Insteel Industries (NASDAQ:IIIN) Hits New 52-Week Low – Here’s What Happened

Insteel Industries, Inc. (NASDAQ:IIIN)’s stock price hit a new 52-week low on Monday . The stock traded as low as $26.74 and last traded at $26.96, with a volume of 27816 shares trading hands. The stock had previously closed at $27.55.

Analysts Set New Price Targets

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

Insteel Industries Price Performance

The company has a market capitalization of $526.76 million, a price-to-earnings ratio of 27.35, a PEG ratio of 2.21 and a beta of 1.11. The stock has a 50 day simple moving average of $29.07 and a two-hundred day simple moving average of $30.63.

Insteel Industries (NASDAQ:IIIN) last released its quarterly earnings data on Thursday, October 17th. The industrial products company reported $0.24 EPS for the quarter, meeting analysts’ consensus estimates of $0.24. The business had revenue of $134.30 million for the quarter, compared to the consensus estimate of $140.40 million. Insteel Industries had a return on equity of 5.63% and a net margin of 3.65%. Equities research analysts predict that Insteel Industries, Inc. will post 1.11 EPS for the current year.

Insteel Industries Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, December 13th. Stockholders of record on Friday, November 29th were issued a $0.03 dividend. This represents a $0.12 annualized dividend and a dividend yield of 0.44%. The ex-dividend date of this dividend was Friday, November 29th. Insteel Industries’s payout ratio is 12.12%.

Institutional Investors Weigh In On Insteel Industries

Institutional investors and hedge funds have recently bought and sold shares of the stock. Hantz Financial Services Inc. purchased a new stake in shares of Insteel Industries in the 2nd quarter valued at about $270,000. nVerses Capital LLC purchased a new stake in Insteel Industries in the second quarter valued at approximately $121,000. Isthmus Partners LLC grew its position in shares of Insteel Industries by 6.8% during the second quarter. Isthmus Partners LLC now owns 104,302 shares of the industrial products company’s stock worth $32,000 after acquiring an additional 6,665 shares during the last quarter. Koss Olinger Consulting LLC acquired a new position in shares of Insteel Industries in the 2nd quarter valued at $413,000. Finally, American Century Companies Inc. raised its position in Insteel Industries by 14.6% in the 2nd quarter. American Century Companies Inc. now owns 467,712 shares of the industrial products company’s stock valued at $14,480,000 after purchasing an additional 59,591 shares during the last quarter. 83.27% of the stock is owned by hedge funds and other institutional investors.

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.