Insteel Industries, Inc. (IIIN) to Issue Quarterly Dividend of $0.03 on September 27th

Insteel Industries, Inc. (NASDAQ:IIIN) declared a quarterly dividend on Tuesday, August 13th, Wall Street Journal reports. Stockholders of record on Friday, September 13th will be paid a dividend of 0.03 per share by the industrial products company on Friday, September 27th. This represents a $0.12 dividend on an annualized basis and a dividend yield of 0.37%. The ex-dividend date of this dividend is Friday, September 13th.

Insteel Industries has a payout ratio of 6.5% indicating that its dividend is sufficiently covered by earnings. Research analysts expect Insteel Industries to earn $2.03 per share next year, which means the company should continue to be able to cover its $0.12 annual dividend with an expected future payout ratio of 5.9%.

Insteel Industries Trading Up 2.7 %

IIIN stock traded up $0.86 during mid-day trading on Thursday, reaching $32.57. The company’s stock had a trading volume of 42,301 shares, compared to its average volume of 98,999. The company’s 50 day moving average is $31.50 and its two-hundred day moving average is $33.47. Insteel Industries has a fifty-two week low of $26.86 and a fifty-two week high of $39.38. The stock has a market cap of $634.30 million, a PE ratio of 26.06, a P/E/G ratio of 2.78 and a beta of 1.11.

Insteel Industries (NASDAQ:IIIN) last announced its earnings results on Thursday, July 18th. The industrial products company reported $0.34 EPS for the quarter, missing analysts’ consensus estimates of $0.43 by ($0.09). The business had revenue of $145.80 million during the quarter, compared to analysts’ expectations of $153.04 million. Insteel Industries had a net margin of 3.67% and a return on equity of 5.78%. Insteel Industries’s quarterly revenue was down 12.0% on a year-over-year basis. During the same period in the previous year, the company posted $0.54 earnings per share. On average, analysts forecast that Insteel Industries will post 0.99 earnings per share for the current fiscal year.

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.