Principal Financial Group Inc. Boosts Position in Insteel Industries Inc (IIIN)

Principal Financial Group Inc. increased its holdings in shares of Insteel Industries Inc (NASDAQ:IIIN) by 6.2% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 155,543 shares of the industrial products company’s stock after acquiring an additional 9,147 shares during the period. Principal Financial Group Inc. owned approximately 0.81% of Insteel Industries worth $3,777,000 at the end of the most recent reporting period.

A number of other large investors have also bought and sold shares of the stock. BlackRock Inc. boosted its stake in Insteel Industries by 2.2% during the fourth quarter. BlackRock Inc. now owns 2,692,847 shares of the industrial products company’s stock worth $65,381,000 after acquiring an additional 59,135 shares in the last quarter. Royce & Associates LP boosted its stake in Insteel Industries by 56.2% during the fourth quarter. Royce & Associates LP now owns 1,195,585 shares of the industrial products company’s stock worth $29,029,000 after acquiring an additional 429,995 shares in the last quarter. Vanguard Group Inc boosted its stake in Insteel Industries by 2.9% during the third quarter. Vanguard Group Inc now owns 1,106,078 shares of the industrial products company’s stock worth $39,686,000 after acquiring an additional 30,667 shares in the last quarter. Vanguard Group Inc. boosted its stake in Insteel Industries by 2.9% during the third quarter. Vanguard Group Inc. now owns 1,106,078 shares of the industrial products company’s stock worth $39,686,000 after acquiring an additional 30,667 shares in the last quarter. Finally, Thomson Horstmann & Bryant Inc. boosted its stake in Insteel Industries by 4.0% during the fourth quarter. Thomson Horstmann & Bryant Inc. now owns 378,415 shares of the industrial products company’s stock worth $9,187,000 after acquiring an additional 14,658 shares in the last quarter. 78.69% of the stock is currently owned by institutional investors and hedge funds.

NASDAQ:IIIN opened at $22.40 on Wednesday. Insteel Industries Inc has a one year low of $19.30 and a one year high of $43.78. The stock has a market cap of $418.87 million, a P/E ratio of 13.13 and a beta of 1.80.

Insteel Industries (NASDAQ:IIIN) last issued its earnings results on Thursday, January 17th. The industrial products company reported $0.21 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.14 by $0.07. The business had revenue of $104.11 million during the quarter, compared to analysts’ expectations of $106.79 million. Insteel Industries had a net margin of 7.02% and a return on equity of 13.50%. The business’s revenue for the quarter was up 6.5% compared to the same quarter last year. During the same period in the previous year, the company earned $0.42 earnings per share.

The company also recently announced a quarterly dividend, which was paid on Friday, March 29th. Shareholders of record on Friday, March 15th were issued a $0.03 dividend. The ex-dividend date was Thursday, March 14th. This represents a $0.12 annualized dividend and a yield of 0.54%.

IIIN has been the topic of several research reports. BidaskClub raised shares of Insteel Industries from a “strong sell” rating to a “sell” rating in a research note on Tuesday, December 18th. Sidoti raised shares of Insteel Industries from a “neutral” rating to a “buy” rating and set a $25.00 price objective on the stock in a research note on Thursday, January 24th. Finally, TheStreet lowered shares of Insteel Industries from a “b-” rating to a “c” rating in a research note on Thursday, January 17th.

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About Insteel Industries

Insteel Industries, Inc, together with its subsidiaries, manufactures and markets steel wire reinforcing products for concrete construction applications. The company offers pre-stressed 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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