Insteel Industries, Inc. (NASDAQ:IIIN) Announces Quarterly Dividend of $0.03

Insteel Industries, Inc. (NASDAQ:IIIN) announced a quarterly dividend on Tuesday, November 12th,Wall Street Journal reports. Shareholders of record on Friday, November 29th will be given a dividend of 0.03 per share by the industrial products company on Friday, December 13th. This represents a $0.12 annualized dividend and a yield of 0.40%. The ex-dividend date of this dividend is Friday, November 29th.

Insteel Industries has a dividend payout ratio of 9.5% meaning its dividend is sufficiently covered by earnings. Equities analysts expect Insteel Industries to earn $2.81 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 4.3%.

Insteel Industries Price Performance

NASDAQ IIIN traded up $0.90 during trading on Wednesday, hitting $30.24. 124,681 shares of the company’s stock traded hands, compared to its average volume of 106,149. The firm has a market cap of $588.17 million, a P/E ratio of 30.53, a PEG ratio of 2.20 and a beta of 1.12. The stock has a fifty day moving average of $29.74 and a two-hundred day moving average of $31.25. Insteel Industries has a 12-month low of $26.74 and a 12-month high of $39.38.

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

Analysts Set New Price Targets

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

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.