Friedman Industries (NYSEAMERICAN:FRD) Upgraded to “Buy” by StockNews.com

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

Friedman Industries Trading Up 5.8 %

Friedman Industries stock opened at $16.12 on Monday. The company has a market capitalization of $112.36 million, a PE ratio of 6.74 and a beta of 1.37. Friedman Industries has a 1 year low of $9.50 and a 1 year high of $19.52.

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

Friedman Industries Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, November 15th. Investors of record on Friday, October 25th will be issued a $0.04 dividend. This represents a $0.16 dividend on an annualized basis and a dividend yield of 0.99%. The ex-dividend date is Friday, October 25th. Friedman Industries’s dividend payout ratio (DPR) is currently 6.69%.

Insider Buying and Selling

In other Friedman Industries news, CEO Mike J. Taylor purchased 5,000 shares of the firm’s stock in a transaction on Tuesday, July 2nd. The stock was bought at an average price of $14.50 per share, with a total value of $72,500.00. Following the transaction, the chief executive officer now directly owns 157,154 shares of the company’s stock, valued at approximately $2,278,733. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In other news, Director Max Alan Reichenthal bought 2,000 shares of the business’s stock in a transaction that occurred on Friday, August 16th. The shares were purchased at an average cost of $14.89 per share, for a total transaction of $29,780.00. Following the completion of the purchase, the director now owns 28,761 shares of the company’s stock, valued at $428,251.29. The acquisition was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CEO Mike J. Taylor bought 5,000 shares of Friedman Industries stock in a transaction that occurred on Tuesday, July 2nd. The stock was purchased at an average cost of $14.50 per share, for a total transaction of $72,500.00. Following the acquisition, the chief executive officer now owns 157,154 shares of the company’s stock, valued at $2,278,733. The disclosure for this purchase can be found here. Insiders have acquired a total of 14,365 shares of company stock valued at $206,761 in the last ninety days. Company insiders own 3.80% of the company’s stock.

Institutional Trading of Friedman Industries

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Acadian Asset Management LLC increased its holdings in shares of Friedman Industries by 1.0% in 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 last quarter. Dimensional Fund Advisors LP increased its stake in Friedman Industries by 0.3% in the second quarter. Dimensional Fund Advisors LP now owns 561,702 shares of the company’s stock valued at $8,482,000 after purchasing an additional 1,591 shares during the last quarter. Renaissance Technologies LLC raised its holdings in Friedman Industries by 0.6% during the second quarter. Renaissance Technologies LLC now owns 361,882 shares of the company’s stock worth $5,464,000 after purchasing an additional 2,245 shares in the last quarter. Empowered Funds LLC lifted its position in shares of 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 buying an additional 2,275 shares during the last quarter. Finally, Janney Montgomery Scott LLC lifted its position in shares of Friedman Industries by 9.6% during the 1st quarter. Janney Montgomery Scott LLC now owns 32,526 shares of the company’s stock worth $610,000 after buying an additional 2,859 shares during the last quarter. 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.