Friedman Industries (NYSEAMERICAN:FRD) Downgraded to “Hold” at StockNews.com

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

Friedman Industries Stock Performance

Shares of Friedman Industries stock opened at $14.86 on Wednesday. The firm has a market cap of $103.57 million, a price-to-earnings ratio of 6.22 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 posted its quarterly earnings data 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 Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, August 16th. Investors of record on Friday, July 26th were issued a $0.04 dividend. This represents a $0.16 dividend on an annualized basis and a dividend yield of 1.08%. The ex-dividend date of this dividend was Friday, July 26th. Friedman Industries’s payout ratio is 6.69%.

Insider Activity

In other Friedman Industries news, CEO Mike J. Taylor acquired 1,908 shares of Friedman Industries stock in a transaction that occurred on Monday, June 17th. The stock was purchased at an average cost of $16.33 per share, with a total value of $31,157.64. Following the purchase, the chief executive officer now owns 152,154 shares in the company, valued at $2,484,674.82. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. In other news, CEO Mike J. Taylor acquired 5,000 shares of the business’s stock in a transaction that occurred on Tuesday, July 2nd. The stock was acquired at an average cost 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 in the company, valued at $2,278,733. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Mike J. Taylor bought 1,908 shares of the stock in a transaction on Monday, June 17th. The stock was purchased at an average price of $16.33 per share, for a total transaction of $31,157.64. Following the purchase, the chief executive officer now directly owns 152,154 shares of the company’s stock, valued at $2,484,674.82. The disclosure for this purchase can be found here. Over the last quarter, insiders have acquired 13,908 shares of company stock worth $204,998. 3.80% of the stock is owned by corporate insiders.

Institutional Trading of Friedman Industries

Large investors have recently added to or reduced their stakes in the business. Empowered Funds LLC grew its position in 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 acquiring an additional 2,275 shares in the last quarter. Janney Montgomery Scott LLC grew its position in 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 acquiring an additional 4,377 shares in the last quarter. O Shaughnessy Asset Management LLC bought a new stake in Friedman Industries in the first quarter worth approximately $425,000. Hillsdale Investment Management Inc. bought a new stake in Friedman Industries in the first quarter worth approximately $131,000. Finally, Gendell Jeffrey L grew its position in Friedman Industries by 5.9% in the fourth quarter. Gendell Jeffrey L now owns 374,327 shares of the company’s stock worth $5,787,000 after acquiring an additional 20,940 shares in the last quarter. 33.26% of the stock is owned by institutional investors.

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.