Insteel Industries, Inc. (NYSE:IIIN) Announces Quarterly Dividend of $0.03

Insteel Industries, Inc. (NYSE:IIIN) declared a quarterly dividend on Tuesday, November 10th. Shareholders of record on Friday, November 27th will be paid a dividend of $0.03 per share on Friday, December 11th. This represents a $0.12 annualized dividend and a dividend yield of 0.4%. The ex-dividend date is Friday, November 27th.

Insteel Industries has decreased its dividend by an average of 0.1% annually over the last three years. Insteel Industries has a dividend payout ratio of 4.0% indicating that its dividend is sufficiently covered by earnings. Analysts expect Insteel Industries to earn $2.33 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 5.2%.

Insteel Industries Price Performance

Shares of IIIN traded up $0.30 during mid-day trading on Wednesday, reaching $27.80. 14,931 shares of the company’s stock traded hands, compared to its average volume of 217,987. The stock has a market cap of $537.83 million, a P/E ratio of 18.28, a P/E/G ratio of 1.24 and a beta of 0.52. The stock’s 50-day moving average is $29.45 and its two-hundred day moving average is $30.81. Insteel Industries has a 12 month low of $24.35 and a 12 month high of $38.45.

Insteel Industries (NYSE:IIIN) last issued its quarterly earnings results on Thursday, October 22nd. The company reported $0.40 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.49 by ($0.09). Insteel Industries had a return on equity of 8.17% and a net margin of 4.00%. The business had revenue of $209.28 million for the quarter. During the same period in the prior year, the company earned $0.74 earnings per share. The business’s revenue was up 18.0% compared to the same quarter last year. Research analysts predict that Insteel Industries will post 1.87 earnings per share for the current year.

Analysts Set New Price Targets

A number of research firms have weighed in on IIIN. Zacks Research lowered Insteel Industries from a “hold” rating to a “strong sell” rating in a research note on Monday, October 26th. Weiss Ratings reissued a “hold (c)” rating on shares of Insteel Industries in a research note on Friday, October 30th. Finally, Wall Street Zen upgraded shares of Insteel Industries from a “sell” rating to a “hold” rating in a report on Saturday, July 18th. One analyst has rated the stock with a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, Insteel Industries currently has a consensus rating of “Reduce”.

About Insteel Industries

Insteel Industries, Inc. manufactures steel wire reinforcing products used in concrete construction. Its primary products include welded wire reinforcement and prestressed concrete strand, which help reinforce concrete in applications such as buildings, roads, bridges and other infrastructure. The company sells its products to manufacturers and distributors serving the construction industry. Its operations are based in the United States, with manufacturing facilities located across the country. Founded in 1953, Insteel is headquartered in Mount Airy, North Carolina.