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

Insteel Industries, Inc. (NASDAQ:IIIN) declared 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 dividend on an annualized basis and a yield of 0.40%. The ex-dividend date is Friday, November 29th.

Insteel Industries has a dividend payout ratio of 9.5% indicating that 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 Down 0.8 %

Shares of IIIN opened at $30.27 on Thursday. The stock has a 50 day moving average price of $29.51 and a 200 day moving average price of $31.06. The company has a market capitalization of $588.75 million, a price-to-earnings ratio of 30.58, a price-to-earnings-growth ratio of 2.32 and a beta of 1.12. Insteel Industries has a 52-week low of $26.74 and a 52-week high of $39.38.

Insteel Industries (NASDAQ:IIIN) last announced its quarterly earnings results on Thursday, October 17th. The industrial products company reported $0.24 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.24. The firm 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%. On average, equities analysts anticipate that Insteel Industries will post 1.11 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Separately, StockNews.com downgraded Insteel Industries from a “buy” rating to a “hold” rating in a 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.