Insteel IndustriesNYSE: IIIN

MOUNT AIRY, N.C.--(BUSINESS WIRE)--Insteel Industries Inc. (NYSE: IIIN) today announced that its third quarter 2024 earnings conference call will be webcast live over the internet on Thursday, July 18, 2024, at 10:00 a.m. ET following the release of the Company's third quarter financial results at 6:30 a.m. ET on that same day. The conference call can be accessed on the Company's website at https://investor.insteel.com and will be archived for replay. About Insteel Insteel is the nation's large.

At Zacks, we prioritize the reliable Zacks Rank system, which highlights earnings estimates and revisions to identify top-performing stocks. However, we also stay updated on current value, growth, and momentum trends to highlight strong investment choices.

Insteel Industries (IIIN) could see an increase in its stock price due to increasing confidence in its earnings potential, as indicated by its upgrade to a Zacks Rank #2 (Buy).

Insteel Industries (IIIN) reported quarterly earnings of $0.35 per share, exceeding the Zacks Consensus Estimate of $0.22 per share. This is an increase from earnings of $0.26 per share in the same quarter last year.

Insteel Industries (IIIN) saw its shares surge in the last session with trading volume being higher than average. The latest trend in earnings estimate revisions may not translate into further price increase in the near term.

Here at Zacks, our focus is on the proven Zacks Rank system, which emphasizes earnings estimates and estimate revisions to find great stocks. Nevertheless, we are always paying attention to the latest value, growth, and momentum trends to underscore strong picks.

Here at Zacks, our focus is on the proven Zacks Rank system, which emphasizes earnings estimates and estimate revisions to find great stocks. Nevertheless, we are always paying attention to the latest value, growth, and momentum trends to underscore strong picks.

Insteel Industries (IIIN) has become technically an oversold stock now, which implies exhaustion of the heavy selling pressure on it. This, combined with strong agreement among Wall Street analysts in revising earnings estimates higher, indicates a potential trend reversal for the stock in the near term.

Insteel Industries Inc. is close to the bottom of the cycle and there is potential for sequential improvement as FY24 progresses. Inventory destocking among distributors is almost over, which will be one less headwind for the company. The federal government's stimulus and infrastructure projects are expected to fuel growth in the construction industry, benefiting Insteel Industries.