Insteel Industries Inc (NASDAQ:IIIN) declared a quarterly dividend on Tuesday, August 14th, Zacks reports. Stockholders of record on Friday, September 14th will be given a dividend of 0.03 per share by the industrial products company on Friday, September 28th. This represents a $0.12 annualized dividend and a dividend yield of 0.31%. The ex-dividend date is Thursday, September 13th.
Shares of IIIN stock traded down $0.03 during trading on Friday, hitting $38.61. The company’s stock had a trading volume of 102,690 shares, compared to its average volume of 127,186. The firm has a market cap of $737.46 million, a PE ratio of 28.00 and a beta of 2.16. Insteel Industries has a 52 week low of $23.84 and a 52 week high of $43.78.
Insteel Industries (NASDAQ:IIIN) last released its earnings results on Thursday, July 19th. The industrial products company reported $0.67 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.52 by $0.15. The company had revenue of $126.69 million during the quarter, compared to analyst estimates of $119.02 million. Insteel Industries had a return on equity of 11.96% and a net margin of 7.15%. Insteel Industries’s quarterly revenue was up 30.7% on a year-over-year basis. During the same period in the prior year, the company posted $0.36 earnings per share.
Several equities analysts have recently issued reports on IIIN shares. BidaskClub lowered Insteel Industries from a “strong-buy” rating to a “buy” rating in a report on Saturday, August 18th. Sidoti lowered Insteel Industries from a “buy” rating to a “neutral” rating in a report on Monday, July 9th.
In other Insteel Industries news, insider Scot R. Jafroodi sold 5,670 shares of the stock in a transaction on Wednesday, August 8th. The stock was sold at an average price of $42.97, for a total transaction of $243,639.90. Following the completion of the transaction, the insider now directly owns 29,438 shares of the company’s stock, valued at $1,264,950.86. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Charles B. Newsome sold 6,000 shares of the stock in a transaction on Wednesday, August 15th. The shares were sold at an average price of $40.59, for a total value of $243,540.00. Following the transaction, the director now directly owns 74,712 shares of the company’s stock, valued at $3,032,560.08. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 140,523 shares of company stock valued at $5,760,476. 5.70% of the stock is currently owned by corporate insiders.
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.
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