Insteel Industries, Inc. (NYSE:IIIN) Shareholders to Receive $0.03 Quarterly Dividend

Insteel Industries, Inc. (NYSE:IIIN) declared a quarterly dividend on Tuesday, November 10th. Stockholders 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 dividend on an annualized basis and a dividend yield of 0.4%. The ex-dividend date of this dividend is Friday, November 27th.

Insteel Industries has decreased its dividend by an average of 0.1% per year over the last three years. Insteel Industries has a dividend payout ratio of 4.0% meaning 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 NYSE:IIIN traded up $0.57 during midday trading on Wednesday, hitting $28.06. 7,332 shares of the company’s stock were exchanged, compared to its average volume of 217,986. The stock has a 50 day moving average price of $29.45 and a 200-day moving average price of $30.81. The company has a market cap of $542.96 million, a PE ratio of 18.48, a price-to-earnings-growth ratio of 1.24 and a beta of 0.52. Insteel Industries has a 12 month low of $24.35 and a 12 month high of $38.45.

Insteel Industries (NYSE:IIIN) last posted its earnings results on Thursday, October 22nd. The company reported $0.40 earnings per share 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 during the quarter. During the same quarter in the previous year, the company earned $0.74 EPS. Insteel Industries’s revenue was up 18.0% compared to the same quarter last year. On average, analysts anticipate that Insteel Industries will post 1.87 EPS for the current fiscal year.

Insiders Place Their Bets

In other Insteel Industries news, COO Richard Wagner sold 1,640 shares of the company’s stock in a transaction dated Thursday, August 27th. The shares were sold at an average price of $30.31, for a total value of $49,708.40. Following the completion of the sale, the chief operating officer directly owned 40,000 shares of the company’s stock, valued at approximately $1,212,400. This represents a 3.94% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Company insiders own 6.20% of the company’s stock.

Hedge Funds Weigh In On Insteel Industries

Several institutional investors have recently modified their holdings of IIIN. Isthmus Partners LLC lifted its holdings in Insteel Industries by 0.4% during the third quarter. Isthmus Partners LLC now owns 102,142 shares of the company’s stock worth $2,975,000 after acquiring an additional 390 shares during the period. Swiss National Bank increased its position in shares of Insteel Industries by 1.9% during the 1st quarter. Swiss National Bank now owns 38,300 shares of the company’s stock valued at $1,287,000 after purchasing an additional 700 shares during the last quarter. First Trust Advisors LP raised its stake in shares of Insteel Industries by 1.2% during the 1st quarter. First Trust Advisors LP now owns 62,565 shares of the company’s stock worth $2,103,000 after purchasing an additional 725 shares during the period. GAMMA Investing LLC raised its stake in shares of Insteel Industries by 71.2% during the 2nd quarter. GAMMA Investing LLC now owns 1,998 shares of the company’s stock worth $60,000 after purchasing an additional 831 shares during the period. Finally, Group One Trading LLC purchased a new position in shares of Insteel Industries in the 2nd quarter worth about $37,000. 83.27% of the stock is owned by institutional investors.

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.