Friedman Industries (NYSEAMERICAN:FRD) Downgraded by StockNews.com

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

Friedman Industries Trading Up 3.9 %

Shares of FRD opened at $16.10 on Monday. The company has a market cap of $112.22 million, a P/E ratio of 6.69 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. The firm had revenue of $114.55 million during the quarter. Friedman Industries had a net margin of 2.48% and a return on equity of 9.65%.

Friedman Industries Dividend Announcement

The company 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 annualized dividend and a yield of 0.99%. The ex-dividend date of this dividend is Friday, October 25th. Friedman Industries’s dividend payout ratio is currently 6.69%.

Insider Activity at Friedman Industries

In related news, Director Max Alan Reichenthal acquired 2,000 shares of Friedman Industries stock in a transaction that occurred on Friday, August 16th. The stock was acquired at an average price of $14.89 per share, for a total transaction of $29,780.00. Following the transaction, the director now directly owns 28,761 shares of the company’s stock, valued at approximately $428,251.29. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. In related news, Director Joe L. Williams purchased 3,000 shares of Friedman Industries stock in a transaction dated Wednesday, July 10th. The stock was bought at an average cost of $14.34 per share, with a total value of $43,020.00. Following the purchase, the director now owns 31,574 shares in the company, valued at approximately $452,771.16. The acquisition was disclosed in a document filed with the SEC, which is available through this link. Also, Director Max Alan Reichenthal acquired 2,000 shares of the firm’s stock in a transaction dated Friday, August 16th. The stock was bought at an average price of $14.89 per share, with a total value of $29,780.00. Following the completion of the acquisition, the director now directly owns 28,761 shares of the company’s stock, valued at $428,251.29. The disclosure for this purchase can be found here. In the last ninety days, insiders have bought 9,365 shares of company stock valued at $134,261. Corporate insiders own 3.80% of the company’s stock.

Hedge Funds Weigh In On Friedman Industries

Several large investors have recently made changes to their positions in FRD. Renaissance Technologies LLC increased its holdings in shares of Friedman Industries by 0.6% in the second quarter. Renaissance Technologies LLC now owns 361,882 shares of the company’s stock valued at $5,464,000 after buying an additional 2,245 shares in the last quarter. Dimensional Fund Advisors LP grew its holdings in shares of Friedman Industries by 0.3% during the second quarter. Dimensional Fund Advisors LP now owns 561,702 shares of the company’s stock valued at $8,482,000 after buying an additional 1,591 shares in the last quarter. LSV Asset Management acquired a new position in Friedman Industries during the second quarter valued at $343,000. Acadian Asset Management LLC boosted its position in Friedman Industries by 1.0% during the 2nd 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. Finally, Callahan Advisors LLC boosted its position in Friedman Industries by 8.6% during the 2nd quarter. Callahan Advisors LLC now owns 54,131 shares of the company’s stock worth $817,000 after acquiring an additional 4,293 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.