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

Insteel Industries, Inc. (NASDAQ:IIIN) announced a quarterly dividend on Tuesday, May 21st, Wall Street Journal reports. Stockholders of record on Friday, June 14th will be paid a dividend of 0.03 per share by the industrial products company on Friday, June 28th. This represents a $0.12 dividend on an annualized basis and a dividend yield of 0.38%. The ex-dividend date is Friday, June 14th.

Insteel Industries Stock Performance

Shares of IIIN stock traded down $0.23 during trading on Wednesday, hitting $31.98. The company had a trading volume of 91,061 shares, compared to its average volume of 86,316. The firm has a market capitalization of $622.97 million, a P/E ratio of 26.12, a price-to-earnings-growth ratio of 1.74 and a beta of 1.18. The stock’s 50-day moving average price is $34.63 and its 200 day moving average price is $34.96. Insteel Industries has a one year low of $26.86 and a one year high of $39.38.

Insteel Industries (NASDAQ:IIIN) last released its earnings results on Thursday, April 25th. The industrial products company reported $0.35 earnings per share for the quarter, topping the consensus estimate of $0.22 by $0.13. Insteel Industries had a return on equity of 6.78% and a net margin of 4.24%. The firm had revenue of $127.40 million during the quarter, compared to analysts’ expectations of $134.89 million. During the same period in the prior year, the company earned $0.26 earnings per share. The company’s quarterly revenue was down 19.9% on a year-over-year basis. On average, research analysts anticipate that Insteel Industries will post 1.55 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, COO Richard Wagner sold 1,715 shares of the stock in a transaction dated Friday, March 1st. The shares were sold at an average price of $36.14, for a total transaction of $61,980.10. Following the transaction, the chief operating officer now owns 40,952 shares of the company’s stock, valued at approximately $1,480,005.28. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 5.60% of the company’s stock.

Insteel Industries Company Profile

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.