. State Street Corp grew its stake in shares of Insteel Industries by 4.9% in the third quarter. State Street Corp now owns 761,492 shares of the industrial products company’s stock valued at $23,675,000 after buying an additional 35,859 shares in the last quarter. Pacer Advisors Inc. grew its position in Insteel Industries by 3.5% in the 3rd quarter. Pacer Advisors Inc. now owns 662,775 shares of the industrial products company’s stock valued at $20,606,000 after acquiring an additional 22,543 shares in the last quarter. American Century Companies Inc. increased its stake 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. Geode Capital Management LLC lifted its position in shares of Insteel Industries by 0.8% during the third quarter. Geode Capital Management LLC now owns 434,871 shares of the industrial products company’s stock worth $13,523,000 after purchasing an additional 3,612 shares in the last quarter. Finally, Cerity Partners LLC lifted its position in shares of Insteel Industries by 132.7% during the third quarter. Cerity Partners LLC now owns 407,788 shares of the industrial products company’s stock worth $12,678,000 after purchasing an additional 232,514 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.