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

Insteel Industries, Inc. (NASDAQ:IIIN) declared a quarterly dividend on Thursday, May 22nd, RTT News reports. Investors of record on Friday, June 13th will be paid a dividend of 0.03 per share by the industrial products company on Friday, June 27th. This represents a $0.12 dividend on an annualized basis and a yield of 0.33%. The ex-dividend date of this dividend is Friday, June 13th.

Insteel Industries has a dividend payout ratio of 4.0% meaning its dividend is sufficiently covered by earnings. Equities analysts expect Insteel Industries to earn $2.98 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 4.0%.

Insteel Industries Price Performance

Shares of NASDAQ IIIN opened at $36.01 on Wednesday. The firm has a market capitalization of $699.10 million, a PE ratio of 36.38, a P/E/G ratio of 1.81 and a beta of 0.72. Insteel Industries has a 1-year low of $22.49 and a 1-year high of $37.61. The business’s fifty day moving average price is $32.82 and its two-hundred day moving average price is $29.74.

Hedge Funds Weigh In On Insteel Industries

A hedge fund recently raised its stake in Insteel Industries stock. AQR Capital Management LLC raised its position in shares of Insteel Industries, Inc. (NASDAQ:IIIN) by 12.4% in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 155,949 shares of the industrial products company’s stock after purchasing an additional 17,168 shares during the period. AQR Capital Management LLC owned 0.80% of Insteel Industries worth $4,101,000 at the end of the most recent quarter. Hedge funds and other institutional investors own 83.27% of the company’s stock.

Insteel Industries Company Profile

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