Insteel Industries (NYSE:IIIN) Cut to “Hold” at Zacks Research

Zacks Research downgraded shares of Insteel Industries (NYSE:IIIN) from a strong-buy rating to a hold rating in a report issued on Tuesday,Zacks.com reports.

Separately, Wall Street Zen raised shares of Insteel Industries from a “buy” rating to a “strong-buy” rating in a report on Sunday, July 20th. One analyst has rated the stock with a Hold rating, According to data from MarketBeat.com, Insteel Industries presently has an average rating of “Hold”.

Insteel Industries Stock Up 2.6%

Shares of IIIN stock opened at $39.27 on Tuesday. Insteel Industries has a 12 month low of $22.49 and a 12 month high of $41.64. The stock has a market cap of $762.23 million, a PE ratio of 24.54, a P/E/G ratio of 1.44 and a beta of 0.78. The company’s 50 day simple moving average is $37.44.

Insteel Industries (NYSE:IIIN) last posted its earnings results on Thursday, July 17th. The company reported $0.78 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.68 by $0.10. The business had revenue of $179.89 million for the quarter, compared to analysts’ expectations of $177.60 million. Insteel Industries had a net margin of 5.15% and a return on equity of 9.50%.

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.