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

Insteel Industries, Inc. (NASDAQ:IIIN) announced a quarterly dividend on Tuesday, November 12th,Wall Street Journal reports. Investors of record on Friday, November 29th will be paid 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 dividend yield of 0.40%. The ex-dividend date is Friday, November 29th.

Insteel Industries has a dividend 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 Stock Up 3.1 %

NASDAQ IIIN opened at $30.24 on Thursday. The stock has a market capitalization of $588.17 million, a PE ratio of 30.55, a price-to-earnings-growth ratio of 2.20 and a beta of 1.12. Insteel Industries has a 12-month low of $26.74 and a 12-month high of $39.38. The company has a 50 day moving average price of $29.71 and a two-hundred day moving average price of $31.25.

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

Wall Street Analysts Forecast Growth

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

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.