Principal Financial Group Inc. Sells 12,843 Shares of Insteel Industries, Inc. (NASDAQ:IIIN)

Principal Financial Group Inc. lessened its holdings in shares of Insteel Industries, Inc. (NASDAQ:IIIN) by 12.3% during the 3rd quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 91,857 shares of the industrial products company’s stock after selling 12,843 shares during the quarter. Principal Financial Group Inc. owned approximately 0.47% of Insteel Industries worth $2,856,000 at the end of the most recent reporting period.

Other institutional investors have also recently added to or reduced their stakes in the company. Ellsworth Advisors LLC increased its stake in shares of Insteel Industries by 7.2% during the 3rd quarter. Ellsworth Advisors LLC now owns 16,527 shares of the industrial products company’s stock worth $514,000 after purchasing an additional 1,109 shares during the last quarter. Cardinal Capital Management boosted its holdings in Insteel Industries by 12.3% in the third quarter. Cardinal Capital Management now owns 34,318 shares of the industrial products company’s stock worth $1,067,000 after purchasing an additional 3,747 shares in the last quarter. The Manufacturers Life Insurance Company increased its position in Insteel Industries by 8.3% during the second quarter. The Manufacturers Life Insurance Company now owns 7,631 shares of the industrial products company’s stock worth $236,000 after buying an additional 585 shares during the last quarter. Public Sector Pension Investment Board raised its holdings in Insteel Industries by 6.2% during the second quarter. Public Sector Pension Investment Board now owns 42,861 shares of the industrial products company’s stock valued at $1,327,000 after buying an additional 2,489 shares in the last quarter. Finally, First Eagle Investment Management LLC raised its holdings in Insteel Industries by 26.8% during the second quarter. First Eagle Investment Management LLC now owns 353,806 shares of the industrial products company’s stock valued at $10,954,000 after buying an additional 74,791 shares in the last quarter. 83.27% of the stock is currently owned by institutional investors and hedge funds.

Insteel Industries Stock Up 1.2 %

Shares of Insteel Industries stock opened at $30.49 on Friday. Insteel Industries, Inc. has a 12-month low of $26.74 and a 12-month high of $39.38. The stock has a 50 day moving average price of $29.58 and a two-hundred day moving average price of $31.13. The stock has a market capitalization of $592.99 million, a P/E ratio of 30.79, a PEG ratio of 2.22 and a beta of 1.12.

Insteel Industries (NASDAQ:IIIN) last posted its quarterly earnings data on Thursday, October 17th. The industrial products company reported $0.24 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.24. Insteel Industries had a net margin of 3.65% and a return on equity of 5.63%. The business had revenue of $134.30 million during the quarter, compared to the consensus estimate of $140.40 million. Sell-side analysts anticipate that Insteel Industries, Inc. will post 1.11 earnings per share for the current year.

Insteel Industries Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, December 13th. Stockholders of record on Friday, November 29th will be given a $0.03 dividend. This represents a $0.12 annualized dividend and a dividend yield of 0.39%. The ex-dividend date of this dividend is Friday, November 29th. Insteel Industries’s dividend payout ratio is currently 12.12%.

Wall Street Analysts Forecast Growth

Separately, StockNews.com lowered Insteel Industries from a “buy” rating to a “hold” rating in a report on Saturday, October 26th.

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.