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

Insteel Industries, Inc. (NASDAQ:IIIN) announced a quarterly dividend on Thursday, May 22nd, RTT News reports. Stockholders of record on Friday, June 13th will be paid a dividend of 0.03 per share by the industrial products company on Friday, June 27th. This represents a $0.12 annualized dividend and a dividend yield of 0.34%. The ex-dividend date is Friday, June 13th.

Insteel Industries has a payout ratio of 4.0% meaning its dividend is sufficiently covered by earnings. Equities analysts expect Insteel Industries to earn $2.98 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 4.0%.

Insteel Industries Price Performance

IIIN stock opened at $35.61 on Friday. The company has a fifty day moving average price of $30.76 and a 200 day moving average price of $29.27. Insteel Industries has a 12 month low of $22.49 and a 12 month high of $37.61. The company has a market cap of $691.32 million, a price-to-earnings ratio of 35.97, a price-to-earnings-growth ratio of 1.81 and a beta of 0.72.

Institutional Trading of Insteel Industries

An institutional investor recently bought a new position in Insteel Industries stock. Dynamic Technology Lab Private Ltd acquired a new position in shares of Insteel Industries, Inc. (NASDAQ:IIIN) in the first quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor acquired 8,537 shares of the industrial products company’s stock, valued at approximately $225,000. Hedge funds and other institutional investors own 83.27% of the company’s stock.

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.