Insteel Industries, Inc. (IIIN) To Go Ex-Dividend on November 27th

Insteel Industries, Inc. (NYSE:IIIN) announced 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 annualized dividend and a dividend yield of 0.4%. The ex-dividend date 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. Equities research 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 Stock Performance

IIIN opened at $27.97 on Thursday. The firm’s 50-day simple moving average is $29.41 and its 200-day simple moving average is $30.78. Insteel Industries has a twelve month low of $24.35 and a twelve month high of $38.45. The firm has a market cap of $541.28 million, a price-to-earnings ratio of 17.74, a PEG ratio of 1.23 and a beta of 0.52.

Insteel Industries (NYSE:IIIN) last announced its quarterly earnings results on Thursday, October 22nd. The company reported $0.40 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.49 by ($0.09). The firm had revenue of $209.28 million for the quarter. Insteel Industries had a net margin of 4.00% and a return on equity of 8.17%. The firm’s revenue was up 18.0% compared to the same quarter last year. During the same period in the prior year, the company earned $0.74 earnings per share. As a group, sell-side analysts anticipate that Insteel Industries will post 1.87 EPS for the current fiscal year.

Insider Transactions at Insteel Industries

In other news, COO Richard Wagner sold 1,640 shares of the firm’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 transaction, the chief operating officer owned 40,000 shares of the company’s stock, valued at approximately $1,212,400. This trade represents a 3.94% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 6.20% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of IIIN. BlackRock Inc. acquired a new position in shares of Insteel Industries in the 2nd quarter valued at approximately $46,014,000. Robotti Robert acquired a new position in Insteel Industries in the 2nd quarter worth $14,421,000. Diamond Hill Capital Management LLC Investment Advisor acquired a new position in Insteel Industries in the 2nd quarter worth $9,023,000. Bank of New York Mellon Corp bought a new position in Insteel Industries during the 2nd quarter worth about $6,726,000. Finally, Icon Advisers Inc. Co. acquired a new stake in shares of Insteel Industries in the 1st quarter valued at about $3,126,000. Institutional investors and hedge funds own 83.27% of the company’s stock.

Insteel Industries Company Profile

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.