Insteel Industries Inc (NASDAQ:IIIN) declared a quarterly dividend on Tuesday, November 12th, Zacks reports. Shareholders of record on Monday, December 16th will be given a dividend of 0.03 per share by the industrial products company on Friday, January 3rd. This represents a $0.12 dividend on an annualized basis and a yield of 0.53%. The ex-dividend date of this dividend is Friday, December 13th.
Insteel Industries has a payout ratio of 41.4% indicating that its dividend is sufficiently covered by earnings.
IIIN stock traded up $0.23 during midday trading on Wednesday, reaching $22.52. 72,676 shares of the company were exchanged, compared to its average volume of 117,393. The business has a 50-day moving average price of $21.21 and a two-hundred day moving average price of $20.03. Insteel Industries has a one year low of $17.49 and a one year high of $25.92. The firm has a market capitalization of $433.37 million, a price-to-earnings ratio of 86.54 and a beta of 1.73.
Insteel Industries (NASDAQ:IIIN) last released its quarterly earnings data on Thursday, October 17th. The industrial products company reported ($0.09) EPS for the quarter, missing the Zacks’ consensus estimate of $0.19 by ($0.28). Insteel Industries had a return on equity of 1.99% and a net margin of 1.23%. The company had revenue of $113.40 million for the quarter, compared to the consensus estimate of $126.88 million. During the same period last year, the firm earned $0.49 earnings per share. The company’s revenue for the quarter was down 6.6% compared to the same quarter last year.
A number of equities analysts have commented on the stock. Sidoti lifted their price objective on shares of Insteel Industries from $23.00 to $26.00 and gave the stock a “buy” rating in a research report on Wednesday, November 27th. BidaskClub cut shares of Insteel Industries from a “buy” rating to a “hold” rating in a research report on Saturday, September 21st.
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 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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