Insteel Industries (NASDAQ:IIIN) Trading Up 6.8% After Dividend Announcement

Insteel Industries, Inc. (NASDAQ:IIIN - Get Free Report)'s share price was up 6.8% during trading on Tuesday following a dividend announcement from the company. The company traded as high as $30.81 and last traded at $30.46. Approximately 39,279 shares were traded during mid-day trading, a decline of 78% from the average daily volume of 177,018 shares. The stock had previously closed at $28.51.

The newly announced dividend which will be paid on Friday, March 28th. Investors of record on Friday, March 14th will be issued a dividend of $0.03 per share. This represents a $0.12 annualized dividend and a dividend yield of 0.38%. The ex-dividend date is Friday, March 14th. Insteel Industries's dividend payout ratio is currently 12.12%.

Analyst Ratings Changes

Separately, StockNews.com lowered shares of Insteel Industries from a "buy" rating to a "hold" rating in a research report on Saturday, October 26th.

Insteel Industries Stock Up 1.1 %

The stock's 50-day moving average price is $27.94 and its 200 day moving average price is $29.71. The company has a market cap of $606.31 million, a P/E ratio of 31.52, a price-to-earnings-growth ratio of 1.77 and a beta of 1.14.

Insteel Industries (NASDAQ:IIIN - Get Free Report) last posted its quarterly earnings results on Thursday, January 16th. The industrial products company reported $0.06 earnings per share for the quarter, missing analysts' consensus estimates of $0.09 by ($0.03). Insteel Industries had a return on equity of 5.91% and a net margin of 3.58%. The business had revenue of $129.70 million for the quarter, compared to analyst estimates of $117.45 million. During the same quarter in the prior year, the firm earned $0.06 EPS. The firm's quarterly revenue was up 6.5% on a year-over-year basis. Analysts expect that Insteel Industries, Inc. will post 1.33 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the business. BNP Paribas Financial Markets grew its position in shares of Insteel Industries by 8.0% in the 3rd quarter. BNP Paribas Financial Markets now owns 5,885 shares of the industrial products company's stock valued at $183,000 after purchasing an additional 434 shares during the period. The Manufacturers Life Insurance Company grew its position in shares of Insteel Industries by 8.3% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 7,631 shares of the industrial products company's stock valued at $236,000 after purchasing an additional 585 shares during the period. Exchange Traded Concepts LLC grew its position in shares of Insteel Industries by 7.3% in the 4th quarter. Exchange Traded Concepts LLC now owns 10,090 shares of the industrial products company's stock valued at $273,000 after purchasing an additional 690 shares during the period. MetLife Investment Management LLC grew its position in shares of Insteel Industries by 8.5% in the 4th quarter. MetLife Investment Management LLC now owns 11,482 shares of the industrial products company's stock valued at $310,000 after purchasing an additional 902 shares during the period. Finally, Bridge City Capital LLC grew its position in shares of Insteel Industries by 0.8% in the 4th quarter. Bridge City Capital LLC now owns 126,077 shares of the industrial products company's stock valued at $3,405,000 after purchasing an additional 1,027 shares during the period. 83.27% of the stock is owned by institutional investors.

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.