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

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 given a dividend of 0.03 per share by the industrial products company on Friday, December 13th. This represents a $0.12 dividend on an annualized basis and a yield of 0.40%. The ex-dividend date of this dividend is Friday, November 29th.

Insteel Industries has a dividend payout ratio of 9.5% 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 Stock Performance

Shares of NASDAQ:IIIN traded up $0.90 on Wednesday, reaching $30.24. The company’s stock had a trading volume of 124,681 shares, compared to its average volume of 106,149. The company has a 50-day simple moving average of $29.74 and a 200 day simple moving average of $31.25. The company has a market cap of $588.17 million, a P/E ratio of 30.53, a PEG ratio of 2.20 and a beta of 1.12. Insteel Industries has a 52-week low of $26.74 and a 52-week high of $39.38.

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

Wall Street Analyst Weigh In

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