Insider Buying: Friedman Industries, Incorporated (NYSEAMERICAN:FRD) CEO Acquires $18,441.90 in Stock

Friedman Industries, Incorporated (NYSEAMERICAN:FRD) CEO Mike J. Taylor bought 1,322 shares of the stock in a transaction that occurred on Tuesday, September 17th. The shares were purchased at an average cost of $13.95 per share, with a total value of $18,441.90. Following the purchase, the chief executive officer now directly owns 160,976 shares of the company’s stock, valued at $2,245,615.20. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website.

Friedman Industries Trading Up 5.4 %

Friedman Industries stock opened at $15.03 on Friday. The company has a market cap of $104.76 million, a price-to-earnings ratio of 6.29 and a beta of 1.37. Friedman Industries, Incorporated has a 52-week low of $9.50 and a 52-week high of $19.52.

Friedman Industries (NYSEAMERICAN:FRD) last issued its earnings results on Thursday, August 8th. The company reported $0.37 earnings per share (EPS) for the quarter. The business had revenue of $114.55 million for the quarter. Friedman Industries had a net margin of 2.48% and a return on equity of 9.65%.

Friedman Industries Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, November 15th. Stockholders of record on Friday, October 25th will be paid a $0.04 dividend. The ex-dividend date of this dividend is Friday, October 25th. This represents a $0.16 annualized dividend and a dividend yield of 1.06%. Friedman Industries’s dividend payout ratio is presently 6.69%.

Wall Street Analyst Weigh In

Separately, StockNews.com downgraded Friedman Industries from a “buy” rating to a “hold” rating in a research note on Tuesday, September 17th.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the company. Hillsdale Investment Management Inc. bought a new position in shares of Friedman Industries in the first quarter valued at $131,000. LSV Asset Management acquired a new stake in shares of Friedman Industries in the 2nd quarter worth about $343,000. O Shaughnessy Asset Management LLC bought a new position in Friedman Industries in the 1st quarter valued at about $425,000. Janney Montgomery Scott LLC boosted its stake in Friedman Industries by 17.3% during the 4th quarter. Janney Montgomery Scott LLC now owns 29,667 shares of the company’s stock valued at $459,000 after purchasing an additional 4,377 shares during the last quarter. Finally, Empowered Funds LLC increased its holdings in Friedman Industries by 8.0% during the 1st quarter. Empowered Funds LLC now owns 30,796 shares of the company’s stock worth $577,000 after purchasing an additional 2,275 shares in the last quarter. 33.26% of the stock is owned by institutional investors and hedge funds.

Friedman Industries Company Profile

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.