Empowered Funds LLC Increases Holdings in Friedman Industries, Incorporated (NYSEAMERICAN:FRD)

Empowered Funds LLC raised its holdings in shares of Friedman Industries, Incorporated (NYSEAMERICAN:FRD) by 5.3% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 34,878 shares of the company’s stock after purchasing an additional 1,742 shares during the period. Empowered Funds LLC’s holdings in Friedman Industries were worth $559,000 at the end of the most recent quarter.

Other institutional investors have also recently made changes to their positions in the company. LSV Asset Management bought a new position in Friedman Industries in the 2nd quarter worth $343,000. O Shaughnessy Asset Management LLC bought a new position in shares of Friedman Industries during the 1st quarter valued at about $425,000. 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. Acadian Asset Management LLC grew its holdings in shares of Friedman Industries by 1.0% in the second quarter. Acadian Asset Management LLC now owns 135,794 shares of the company’s stock valued at $2,048,000 after purchasing an additional 1,337 shares in the last quarter. Finally, Renaissance Technologies LLC grew its stake in shares of Friedman Industries by 0.6% in the 2nd quarter. Renaissance Technologies LLC now owns 361,882 shares of the company’s stock worth $5,464,000 after buying an additional 2,245 shares in the last quarter. Hedge funds and other institutional investors own 33.26% of the company’s stock.

Insider Transactions at Friedman Industries

In related news, Director Max Alan Reichenthal acquired 2,000 shares of the company’s stock in a transaction dated Wednesday, September 18th. The shares were purchased at an average cost of $14.00 per share, with a total value of $28,000.00. Following the completion of the acquisition, the director now directly owns 30,761 shares of the company’s stock, valued at $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 the SEC website. Insiders have bought a total of 5,065 shares of company stock valued at $71,156 in the last 90 days. Insiders own 4.60% of the company’s stock.

Friedman Industries Stock Performance

FRD opened at $15.08 on Monday. Friedman Industries, Incorporated has a 12-month low of $11.15 and a 12-month high of $19.52. The firm has a market cap of $105.11 million, a PE ratio of 13.23 and a beta of 1.38.

Friedman Industries Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, November 15th. Stockholders of record on Friday, October 25th were issued a $0.04 dividend. This represents a $0.16 dividend on an annualized basis and a dividend yield of 1.06%. The ex-dividend date was Friday, October 25th. Friedman Industries’s dividend payout ratio is currently 14.04%.

Wall Street Analysts Forecast Growth

Separately, StockNews.com raised shares of Friedman Industries from a “hold” rating to a “buy” rating in a research note on Tuesday, November 19th.

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.