Principal Financial Group Inc. Buys 2,244 Shares of Insteel Industries, Inc. (NASDAQ:IIIN)

Principal Financial Group Inc. increased its stake in shares of Insteel Industries, Inc. (NASDAQ:IIIN) by 2.4% during the 1st quarter, according to the company in its most recent filing with the SEC. The fund owned 96,847 shares of the industrial products company’s stock after purchasing an additional 2,244 shares during the quarter. Principal Financial Group Inc. owned 0.50% of Insteel Industries worth $2,547,000 at the end of the most recent quarter.

Several other large investors have also recently modified their holdings of the stock. Vanguard Group Inc. increased its position in shares of Insteel Industries by 3.5% during the 4th quarter. Vanguard Group Inc. now owns 1,241,131 shares of the industrial products company’s stock valued at $33,523,000 after purchasing an additional 41,908 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in shares of Insteel Industries by 5.7% during the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 684,467 shares of the industrial products company’s stock valued at $18,487,000 after purchasing an additional 36,978 shares during the last quarter. American Century Companies Inc. increased its position in shares of Insteel Industries by 1.1% during the 4th quarter. American Century Companies Inc. now owns 537,495 shares of the industrial products company’s stock valued at $14,518,000 after purchasing an additional 5,935 shares during the last quarter. Robotti Robert increased its position in shares of Insteel Industries by 0.4% during the 4th quarter. Robotti Robert now owns 299,245 shares of the industrial products company’s stock valued at $8,083,000 after purchasing an additional 1,110 shares during the last quarter. Finally, Northern Trust Corp increased its position in shares of Insteel Industries by 11.5% during the 4th quarter. Northern Trust Corp now owns 227,528 shares of the industrial products company’s stock valued at $6,146,000 after purchasing an additional 23,427 shares during the last quarter. Institutional investors own 83.27% of the company’s stock.

Insteel Industries Stock Performance

NASDAQ IIIN opened at $36.13 on Friday. The company has a market cap of $701.32 million, a P/E ratio of 36.49, a P/E/G ratio of 1.81 and a beta of 0.72. The business’s 50 day moving average price is $36.65 and its 200-day moving average price is $31.27. Insteel Industries, Inc. has a fifty-two week low of $22.49 and a fifty-two week high of $41.64.

Insteel Industries (NASDAQ:IIIN) last released its earnings results on Thursday, July 17th. The industrial products company reported $0.78 earnings per share for the quarter, beating the consensus estimate of $0.69 by $0.09. Insteel Industries had a return on equity of 5.91% and a net margin of 3.58%. The company’s quarterly revenue was up 23.4% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.34 EPS. As a group, equities analysts predict that Insteel Industries, Inc. will post 1.38 EPS for the current year.

Insteel Industries Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, June 27th. Shareholders of record on Friday, June 13th were given a $0.03 dividend. This represents a $0.12 annualized dividend and a yield of 0.33%. The ex-dividend date was Friday, June 13th. Insteel Industries’s dividend payout ratio (DPR) is presently 10.34%.

Insteel Industries Company Profile

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.