Insteel Industries Inc. (IIIN) Declares $0.03 Quarterly Dividend
Insteel Industries Inc. (NASDAQ:IIIN) announced a quarterly dividend on Wednesday, November 16th. Investors of record on Wednesday, December 14th will be given a dividend of 0.03 per share on Friday, January 6th. This represents a $0.12 annualized dividend and a yield of 0.35%. The ex-dividend date is Monday, December 12th.
Insteel Industries (NASDAQ:IIIN) traded up 0.12% during midday trading on Wednesday, reaching $34.25. 228,773 shares of the company traded hands. Insteel Industries has a 12-month low of $18.72 and a 12-month high of $37.22. The company has a 50-day moving average price of $31.39 and a 200-day moving average price of $31.15. The company has a market cap of $649.89 million, a price-to-earnings ratio of 17.56 and a beta of 2.17.
Insteel Industries (NASDAQ:IIIN) last issued its earnings results on Thursday, October 20th. The company reported $0.51 EPS for the quarter, missing analysts’ consensus estimates of $0.61 by $0.10. The firm earned $103.10 million during the quarter, compared to analyst estimates of $125.11 million. Insteel Industries had a net margin of 8.90% and a return on equity of 18.03%. The business’s revenue for the quarter was down 12.7% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.51 earnings per share. On average, analysts predict that Insteel Industries will post $2.03 earnings per share for the current fiscal year.
In other Insteel Industries news, VP Michael C. Gazmarian sold 9,488 shares of the stock in a transaction on Friday, September 9th. The stock was sold at an average price of $33.37, for a total transaction of $316,614.56. Following the completion of the transaction, the vice president now directly owns 73,684 shares in the company, valued at $2,458,835.08. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Chairman H O. Woltz III sold 15,000 shares of the stock in a transaction on Thursday, September 1st. The stock was sold at an average price of $33.13, for a total value of $496,950.00. Following the transaction, the chairman now owns 474,544 shares of the company’s stock, valued at $15,721,642.72. The disclosure for this sale can be found here. 9.80% of the stock is owned by corporate insiders.
Separately, Rosenblatt Securities upped their target price on Insteel Industries from $31.00 to $34.00 and gave the company a “neutral” rating in a research note on Friday, July 22nd.
Insteel Industries Company Profile
Insteel Industries, Inc (Insteel) is a manufacturer of steel wire reinforcing products for concrete construction applications. The Company manufactures and markets PC strand and welded wire reinforcement (WWR), including Engineered Structural Mesh (ESM), concrete pipe reinforcement (CPR) and standard welded wire reinforcement (SWWR).
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