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

Insteel Industries, Inc. (NASDAQ:IIIN) declared a quarterly dividend on Tuesday, February 11th,RTT News reports. Shareholders of record on Friday, March 14th will be given a dividend of 0.03 per share by the industrial products company on Friday, March 28th. This represents a $0.12 dividend on an annualized basis and a dividend yield of 0.38%.

Insteel Industries has a dividend payout ratio of 4.3% meaning its dividend is sufficiently covered by earnings. 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 Trading Up 10.3 %

Insteel Industries stock traded up $2.94 during mid-day trading on Tuesday, hitting $31.45. The stock had a trading volume of 290,784 shares, compared to its average volume of 186,999. The firm’s 50 day moving average is $27.86 and its 200 day moving average is $29.72. The firm has a market capitalization of $611.15 million, a P/E ratio of 31.77, a P/E/G ratio of 1.77 and a beta of 1.14. Insteel Industries has a one year low of $23.60 and a one year high of $38.40.

Insteel Industries (NASDAQ:IIIN) last posted its quarterly earnings results on Thursday, January 16th. The industrial products company reported $0.06 EPS for the quarter, missing analysts’ consensus estimates of $0.09 by ($0.03). Insteel Industries had a return on equity of 5.91% and a net margin of 3.58%. The business had revenue of $129.70 million during the quarter, compared to analysts’ expectations of $117.45 million. During the same period in the prior year, the firm posted $0.06 earnings per share. The firm’s revenue for the quarter was up 6.5% on a year-over-year basis. As a group, equities research analysts forecast that Insteel Industries will post 1.33 earnings per share for the current year.

Analysts Set New Price Targets

Separately, StockNews.com cut shares of Insteel Industries from a “buy” rating to a “hold” rating in a research note 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.