StockNews.com Downgrades Friedman Industries (NYSEAMERICAN:FRD) to Hold

StockNews.com cut shares of Friedman Industries (NYSEAMERICAN:FRD) from a buy rating to a hold rating in a research note issued to investors on Tuesday.

Friedman Industries Stock Down 1.5 %

FRD opened at $14.47 on Tuesday. The stock has a market cap of $100.86 million, a price-to-earnings ratio of 12.69 and a beta of 1.38. Friedman Industries has a 52 week low of $11.15 and a 52 week high of $19.52.

Friedman Industries Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, November 15th. Investors of record on Friday, October 25th were issued a $0.04 dividend. This represents a $0.16 dividend on an annualized basis and a dividend yield of 1.11%. The ex-dividend date was Friday, October 25th. Friedman Industries’s dividend payout ratio (DPR) is presently 14.04%.

Insider Activity at Friedman Industries

In related news, Director Max Alan Reichenthal bought 2,000 shares of the company’s stock in a transaction dated Wednesday, September 18th. The stock was purchased at an average price of $14.00 per share, for a total transaction of $28,000.00. Following the acquisition, the director now owns 30,761 shares in the company, valued at $430,654. This trade represents a 6.95 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders have acquired a total of 4,365 shares of company stock valued at $61,461 over the last 90 days. 4.60% of the stock is owned by corporate insiders.

Institutional Trading of Friedman Industries

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Janney Montgomery Scott LLC increased its stake in Friedman Industries by 9.6% in the first quarter. Janney Montgomery Scott LLC now owns 32,526 shares of the company’s stock worth $610,000 after purchasing an additional 2,859 shares during the period. Empowered Funds LLC increased its stake in Friedman Industries by 8.0% in the 1st quarter. Empowered Funds LLC now owns 30,796 shares of the company’s stock worth $577,000 after buying an additional 2,275 shares during the period. Hillsdale Investment Management Inc. bought a new stake in Friedman Industries during the 1st quarter valued at about $131,000. O Shaughnessy Asset Management LLC purchased a new stake in Friedman Industries in the 1st quarter valued at about $425,000. Finally, Gendell Jeffrey L grew its stake in Friedman Industries by 16.4% in the 1st quarter. Gendell Jeffrey L now owns 435,666 shares of the company’s stock worth $8,164,000 after acquiring an additional 61,339 shares in the last quarter. 33.26% of the stock is owned by hedge funds and other institutional investors.

About Friedman Industries

Friedman Industries, Incorporated engages in steel processing, pipe manufacturing and processing, and the steel and pipe distribution businesses the United States. It operates in two segments, Coil and Tubular. The Coil segment is involved in the conversion of steel coils into flat sheet and plate steel cut to customer specifications and reselling steel coils.