Principal Financial Group Inc. Lowers Position in Insteel Industries, Inc. (NASDAQ:IIIN)

Principal Financial Group Inc. decreased its holdings in shares of Insteel Industries, Inc. (NASDAQ:IIIN) by 12.3% in the 3rd quarter, Holdings Channel reports. The firm owned 91,857 shares of the industrial products company’s stock after selling 12,843 shares during the period. Principal Financial Group Inc.’s holdings in Insteel Industries were worth $2,856,000 at the end of the most recent reporting period.

Several other institutional investors also recently modified their holdings of the stock. Point72 Asset Management L.P. purchased a new position in Insteel Industries in the 3rd quarter worth approximately $34,000. Point72 DIFC Ltd purchased a new position in Insteel Industries in the third quarter worth $37,000. Quantbot Technologies LP purchased a new stake in Insteel Industries during the third quarter valued at about $121,000. Zurcher Kantonalbank Zurich Cantonalbank lifted its stake in 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 worth $175,000 after purchasing an additional 2,812 shares during the last quarter. Finally, BNP Paribas Financial Markets boosted its holdings in shares of Insteel Industries by 8.0% in the 3rd quarter. BNP Paribas Financial Markets now owns 5,885 shares of the industrial products company’s stock worth $183,000 after purchasing an additional 434 shares in the last quarter. 83.27% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

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

Insteel Industries Stock Performance

IIIN stock opened at $26.03 on Friday. The firm has a market cap of $506.34 million, a P/E ratio of 26.29, a P/E/G ratio of 2.21 and a beta of 1.14. The firm’s fifty day moving average is $28.96 and its 200 day moving average is $30.47. Insteel Industries, Inc. has a 52 week low of $25.91 and a 52 week high of $38.40.

Insteel Industries (NASDAQ:IIIN) last released its earnings results on Thursday, October 17th. The industrial products company reported $0.24 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.24. The company had revenue of $134.30 million during the quarter, compared to analyst estimates of $140.40 million. Insteel Industries had a return on equity of 5.63% and a net margin of 3.65%. As a group, analysts forecast that Insteel Industries, Inc. will post 1.11 EPS for the current year.

Insteel Industries Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, December 13th. Investors of record on Friday, November 29th were issued a dividend of $0.03 per share. The ex-dividend date of this dividend was Friday, November 29th. This represents a $0.12 dividend on an annualized basis and a yield of 0.46%. Insteel Industries’s dividend payout ratio is currently 12.12%.

Insteel Industries 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.