StockNews.com cut shares of Friedman Industries (NYSEAMERICAN:FRD – Free Report) 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
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.
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