Insteel Industries (NYSE:IIIN) Cut to Hold (C) at Weiss Ratings

Weiss Ratings lowered shares of Insteel Industries (NYSE:IIIN) from a buy (b-) rating to a hold (c) rating in a report published on Saturday,Weiss Ratings reports.

A number of other brokerages have also recently issued reports on IIIN. Zacks Research cut shares of Insteel Industries from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, September 16th. Wall Street Zen cut shares of Insteel Industries from a “strong-buy” rating to a “buy” rating in a research note on Saturday, October 18th. Two investment analysts have rated the stock with a Hold rating, Based on data from MarketBeat, Insteel Industries presently has an average rating of “Hold”.

Insteel Industries Trading Down 0.5%

Shares of Insteel Industries stock opened at $30.65 on Friday. The firm has a market capitalization of $595.22 million, a price-to-earnings ratio of 14.60, a P/E/G ratio of 0.87 and a beta of 0.79. The firm has a 50 day moving average of $37.06. Insteel Industries has a fifty-two week low of $22.49 and a fifty-two week high of $41.64.

Insteel Industries (NYSE:IIIN) last issued its quarterly earnings results on Thursday, October 16th. The company reported $0.74 earnings per share for the quarter, missing analysts’ consensus estimates of $0.75 by ($0.01). The company had revenue of $177.44 million during the quarter, compared to analyst estimates of $179.40 million. Insteel Industries had a net margin of 6.33% and a return on equity of 12.19%.

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.