Tree Island Steel Ltd. (TSE:TSL)’s share price was down 9.3% during trading on Tuesday . The company traded as low as C$2.53 and last traded at C$2.70. Approximately 58,938 shares traded hands during mid-day trading, an increase of 86% from the average daily volume of 31,752 shares. The stock had previously closed at C$2.47.

A number of equities analysts recently commented on TSL shares. Raymond James Financial decreased their price objective on shares of Tree Island Steel from C$4.00 to C$3.00 and set a “market perform” rating for the company in a research note on Friday, November 3rd. Canaccord Genuity decreased their price objective on shares of Tree Island Steel from C$3.75 to C$3.25 in a research note on Friday, November 3rd. Finally, Pi Financial decreased their price objective on shares of Tree Island Steel from C$5.00 to C$3.25 in a research note on Friday, November 3rd.

The company also recently disclosed a quarterly dividend, which will be paid on Monday, January 15th. Investors of record on Friday, December 29th will be paid a $0.02 dividend. This represents a $0.08 dividend on an annualized basis and a yield of 2.97%. The ex-dividend date is Thursday, December 28th. Tree Island Steel’s dividend payout ratio is -800.00%.

In other news, insider Island Steel Ltd. (Former Tree acquired 65,600 shares of the firm’s stock in a transaction that occurred on Tuesday, September 26th. The stock was purchased at an average price of C$3.10 per share, with a total value of C$203,360.00.

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About Tree Island Steel

Tree Island Steel Ltd. manufactures and sells steel wire and wire products for industrial, construction, agricultural, and specialty applications in Canada, the United States, and internationally. It offers residential products, including bulk nails, collated nails, packaged nails and fasteners, bulk screws, and packaged nails and fasteners, as well as nail head identification systems; and woven wires, welded wires, and corners and accessories.

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