 | Your browser does not display parts of our website correctly. We use the latest technology available to provide you with a high quality experience; please upgrade your browser to its latest version to view the contents properly: |
Insteel Industries, Inc. (IIIN) manufactures and markets steel wire reinforcing products for concrete construction applications.
The company markets prestressed concrete strand (PC strand) and welded wire reinforcement (WWR). 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.
The companys WWR engineered reinforcing product is used in nonresidential and residential construction. It produces a range of WWR products, including engineered structural mesh (ESM), concrete pipe reinforcement (CPR), and standard welded wire reinforcement (SWWR). ESM is an engineered made-to-order product that is used as the primary reinforcement for concrete elements or structures serving as a replacement for hot-rolled rebar; CPR is an engineered made-to-order product that is used as the primary reinforcement in concrete pipe, box culverts, and precast manholes for drainage and sewage systems, water treatment facilities, and other related applications; and SWWR is a secondary reinforcing product for crack control applications in residential and light nonresidential construction, including driveways, sidewalks, and various slab-on-grade applications.
The company sells its products through sales representatives to the manufacturers of concrete products, distributors, rebar fabricators, and contractors primarily in the United States, as well as in Canada, Mexico, and Central and South America.
Shares have formed a bullish "flag" following the company's latest quarterly results. Based on the results, shares jumped to $42.81 (top of the flag pole), and since then, prices have pulled back to the pre-earnings report. Higher share prices are expected for this stock. The company is scheduled to report its results on January 19th.
52-Weeks Trading Range: $18.72 - $42.81
Entry Point: $35.60
Stop Loss: $33.70
Target Price: $39.15
IIIN closed at $38.11
