Insteel Industries (NASDAQ:IIIN) Sets New 12-Month Low – Should You Sell?

Insteel Industries, Inc. (NASDAQ:IIIN)’s stock price reached 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. The stock had previously closed at $27.55.

Wall Street Analyst Weigh In

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

Insteel Industries Stock Up 0.8 %

The stock has a market cap of $525.40 million, a P/E ratio of 27.28, a P/E/G ratio of 2.21 and a beta of 1.11. The company’s 50 day moving average price is $29.07 and its 200-day moving average price is $30.57.

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

Insteel Industries Dividend Announcement

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

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the company. nVerses Capital LLC acquired a new stake in shares of Insteel Industries during the second quarter worth $121,000. Isthmus Partners LLC raised its position in shares of Insteel Industries by 6.8% in the 2nd 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 in the last quarter. Koss Olinger Consulting LLC acquired a new position in shares of Insteel Industries in the 2nd quarter valued at about $413,000. American Century Companies Inc. lifted its stake in shares of 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 period. Finally, Cornercap Investment Counsel Inc. acquired a new stake in Insteel Industries during the second quarter worth approximately $539,000. 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.