Insteel Industries (NASDAQ:IIIN) Reaches New 1-Year Low - What's Next?

Insteel Industries, Inc. (NASDAQ:IIIN - Get Free Report)'s share price reached a new 52-week low during trading on Tuesday . The stock traded as low as $25.44 and last traded at $25.73, with a volume of 17319 shares. The stock had previously closed at $26.13.

Analyst Upgrades and Downgrades

Separately, StockNews.com lowered Insteel Industries from a "buy" rating to a "hold" rating in a report on Saturday, October 26th.

Insteel Industries Price Performance

The stock has a market capitalization of $492.58 million, a P/E ratio of 25.61, a price-to-earnings-growth ratio of 2.21 and a beta of 1.14. The company has a 50 day simple moving average of $28.93 and a 200-day simple moving average of $30.41.

Insteel Industries (NASDAQ:IIIN - Get Free Report) last released its quarterly earnings data on Thursday, October 17th. The industrial products company reported $0.24 EPS for the quarter, meeting the consensus estimate 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 net margin of 3.65% and a return on equity of 5.63%. As a group, equities analysts forecast that Insteel Industries, Inc. will post 1.11 earnings per share for the current fiscal year.

Insteel Industries Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, December 13th. Investors of record on Friday, November 29th were paid a $0.03 dividend. The ex-dividend date of this dividend was Friday, November 29th. This represents a $0.12 dividend on an annualized basis and a yield of 0.47%. Insteel Industries's dividend payout ratio is 12.12%.

Hedge Funds Weigh In On Insteel Industries

A number of large investors have recently made changes to their positions in the stock. Point72 Asset Management L.P. purchased a new stake in shares of Insteel Industries in the third quarter worth about $34,000. Point72 DIFC Ltd bought a new position in shares of Insteel Industries during the 3rd quarter valued at about $37,000. Quantbot Technologies LP purchased a new position in shares of Insteel Industries during the third quarter worth approximately $121,000. Zurcher Kantonalbank Zurich Cantonalbank lifted its stake in shares of Insteel Industries by 100.3% in the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 5,615 shares of the industrial products company's stock valued at $175,000 after acquiring an additional 2,812 shares during the last quarter. Finally, BNP Paribas Financial Markets raised its holdings in Insteel Industries by 8.0% during the 3rd quarter. BNP Paribas Financial Markets now owns 5,885 shares of the industrial products company's stock valued at $183,000 after buying an additional 434 shares during the last quarter. 83.27% of the stock is owned by institutional investors.

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.