Insteel Industries, Inc. (IIIN) To Go Ex-Dividend on November 28th

Insteel Industries, Inc. (NASDAQ:IIIN) declared a quarterly dividend on Tuesday, November 11th. Stockholders of record on Friday, November 28th will be given a dividend of 1.00 per share by the industrial products company on Friday, December 12th. This represents a c) annualized dividend and a dividend yield of 12.3%. The ex-dividend date of this dividend is Friday, November 28th.

Insteel Industries has increased its dividend by an average of 0.6%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. Research 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 Stock Up 1.8%

Shares of NASDAQ:IIIN opened at $32.41 on Thursday. The company has a market cap of $629.29 million, a PE ratio of 32.74, a P/E/G ratio of 1.81 and a beta of 0.83. Insteel Industries has a fifty-two week low of $22.49 and a fifty-two week high of $41.64. The firm has a 50-day simple moving average of $35.48 and a 200 day simple moving average of $36.18.

Insteel Industries (NASDAQ:IIIN) last issued its earnings results on Thursday, October 16th. The industrial products company reported $0.74 EPS for the quarter, missing analysts’ consensus estimates of $0.79 by ($0.05). Insteel Industries had a net margin of 3.58% and a return on equity of 5.91%. The firm’s revenue was up 32.0% compared to the same quarter last year. During the same period last year, the company earned $0.24 earnings per share. As a group, research analysts forecast that Insteel Industries will post 1.38 EPS for the current fiscal year.

Insider Buying and Selling

In other Insteel Industries news, SVP James R. York sold 3,000 shares of the stock in a transaction on Friday, August 22nd. The stock was sold at an average price of $38.50, for a total value of $115,500.00. Following the sale, the senior vice president directly owned 9,443 shares of the company’s stock, valued at $363,555.50. This trade represents a 24.11% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 6.00% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the company. Vanguard Group Inc. boosted its position in shares of Insteel Industries by 4.2% during the third quarter. Vanguard Group Inc. now owns 1,397,496 shares of the industrial products company’s stock worth $53,580,000 after buying an additional 55,712 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its holdings in shares of Insteel Industries by 44.5% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 989,138 shares of the industrial products company’s stock valued at $26,014,000 after purchasing an additional 304,671 shares during the period. Geode Capital Management LLC raised its stake in shares of Insteel Industries by 0.4% during the second quarter. Geode Capital Management LLC now owns 448,861 shares of the industrial products company’s stock valued at $16,704,000 after purchasing an additional 1,919 shares in the last quarter. Invenomic Capital Management LP lifted its holdings in Insteel Industries by 63.4% in the first quarter. Invenomic Capital Management LP now owns 351,653 shares of the industrial products company’s stock worth $9,248,000 after purchasing an additional 136,494 shares during the period. Finally, Robotti Robert grew its position in Insteel Industries by 0.8% in the 1st quarter. Robotti Robert now owns 301,740 shares of the industrial products company’s stock valued at $7,936,000 after buying an additional 2,495 shares in the last quarter. 83.27% of the stock is owned by institutional investors and hedge funds.

About Insteel Industries

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.