Principal Financial Group Inc. Acquires 2,746 Shares of Insteel Industries, Inc. (NASDAQ:IIIN)

Principal Financial Group Inc. raised its holdings in Insteel Industries, Inc. (NASDAQ:IIIN) by 3.0% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 94,603 shares of the industrial products company’s stock after acquiring an additional 2,746 shares during the period. Principal Financial Group Inc. owned about 0.49% of Insteel Industries worth $2,555,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the business. Point72 Asset Management L.P. acquired a new stake in shares of Insteel Industries during the third quarter valued at about $34,000. Point72 DIFC Ltd acquired a new stake in shares of Insteel Industries during the third quarter valued at about $37,000. Nisa Investment Advisors LLC boosted its stake in shares of Insteel Industries by 3,568.6% during the fourth quarter. Nisa Investment Advisors LLC now owns 2,568 shares of the industrial products company’s stock valued at $69,000 after purchasing an additional 2,498 shares in the last quarter. Quantbot Technologies LP acquired a new stake in shares of Insteel Industries during the third quarter valued at about $121,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in shares of Insteel Industries by 100.3% during the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 5,615 shares of the industrial products company’s stock valued at $175,000 after purchasing an additional 2,812 shares in the last quarter. Institutional investors own 83.27% of the company’s stock.

Insteel Industries Trading Down 2.8 %

Shares of IIIN stock opened at $26.23 on Wednesday. The business’s 50-day moving average price is $27.95 and its 200-day moving average price is $29.44. Insteel Industries, Inc. has a 12 month low of $23.60 and a 12 month high of $38.40. The firm has a market capitalization of $509.58 million, a price-to-earnings ratio of 26.49, a PEG ratio of 1.81 and a beta of 1.14.

Insteel Industries (NASDAQ:IIIN) last announced its quarterly earnings results on Thursday, January 16th. The industrial products company reported $0.06 EPS for the quarter, missing analysts’ consensus estimates of $0.09 by ($0.03). Insteel Industries had a net margin of 3.58% and a return on equity of 5.91%. The firm had revenue of $129.70 million for the quarter, compared to analyst estimates of $117.45 million. During the same period in the previous year, the business posted $0.06 earnings per share. The business’s revenue for the quarter was up 6.5% compared to the same quarter last year. On average, sell-side analysts predict that Insteel Industries, Inc. will post 1.38 earnings per share for the current fiscal year.

Insteel Industries Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, March 28th. Investors of record on Friday, March 14th will be paid a $0.03 dividend. This represents a $0.12 dividend on an annualized basis and a dividend yield of 0.46%. The ex-dividend date is Friday, March 14th. Insteel Industries’s dividend payout ratio is currently 12.12%.

About Insteel Industries

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.