Insteel Industries Inc (NASDAQ:IIIN) Announces $0.03 Quarterly Dividend

Insteel Industries Inc (NASDAQ:IIIN) announced a quarterly dividend on Tuesday, May 15th, RTT News reports. Stockholders of record on Friday, June 15th will be given a dividend of 0.03 per share by the industrial products company on Friday, June 29th. This represents a $0.12 annualized dividend and a dividend yield of 0.35%. The ex-dividend date of this dividend is Thursday, June 14th.

Shares of Insteel Industries opened at $34.10 on Wednesday, according to MarketBeat Ratings. Insteel Industries has a 1 year low of $23.20 and a 1 year high of $34.32. The stock has a market cap of $635.58 million, a PE ratio of 31.16 and a beta of 2.00.

Insteel Industries (NASDAQ:IIIN) last posted its quarterly earnings data on Monday, April 23rd. The industrial products company reported $0.31 EPS for the quarter, missing the Zacks’ consensus estimate of $0.47 by ($0.16). Insteel Industries had a net margin of 6.18% and a return on equity of 9.36%. The company had revenue of $107.40 million for the quarter, compared to the consensus estimate of $107.30 million. During the same quarter last year, the company earned $0.39 earnings per share. The company’s revenue was up 6.1% compared to the same quarter last year.

IIIN has been the topic of a number of research analyst reports. BidaskClub upgraded shares of Insteel Industries from a “buy” rating to a “strong-buy” rating in a research note on Tuesday, May 22nd. Sidoti upgraded shares of Insteel Industries from a “neutral” rating to a “buy” rating and set a $34.00 price objective on the stock in a research note on Wednesday, April 11th.

In other Insteel Industries news, VP James F. Petelle sold 1,634 shares of the stock in a transaction on Friday, May 18th. The shares were sold at an average price of $32.00, for a total transaction of $52,288.00. Following the sale, the vice president now directly owns 16,532 shares of the company’s stock, valued at $529,024. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Scot R. Jafroodi sold 5,591 shares of the stock in a transaction on Thursday, May 24th. The stock was sold at an average price of $31.75, for a total transaction of $177,514.25. Following the sale, the insider now directly owns 24,666 shares in the company, valued at $783,145.50. The disclosure for this sale can be found here. Corporate insiders own 5.70% of the company’s stock.

About Insteel Industries

Insteel Industries, Inc, together with its subsidiaries, manufactures and markets steel wire reinforcing products for concrete construction applications. The company markets prestressed concrete strand (PC strand) and welded wire reinforcement (WWR). 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.

Dividend History for Insteel Industries (NASDAQ:IIIN)

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