Short Interest in Friedman Industries, Incorporated (NYSEAMERICAN:FRD) Expands By 21.0%

Friedman Industries, Incorporated (NYSEAMERICAN:FRD) was the recipient of a large increase in short interest in the month of March. As of March 31st, there was short interest totalling 24,200 shares, an increase of 21.0% from the March 15th total of 20,000 shares. Based on an average daily trading volume, of 18,000 shares, the days-to-cover ratio is presently 1.3 days. Currently, 0.4% of the shares of the stock are short sold.

Analyst Ratings Changes

Separately, StockNews.com lowered shares of Friedman Industries from a “buy” rating to a “hold” rating in a report on Tuesday, April 15th.

Friedman Industries Stock Performance

Shares of NYSEAMERICAN:FRD traded down $0.30 during trading on Monday, reaching $16.77. The stock had a trading volume of 17,327 shares, compared to its average volume of 15,837. The firm has a market cap of $116.89 million, a P/E ratio of 20.70 and a beta of 1.40. Friedman Industries has a 52 week low of $12.24 and a 52 week high of $19.47.

Friedman Industries Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, May 23rd. Shareholders of record on Friday, April 25th will be issued a $0.04 dividend. This represents a $0.16 dividend on an annualized basis and a yield of 0.95%. The ex-dividend date is Friday, April 25th. Friedman Industries’s payout ratio is 19.75%.

Insider Buying and Selling at Friedman Industries

In related news, Director Tim Scott Stevenson bought 1,500 shares of the company’s stock in a transaction dated Tuesday, February 11th. The stock was purchased at an average price of $17.23 per share, with a total value of $25,845.00. Following the completion of the acquisition, the director now owns 28,675 shares of the company’s stock, valued at $494,070.25. The trade was a 5.52 % increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders have bought a total of 2,700 shares of company stock valued at $42,962 in the last ninety days. 4.60% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Friedman Industries

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Jones Financial Companies Lllp purchased a new position in Friedman Industries during the 4th quarter worth $28,000. Wealthedge Investment Advisors LLC purchased a new position in Friedman Industries during the fourth quarter worth about $204,000. Corient Private Wealth LLC bought a new stake in Friedman Industries in the 4th quarter worth about $401,000. Northern Trust Corp grew its position in Friedman Industries by 38.1% in the 4th quarter. Northern Trust Corp now owns 26,511 shares of the company’s stock worth $405,000 after purchasing an additional 7,320 shares in the last quarter. Finally, Inspire Advisors LLC purchased a new stake in Friedman Industries in the 4th quarter valued at about $422,000. Institutional investors own 33.26% of the company’s stock.

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.