Insteel Industries (NASDAQ:IIIN) Hits New 52-Week Low – Time to Sell?

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

Analyst Ratings Changes

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

Insteel Industries Stock Performance

The stock has a market capitalization of $480.03 million, a PE ratio of 24.93, a P/E/G ratio of 2.22 and a beta of 1.11. The stock’s 50-day moving average price is $28.83 and its two-hundred day moving average price is $30.34.

Insteel Industries (NASDAQ:IIIN) last issued 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 net margin of 3.65% and a return on equity of 5.63%. The firm had revenue of $134.30 million for the quarter, compared to the consensus estimate of $140.40 million. On average, analysts predict that Insteel Industries, Inc. will post 1.11 earnings per share for the current fiscal year.

Insteel Industries Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, December 13th. Stockholders of record on Friday, November 29th were issued a dividend of $0.03 per share. This represents a $0.12 dividend on an annualized basis and a dividend yield of 0.49%. The ex-dividend date of this dividend was Friday, November 29th. Insteel Industries’s payout ratio is currently 12.12%.

Institutional Trading of Insteel Industries

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in IIIN. Cerity Partners LLC increased its position in Insteel Industries by 132.7% in the third quarter. Cerity Partners LLC now owns 407,788 shares of the industrial products company’s stock worth $12,678,000 after buying an additional 232,514 shares in the last quarter. First Eagle Investment Management LLC increased its holdings in Insteel Industries by 26.8% in the 2nd quarter. First Eagle Investment Management LLC now owns 353,806 shares of the industrial products company’s stock worth $10,954,000 after acquiring an additional 74,791 shares in the last quarter. American Century Companies Inc. raised its stake in Insteel Industries by 14.6% during the 2nd quarter. American Century Companies Inc. now owns 467,712 shares of the industrial products company’s stock worth $14,480,000 after acquiring an additional 59,591 shares during the period. Jane Street Group LLC lifted its holdings in Insteel Industries by 228.1% during the third quarter. Jane Street Group LLC now owns 64,892 shares of the industrial products company’s stock valued at $2,017,000 after purchasing an additional 45,115 shares in the last quarter. Finally, Jacobs Levy Equity Management Inc. boosted its position in shares of Insteel Industries by 43.2% in the third quarter. Jacobs Levy Equity Management Inc. now owns 145,264 shares of the industrial products company’s stock worth $4,516,000 after purchasing an additional 43,846 shares during the period. 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.