Principal Financial Group Inc. Raises Stock Holdings in Insteel Industries, Inc. (NASDAQ:IIIN)

Principal Financial Group Inc. raised its position in Insteel Industries, Inc. (NASDAQ:IIINFree Report) by 1.2% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 108,185 shares of the industrial products company’s stock after buying an additional 1,276 shares during the period. Principal Financial Group Inc. owned about 0.56% of Insteel Industries worth $4,135,000 at the end of the most recent reporting period.

Several other large investors have also recently made changes to their positions in the company. Allspring Global Investments Holdings LLC grew its holdings in Insteel Industries by 409.9% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 3,340 shares of the industrial products company’s stock valued at $128,000 after buying an additional 2,685 shares in the last quarter. Cardinal Capital Management boosted its holdings in Insteel Industries by 21.2% in the first quarter. Cardinal Capital Management now owns 29,118 shares of the industrial products company’s stock valued at $1,113,000 after purchasing an additional 5,087 shares during the period. Unison Advisors LLC raised its holdings in Insteel Industries by 6.9% in the first quarter. Unison Advisors LLC now owns 17,430 shares of the industrial products company’s stock valued at $666,000 after acquiring an additional 1,128 shares in the last quarter. Bridge City Capital LLC raised its stake in Insteel Industries by 2.5% in the first quarter. Bridge City Capital LLC now owns 107,150 shares of the industrial products company’s stock valued at $4,095,000 after buying an additional 2,585 shares in the last quarter. Finally, RDA Financial Network lifted its stake in Insteel Industries by 15.7% during the first quarter. RDA Financial Network now owns 10,074 shares of the industrial products company’s stock worth $385,000 after purchasing an additional 1,364 shares during the last quarter. 83.27% of the stock is currently owned by hedge funds and other institutional investors.

Insteel Industries Price Performance

Shares of NASDAQ:IIIN opened at $29.70 on Friday. The company’s fifty day moving average price is $31.72 and its 200 day moving average price is $34.34. Insteel Industries, Inc. has a 12 month low of $26.86 and a 12 month high of $39.38. The firm has a market capitalization of $578.56 million, a P/E ratio of 24.34, a P/E/G ratio of 1.62 and a beta of 1.11.

Insteel Industries (NASDAQ:IIINGet Free Report) last issued its quarterly earnings results on Thursday, April 25th. The industrial products company reported $0.35 earnings per share for the quarter, topping analysts’ consensus estimates of $0.22 by $0.13. The firm had revenue of $127.40 million during the quarter, compared to analysts’ expectations of $134.89 million. Insteel Industries had a net margin of 4.24% and a return on equity of 6.78%. During the same quarter in the prior year, the business earned $0.26 EPS. Insteel Industries’s quarterly revenue was down 19.9% compared to the same quarter last year. On average, sell-side analysts anticipate that Insteel Industries, Inc. will post 1.55 EPS for the current year.

Insteel Industries Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, June 28th. Stockholders of record on Friday, June 14th were paid a dividend of $0.03 per share. The ex-dividend date was Friday, June 14th. This represents a $0.12 dividend on an annualized basis and a dividend yield of 0.40%. Insteel Industries’s dividend payout ratio (DPR) is 9.68%.

Insteel Industries Profile

(Free Report)

Insteel Industries, Inc, together with its subsidiaries, manufactures and markets steel wire reinforcing products for concrete construction applications. The company offers prestressed concrete strand (PC strand) and welded wire reinforcement (WWR) products. 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.

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Institutional Ownership by Quarter for Insteel Industries (NASDAQ:IIIN)

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