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

Insteel Industries, Inc. (NASDAQ:IIIN) announced a quarterly dividend on Tuesday, February 11th,RTT News reports. Investors of record on Friday, March 14th will be paid a dividend of 0.03 per share by the industrial products company on Friday, March 28th. This represents a $0.12 annualized dividend and a yield of 0.39%. The ex-dividend date is Friday, March 14th.

Insteel Industries has a dividend payout ratio of 4.3% 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 Stock Down 3.1 %

Shares of IIIN stock opened at $30.47 on Thursday. Insteel Industries has a 12 month low of $23.60 and a 12 month high of $38.40. The firm has a market cap of $591.93 million, a PE ratio of 27.43, a price-to-earnings-growth ratio of 1.77 and a beta of 1.14. The stock has a 50 day moving average of $27.91 and a 200-day moving average of $29.70.

Insteel Industries (NASDAQ:IIIN) last released its earnings results on Thursday, January 16th. The industrial products company reported $0.06 EPS for the quarter, missing the consensus estimate of $0.09 by ($0.03). Insteel Industries had a net margin of 3.58% and a return on equity of 5.91%. The company had revenue of $129.70 million for the quarter, compared to analyst estimates of $117.45 million. During the same quarter in the previous year, the company earned $0.06 earnings per share. Insteel Industries’s revenue for the quarter was up 6.5% compared to the same quarter last year. As a group, equities analysts predict that Insteel Industries will post 1.33 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Separately, StockNews.com cut shares of Insteel Industries from a “buy” rating to a “hold” rating in a research note 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.