Insteel Industries Inc (IIIN) was Reiterated by Rosenblatt to “Neutral” according to the research note released today. The brokerage firm has raised the Price Target to $ 34 from a previous price target of $31 . Rosenblatt advised their investors in a research report released on Jul 22, 2016.
On the company’s financial health, Insteel Industries Inc reported $0.71 EPS for the quarter, beating the analyst consensus estimate by $ 0.17 according to the earnings call on Jul 21, 2016. Analyst had a consensus of $0.54. The company had revenue of $115.60 million for the quarter, compared to analysts expectations of $118.63 million. The company’s revenue was down -1.2 % compared to the same quarter last year.During the same quarter in the previous year, the company posted $0.32 EPS.
Insteel Industries Inc opened for trading at $31 and hit $31.595 on the upside on Wednesday, eventually ending the session at $31.5, with a gain of 1.78% or 0.55 points. The heightened volatility saw the trading volume jump to 1,47,305 shares. Company has a market cap of $592 M.
In a different news, on Jun 10, 2016, James F Petelle (Vice President) sold 4,693 shares at $28.42 per share price. According to the SEC, on Jun 2, 2016, Richard Wagner (Vice President) sold 21,791 shares at $27.67 per share price. On Apr 29, 2016, Scot R Jafroodi (Chief Accounting Officer) sold 16,360 shares at $28.79 per share price, according to the Form-4 filing with the securities and exchange commission.
Insteel Industries Inc. (Insteel) is a manufacturer of steel wire reinforcing products for concrete construction applications. The Company manufactures and markets PC strand and welded wire reinforcement (WWR) including Engineered Structural Mesh (ESM) concrete pipe reinforcement (CPR) and standard welded wire reinforcement (SWWR). The Companys products are sold to manufacturers of concrete products that are used in nonresidential construction. Insteel has two wholly owned subsidiaries Insteel Wire Products Company (IWP) an operating subsidiary and Intercontinental Metals Corporation an inactive subsidiary. The Companys concrete reinforcing products consist of PC strand and WWR. PC strand provides reinforcement for bridges parking decks buildings and other concrete structures. Welded Wire Reinforcement produces engineered reinforcing product for use in nonresidential and residential construction.