Insteel Industries (NASDAQ:IIIN) Sets New 12-Month Low – What’s Next?

Insteel Industries, Inc. (NASDAQ:IIIN) shares reached a new 52-week low during mid-day trading on Monday . The company traded as low as $26.85 and last traded at $26.88, with a volume of 43089 shares changing hands. The stock had previously closed at $27.35.

Wall Street Analyst Weigh In

Separately, StockNews.com upgraded Insteel Industries from a “hold” rating to a “buy” rating in a report on Friday, October 18th.

Insteel Industries Stock Performance

The stock has a market capitalization of $553.48 million, a price-to-earnings ratio of 22.87, a PEG ratio of 1.21 and a beta of 1.10. The company’s 50 day moving average is $31.19 and its 200 day moving average is $31.85.

Insteel Industries Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, September 27th. Investors of record on Friday, September 13th were paid a $0.03 dividend. This represents a $0.12 annualized dividend and a dividend yield of 0.42%. The ex-dividend date of this dividend was Friday, September 13th. Insteel Industries’s payout ratio is presently 9.68%.

Institutional Trading of Insteel Industries

Several institutional investors have recently modified their holdings of IIIN. American Century Companies Inc. lifted its position in Insteel Industries by 14.6% in 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. First Eagle Investment Management LLC lifted its holdings in shares of Insteel Industries by 26.8% during the 2nd quarter. First Eagle Investment Management LLC now owns 353,806 shares of the industrial products company’s stock worth $10,954,000 after acquiring an additional 74,791 shares during the period. Oppenheimer & Co. Inc. boosted its position in shares of Insteel Industries by 2.0% during the 2nd quarter. Oppenheimer & Co. Inc. now owns 275,387 shares of the industrial products company’s stock valued at $8,526,000 after acquiring an additional 5,313 shares in the last quarter. Robotti Robert increased its stake in Insteel Industries by 6.2% in the first quarter. Robotti Robert now owns 262,780 shares of the industrial products company’s stock valued at $10,043,000 after acquiring an additional 15,415 shares during the period. Finally, Principal Financial Group Inc. increased its stake in Insteel Industries by 1.2% in the first quarter. Principal Financial Group Inc. now owns 108,185 shares of the industrial products company’s stock valued at $4,135,000 after acquiring an additional 1,276 shares during the period. Institutional investors and hedge funds 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.