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

Insteel Industries, Inc. (NASDAQ:IIIN) announced a quarterly dividend on Tuesday, February 11th,RTT News reports. Stockholders 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 annualized dividend and a dividend yield of 0.39%.

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

Shares of NASDAQ IIIN traded down $0.32 during midday trading on Wednesday, hitting $31.13. 30,253 shares of the company traded hands, compared to its average volume of 180,997. Insteel Industries has a 12-month low of $23.60 and a 12-month high of $38.40. The firm has a market cap of $604.88 million, a P/E ratio of 31.45, a P/E/G ratio of 1.77 and a beta of 1.14. The stock has a 50-day moving average price of $27.89 and a 200 day moving average price of $29.70.

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