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

Insteel Industries, Inc. (NASDAQ:IIIN) declared a quarterly dividend on Tuesday, February 11th,RTT News reports. Stockholders of record on Friday, March 14th will be paid 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 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 Stock Performance

NASDAQ IIIN traded up $2.94 on Tuesday, hitting $31.45. 290,784 shares of the stock were exchanged, compared to its average volume of 186,999. Insteel Industries has a 52-week low of $23.60 and a 52-week high of $38.40. 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. The stock has a fifty day moving average price of $27.86 and a two-hundred day moving average price of $29.72.

Insteel Industries (NASDAQ:IIIN) last announced its quarterly earnings data on Thursday, January 16th. The industrial products company reported $0.06 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.09 by ($0.03). Insteel Industries had a return on equity of 5.91% and a net margin of 3.58%. The firm had revenue of $129.70 million during the quarter, compared to the consensus estimate of $117.45 million. During the same period in the previous year, the business earned $0.06 EPS. The firm’s revenue for the quarter was up 6.5% on a year-over-year basis. Sell-side analysts expect that Insteel Industries will post 1.33 earnings per share for the current fiscal year.

Analyst Ratings Changes

Separately, StockNews.com lowered 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.