Insteel Industries Receives a Sell from Oppenheimer

By Ryan Adsit

Oppenheimer analyst Tyson Bauer assigned a Sell rating to Insteel Industries (NASDAQ: IIIN) today and set a price target of $32. The company’s shares opened today at $42.25, close to its 52-week high of $42.81.

Bauer has an average return of 60.8% when recommending Insteel Industries.

According to TipRanks.com, Bauer is ranked #274 out of 4245 analysts.

Insteel Industries has an analyst consensus of Hold, with a price target consensus of $32.

Insteel Industries’ market cap is currently $806.7M and has a P/E ratio of 21.69. The company has a book value ratio of 3.5921.

Based on the recent corporate insider activity of 56 insiders, corporate insider sentiment is negative on the stock. Earlier this month, James Petelle, the VP of IIIN bought 1,370 shares for a total of $17,892.

Insteel Industries, Inc. manufactures and markets steel wire reinforcing products for concrete construction applications. It also manufactures and markets prestressed concrete strand and welded wire reinforcement, including concrete pipe reinforcement and engineered structural mesh. The company’s products are sold to manufacturers of concrete products that are used in nonresidential construction. Insteel Industries was founded by Howard Osler Woltz, Jr. in 1953 and is headquartered in Mount Airy, NC.