Insteel Industries (NASDAQ:IIIN) Lowered to “Hold” at StockNews.com

StockNews.com downgraded shares of Insteel Industries (NASDAQ:IIIN) from a buy rating to a hold rating in a report published on Saturday morning.

Insteel Industries Price Performance

IIIN stock opened at $27.52 on Friday. Insteel Industries has a 1-year low of $26.74 and a 1-year high of $39.38. The business has a fifty day moving average price of $30.76 and a 200-day moving average price of $31.59. The stock has a market capitalization of $535.85 million, a P/E ratio of 22.19, a P/E/G ratio of 2.21 and a beta of 1.10.

Insteel Industries Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, September 27th. Investors of record on Friday, September 13th were issued a $0.03 dividend. This represents a $0.12 annualized dividend and a dividend yield of 0.44%. The ex-dividend date was Friday, September 13th. Insteel Industries’s payout ratio is currently 9.68%.

Institutional Trading of Insteel Industries

Several large investors have recently modified their holdings of the company. Ellsworth Advisors LLC grew its holdings in shares of Insteel Industries by 7.2% in the third quarter. Ellsworth Advisors LLC now owns 16,527 shares of the industrial products company’s stock worth $514,000 after acquiring an additional 1,109 shares during the period. Cardinal Capital Management grew its holdings in shares of Insteel Industries by 12.3% in the third quarter. Cardinal Capital Management now owns 34,318 shares of the industrial products company’s stock worth $1,067,000 after acquiring an additional 3,747 shares during the period. The Manufacturers Life Insurance Company grew its holdings in shares of Insteel Industries by 8.3% in the second quarter. The Manufacturers Life Insurance Company now owns 7,631 shares of the industrial products company’s stock worth $236,000 after acquiring an additional 585 shares during the period. Public Sector Pension Investment Board grew its holdings in Insteel Industries by 6.2% during the second quarter. Public Sector Pension Investment Board now owns 42,861 shares of the industrial products company’s stock valued at $1,327,000 after purchasing an additional 2,489 shares during the period. Finally, First Eagle Investment Management LLC grew its holdings in Insteel Industries by 26.8% during 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 during the period. 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.