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 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 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% 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 Trading Down 0.8 %

Shares of IIIN opened at $30.27 on Thursday. The firm has a market cap of $588.75 million, a P/E ratio of 30.58, a price-to-earnings-growth ratio of 2.32 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’s 50-day moving average price is $29.51 and its 200 day moving average price is $31.06.

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

Wall Street Analyst Weigh In

Separately, StockNews.com downgraded 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.