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

Key Points

• Insteel Industries, Inc. has declared a quarterly dividend of $0.03 per share, payable on September 26th to shareholders on record as of September 12th.
• The company's payout ratio is 4.0%, indicating that the dividend is well-covered by earnings, with expected earnings of $2.98 per share next year.
• Insteel Industries reported an earnings per share (EPS) of $0.78 for the last quarter, exceeding analysts' expectations by $0.09, with year-over-year revenue growth of 23.4%.

Insteel Industries, Inc. (NASDAQ:IIIN - Get Free Report) announced a quarterly dividend on Tuesday, August 19th, RTT News reports. Shareholders of record on Friday, September 12th will be given a dividend of 0.03 per share by the industrial products company on Friday, September 26th. This represents a c) annualized dividend and a yield of 0.3%. The ex-dividend date of this dividend is Friday, September 12th.

Insteel Industries has a payout ratio of 4.0% indicating that its dividend is sufficiently covered by earnings. Research analysts expect Insteel Industries to earn $2.98 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 4.0%.

Insteel Industries Trading Up 4.5%

Insteel Industries stock traded up $1.6690 during trading hours on Friday, hitting $38.5490. 150,055 shares of the stock traded hands, compared to its average volume of 159,274. The firm's 50-day moving average price is $36.96 and its two-hundred day moving average price is $32.99. The company has a market cap of $748.24 million, a PE ratio of 38.94, a PEG ratio of 1.81 and a beta of 0.74. Insteel Industries has a one year low of $22.49 and a one year high of $41.64.

Insteel Industries (NASDAQ:IIIN - Get Free Report) last posted its quarterly earnings data on Thursday, July 17th. The industrial products company reported $0.78 earnings per share for the quarter, beating the consensus estimate of $0.69 by $0.09. Insteel Industries had a return on equity of 5.91% and a net margin of 3.58%.The business's revenue was up 23.4% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.34 EPS. On average, sell-side analysts expect that Insteel Industries will post 1.38 earnings per share for the current fiscal year.

Institutional Trading of Insteel Industries

Several large investors have recently bought and sold shares of IIIN. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in Insteel Industries by 44.5% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 989,138 shares of the industrial products company's stock valued at $26,014,000 after acquiring an additional 304,671 shares in the last quarter. Invenomic Capital Management LP bought a new stake in Insteel Industries during the 4th quarter valued at approximately $5,811,000. Hsbc Holdings PLC purchased a new position in shares of Insteel Industries during the fourth quarter valued at approximately $4,527,000. Ancora Advisors LLC purchased a new position in shares of Insteel Industries during the first quarter valued at approximately $2,890,000. Finally, Franklin Resources Inc. lifted its holdings in shares of Insteel Industries by 632.0% during the second quarter. Franklin Resources Inc. now owns 87,717 shares of the industrial products company's stock valued at $3,264,000 after purchasing an additional 75,734 shares during the last quarter. 83.27% of the stock is owned by institutional investors.

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.