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

Insteel Industries, Inc. (NASDAQ:IIIN) declared a quarterly dividend on Tuesday, February 11th,RTT News reports. Investors 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 0.39%.

Insteel Industries has a payout ratio of 4.3% indicating that 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 Stock Performance

Shares of IIIN stock traded down $0.32 during mid-day trading on Wednesday, reaching $31.13. 30,253 shares of the company’s stock traded hands, compared to its average volume of 180,997. The firm has a market capitalization of $604.88 million, a PE ratio of 31.45, a price-to-earnings-growth ratio of 1.77 and a beta of 1.14. Insteel Industries has a 12 month low of $23.60 and a 12 month high of $38.40. The firm has a 50 day moving average price of $27.89 and a two-hundred day moving average price of $29.70.

Insteel Industries (NASDAQ:IIIN) last issued 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 company had revenue of $129.70 million during the quarter, compared to analysts’ expectations of $117.45 million. During the same quarter in the previous year, the company earned $0.06 EPS. The business’s quarterly revenue was up 6.5% compared to the same quarter last year. As a group, equities analysts expect that Insteel Industries will post 1.33 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Separately, StockNews.com lowered shares of 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.