Friedman Industries (NYSEAMERICAN:FRD) Rating Increased to Buy at StockNews.com

StockNews.com upgraded shares of Friedman Industries (NYSEAMERICAN:FRD) from a hold rating to a buy rating in a report released on Tuesday.

Friedman Industries Stock Performance

Shares of Friedman Industries stock opened at $13.81 on Tuesday. The company has a market cap of $96.26 million, a P/E ratio of 12.11 and a beta of 1.38. Friedman Industries has a 1 year low of $11.15 and a 1 year high of $19.52.

Friedman Industries Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, November 15th. Stockholders of record on Friday, October 25th were issued a dividend of $0.04 per share. This represents a $0.16 annualized dividend and a dividend yield of 1.16%. The ex-dividend date of this dividend was Friday, October 25th. Friedman Industries’s dividend payout ratio (DPR) is currently 14.04%.

Insider Activity at Friedman Industries

In related news, Director Max Alan Reichenthal bought 2,000 shares of the business’s stock in a transaction on Wednesday, September 18th. The shares were purchased at an average cost of $14.00 per share, with a total value of $28,000.00. Following the acquisition, the director now owns 30,761 shares of the company’s stock, valued at $430,654. This represents a 6.95 % increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders acquired a total of 4,365 shares of company stock worth $61,461 in the last quarter. 4.60% of the stock is owned by insiders.

Institutional Investors Weigh In On Friedman Industries

Several large investors have recently modified their holdings of FRD. O Shaughnessy Asset Management LLC bought a new stake in Friedman Industries in the first quarter worth approximately $425,000. Renaissance Technologies LLC increased its stake in shares of Friedman Industries by 0.6% in the 2nd quarter. Renaissance Technologies LLC now owns 361,882 shares of the company’s stock valued at $5,464,000 after acquiring an additional 2,245 shares in the last quarter. Acadian Asset Management LLC lifted its position in shares of Friedman Industries by 1.0% during the 2nd quarter. Acadian Asset Management LLC now owns 135,794 shares of the company’s stock valued at $2,048,000 after acquiring an additional 1,337 shares during the period. Dimensional Fund Advisors LP boosted its stake in Friedman Industries by 0.3% during the second quarter. Dimensional Fund Advisors LP now owns 561,702 shares of the company’s stock worth $8,482,000 after acquiring an additional 1,591 shares in the last quarter. Finally, LSV Asset Management acquired a new stake in Friedman Industries in the second quarter worth $343,000. 33.26% of the stock is currently owned by institutional investors and hedge funds.

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.