Friedman Industries (NYSEAMERICAN:FRD) Upgraded at StockNews.com

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

Friedman Industries Stock Down 3.3 %

Shares of FRD opened at $13.56 on Tuesday. The stock has a market capitalization of $94.51 million, a price-to-earnings ratio of 11.97 and a beta of 1.38. Friedman Industries has a one year low of $11.15 and a one year high of $19.52.

Friedman Industries Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, November 15th. Stockholders of record on Friday, October 25th were issued a dividend of $0.04 per share. The ex-dividend date of this dividend was Friday, October 25th. This represents a $0.16 annualized dividend and a dividend yield of 1.18%. Friedman Industries’s payout ratio is presently 14.04%.

Insiders Place Their Bets

In related news, Director Max Alan Reichenthal bought 2,000 shares of the firm’s stock in a transaction on Wednesday, September 18th. The stock was acquired at an average cost of $14.00 per share, for a total transaction of $28,000.00. Following the purchase, the director now owns 30,761 shares in the company, valued at approximately $430,654. This represents a 6.95 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Over the last ninety days, insiders bought 5,065 shares of company stock valued at $71,156. Insiders own 4.60% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of the business. O Shaughnessy Asset Management LLC purchased a new stake in shares of Friedman Industries in the first quarter worth $425,000. LSV Asset Management bought a new position in shares of Friedman Industries during the 2nd quarter valued at about $343,000. Empowered Funds LLC increased its holdings in shares of Friedman Industries by 5.3% in the third quarter. Empowered Funds LLC now owns 34,878 shares of the company’s stock worth $559,000 after purchasing an additional 1,742 shares during the last quarter. Callahan Advisors LLC grew its holdings in Friedman Industries by 8.6% during the 2nd quarter. Callahan Advisors LLC now owns 54,131 shares of the company’s stock valued at $817,000 after buying an additional 4,293 shares in the last quarter. Finally, Geode Capital Management LLC increased its stake in Friedman Industries by 11.2% in the 3rd quarter. Geode Capital Management LLC now owns 70,727 shares of the company’s stock worth $1,133,000 after acquiring an additional 7,141 shares during the last quarter. Hedge funds and other 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.