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 Down 1.1 %

Shares of FRD opened at $15.23 on Monday. The company has a market capitalization of $106.15 million, a P/E ratio of 6.37 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 issued its quarterly earnings results on Thursday, August 8th. The company reported $0.37 EPS for the quarter. Friedman Industries had a net margin of 2.48% and a return on equity of 9.65%. The business had revenue of $114.55 million for the quarter.

Friedman Industries Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, November 15th. Shareholders of record on Friday, October 25th will be given a dividend of $0.04 per share. This represents a $0.16 dividend on an annualized basis and a yield of 1.05%. The ex-dividend date of this dividend is Friday, October 25th. Friedman Industries’s payout ratio is currently 6.69%.

Insider Buying and Selling at Friedman Industries

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

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. Empowered Funds LLC grew its holdings in shares of Friedman Industries by 8.0% in the first quarter. Empowered Funds LLC now owns 30,796 shares of the company’s stock worth $577,000 after purchasing an additional 2,275 shares during the last quarter. Janney Montgomery Scott LLC grew its holdings in shares of Friedman Industries by 17.3% in the fourth quarter. Janney Montgomery Scott LLC now owns 29,667 shares of the company’s stock worth $459,000 after purchasing an additional 4,377 shares during the last quarter. O Shaughnessy Asset Management LLC purchased a new stake in Friedman Industries in the first quarter worth $425,000. Hillsdale Investment Management Inc. purchased a new stake in Friedman Industries in the first quarter worth $131,000. Finally, Acadian Asset Management LLC lifted its stake in Friedman Industries by 1.0% in the second quarter. Acadian Asset Management LLC now owns 135,794 shares of the company’s stock worth $2,048,000 after acquiring an additional 1,337 shares during the period. Institutional investors own 33.26% of the company’s stock.

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.