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

Insteel Industries Inc (NASDAQ:IIIN) announced a quarterly dividend on Wednesday, May 20th, Wall Street Journal reports. Stockholders of record on Friday, June 12th will be given a dividend of 0.03 per share by the industrial products company on Friday, June 26th. This represents a $0.12 dividend on an annualized basis and a dividend yield of 0.72%. The ex-dividend date of this dividend is Thursday, June 11th.

Insteel Industries has a dividend payout ratio of 20.0% meaning its dividend is sufficiently covered by earnings.

Shares of IIIN stock traded up $0.93 during trading hours on Wednesday, reaching $16.70. The company had a trading volume of 62,412 shares, compared to its average volume of 120,121. The stock has a fifty day moving average of $15.75 and a 200-day moving average of $19.61. The company has a market capitalization of $318.19 million, a price-to-earnings ratio of 59.39 and a beta of 1.94. Insteel Industries has a 12-month low of $10.00 and a 12-month high of $26.61.

Insteel Industries (NASDAQ:IIIN) last posted its quarterly earnings results on Thursday, April 16th. The industrial products company reported $0.24 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.10 by $0.14. The business had revenue of $114.86 million during the quarter. Insteel Industries had a return on equity of 2.16% and a net margin of 1.18%.

IIIN has been the topic of several recent analyst reports. Sidoti increased their target price on Insteel Industries from $17.00 to $19.00 and gave the company a “buy” rating in a report on Tuesday, April 14th. BidaskClub lowered Insteel Industries from a “sell” rating to a “strong sell” rating in a report on Thursday, May 14th.

About Insteel Industries

Insteel Industries, Inc, together with its subsidiaries, manufactures and markets steel wire reinforcing products for concrete construction applications. The company offers pre-stressed 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.

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Dividend History for Insteel Industries (NASDAQ:IIIN)

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