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Insteel Industries (IIIN) Moves 5.7% Higher: Will This Strength Last?
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Insteel Industries (IIIN - Free Report) shares ended the last trading session 5.7% higher at $35.84. The jump came on an impressive volume with a higher-than-average number of shares changing hands in the session. This compares to the stock's 6.1% loss over the past four weeks.
Insteel Industries’ price have gained on favorable demand profile with improving market fundamentals. In the first quarter of fiscal 2024, its net sales decreased 27.1% year over year to $121.7 million from $166.9 million, mainly due to lower average selling prices. The company’s shipment volume were essentially unchanged from the prior year, benefiting from recovering demand in residential construction markets. Normal seasonal downturn in construction activity had impacted results. With inventory liquidations substantially completed, the company expects improved results in the ongoing quarter.
This maker of steel wire reinforcing for the concrete and construction industry is expected to post quarterly earnings of $0.22 per share in its upcoming report, which represents a year-over-year change of -15.4%. Revenues are expected to be $135.29 million, down 14.9% from the year-ago quarter.
While earnings and revenue growth expectations are important in evaluating the potential strength in a stock, empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements.
For Insteel Industries, the consensus EPS estimate for the quarter has remained unchanged over the last 30 days. And a stock's price usually doesn't keep moving higher in the absence of any trend in earnings estimate revisions. So, make sure to keep an eye on IIIN going forward to see if this recent jump can turn into more strength down the road.
Insteel Industries is a member of the Zacks Wire and Cable Products industry. One other stock in the same industry, Belden (BDC - Free Report) , finished the last trading session 1.2% higher at $86.33. BDC has returned 0.4% over the past month.
For Belden, the consensus EPS estimate for the upcoming report has remained unchanged over the past month at $1.05. This represents a change of -37.5% from what the company reported a year ago. Belden currently has a Zacks Rank of #2 (Buy).
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Insteel Industries (IIIN) Moves 5.7% Higher: Will This Strength Last?
Insteel Industries (IIIN - Free Report) shares ended the last trading session 5.7% higher at $35.84. The jump came on an impressive volume with a higher-than-average number of shares changing hands in the session. This compares to the stock's 6.1% loss over the past four weeks.
Insteel Industries’ price have gained on favorable demand profile with improving market fundamentals. In the first quarter of fiscal 2024, its net sales decreased 27.1% year over year to $121.7 million from $166.9 million, mainly due to lower average selling prices. The company’s shipment volume were essentially unchanged from the prior year, benefiting from recovering demand in residential construction markets. Normal seasonal downturn in construction activity had impacted results. With inventory liquidations substantially completed, the company expects improved results in the ongoing quarter.
This maker of steel wire reinforcing for the concrete and construction industry is expected to post quarterly earnings of $0.22 per share in its upcoming report, which represents a year-over-year change of -15.4%. Revenues are expected to be $135.29 million, down 14.9% from the year-ago quarter.
While earnings and revenue growth expectations are important in evaluating the potential strength in a stock, empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements.
For Insteel Industries, the consensus EPS estimate for the quarter has remained unchanged over the last 30 days. And a stock's price usually doesn't keep moving higher in the absence of any trend in earnings estimate revisions. So, make sure to keep an eye on IIIN going forward to see if this recent jump can turn into more strength down the road.
The stock currently carries a Zacks Rank #2 (Buy). You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>
Insteel Industries is a member of the Zacks Wire and Cable Products industry. One other stock in the same industry, Belden (BDC - Free Report) , finished the last trading session 1.2% higher at $86.33. BDC has returned 0.4% over the past month.
For Belden, the consensus EPS estimate for the upcoming report has remained unchanged over the past month at $1.05. This represents a change of -37.5% from what the company reported a year ago. Belden currently has a Zacks Rank of #2 (Buy).