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.
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.
See Also: What is a price target?
Receive News & Ratings for Insteel Industries Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Insteel Industries and related companies with MarketBeat.com's FREE daily email newsletter.