Insteel Industries (NASDAQ:IIIN) Stock Price Up 6.8% – Still a Buy?

Insteel Industries, Inc. (NASDAQ:IIIN)’s share price rose 6.8% during trading on Tuesday . The stock traded as high as $30.81 and last traded at $30.46. Approximately 39,279 shares were traded during trading, a decline of 78% from the average daily volume of 177,018 shares. The stock had previously closed at $28.51.

Analyst Upgrades and Downgrades

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

Insteel Industries Price Performance

The firm has a market capitalization of $601.53 million, a P/E ratio of 30.87, a PEG ratio of 1.77 and a beta of 1.14. The firm’s fifty day moving average price is $27.86 and its 200-day moving average price is $29.72.

Insteel Industries (NASDAQ:IIIN) last released its earnings results on Thursday, January 16th. The industrial products company reported $0.06 EPS for the quarter, missing analysts’ consensus estimates of $0.09 by ($0.03). Insteel Industries had a return on equity of 5.91% and a net margin of 3.58%. The business had revenue of $129.70 million during the quarter, compared to the consensus estimate of $117.45 million. During the same quarter in the previous year, the firm earned $0.06 earnings per share. The firm’s revenue for the quarter was up 6.5% compared to the same quarter last year. Analysts expect that Insteel Industries, Inc. will post 1.33 earnings per share for the current year.

Hedge Funds Weigh In On Insteel Industries

A number of large investors have recently made changes to their positions in the business. Barclays PLC boosted its holdings in shares of Insteel Industries by 363.7% during the third quarter. Barclays PLC now owns 32,391 shares of the industrial products company’s stock worth $1,007,000 after purchasing an additional 25,405 shares during the period. State Street Corp boosted its stake in shares of Insteel Industries by 4.9% during the 3rd 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 during the period. Geode Capital Management LLC boosted its stake in shares of Insteel Industries by 0.8% during the 3rd quarter. Geode Capital Management LLC now owns 434,871 shares of the industrial products company’s stock valued at $13,523,000 after buying an additional 3,612 shares during the period. Intech Investment Management LLC purchased a new position in shares of Insteel Industries during the 3rd quarter valued at $690,000. Finally, Jane Street Group LLC increased its stake in shares of Insteel Industries by 228.1% in the third quarter. Jane Street Group LLC now owns 64,892 shares of the industrial products company’s stock worth $2,017,000 after acquiring an additional 45,115 shares during the last quarter. Institutional investors and hedge funds own 83.27% of the company’s stock.

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.