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

Insteel Industries, Inc. (NASDAQ:IIIN) announced a quarterly dividend on Wednesday, November 13th,Wall Street Journal reports. Investors 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 is Friday, November 29th.

Insteel Industries has a payout ratio of 9.5% indicating that its dividend is sufficiently covered by earnings. Equities research 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

Shares of NASDAQ:IIIN traded up $0.88 during trading hours on Wednesday, hitting $30.22. 124,678 shares of the company’s stock traded hands, compared to its average volume of 106,149. The firm has a market capitalization of $587.78 million, a P/E ratio of 29.64, a price-to-earnings-growth ratio of 2.20 and a beta of 1.12. The business has a fifty day moving average price of $29.74 and a 200-day moving average price of $31.25. Insteel Industries has a 1 year low of $26.74 and a 1 year high of $39.38.

Insteel Industries (NASDAQ:IIIN) last posted its earnings results on Thursday, October 17th. The industrial products company reported $0.24 EPS for the quarter, meeting analysts’ consensus estimates of $0.24. The business had revenue of $134.30 million for 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, equities analysts predict that Insteel Industries will post 1.11 earnings per share for the current year.

Analysts Set New Price Targets

Separately, StockNews.com lowered Insteel Industries from a “buy” rating to a “hold” rating in a research 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.