Friedman Industries, Incorporated (NYSEAMERICAN:FRD) Short Interest Update

Friedman Industries, Incorporated (NYSEAMERICAN:FRD) was the target of a large increase in short interest in the month of December. As of December 15th, there was short interest totalling 9,400 shares, an increase of 129.3% from the November 30th total of 4,100 shares. Approximately 0.1% of the shares of the stock are short sold. Based on an average daily trading volume, of 10,700 shares, the days-to-cover ratio is currently 0.9 days.

Insider Transactions at Friedman Industries

In other news, CEO Mike J. Taylor acquired 2,000 shares of the stock in a transaction that occurred on Thursday, November 21st. The shares were bought at an average cost of $13.50 per share, for a total transaction of $27,000.00. Following the acquisition, the chief executive officer now owns 164,154 shares in the company, valued at approximately $2,216,079. This represents a 1.23 % increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 4.60% of the company’s stock.

Hedge Funds Weigh In On Friedman Industries

Several large investors have recently made changes to their positions in the stock. Acadian Asset Management LLC lifted its stake 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 in the last quarter. Dimensional Fund Advisors LP grew its holdings in shares of Friedman Industries by 0.3% in the second quarter. Dimensional Fund Advisors LP now owns 561,702 shares of the company’s stock valued at $8,482,000 after purchasing an additional 1,591 shares in the last quarter. Empowered Funds LLC increased its stake in Friedman Industries by 5.3% during the 3rd quarter. Empowered Funds LLC now owns 34,878 shares of the company’s stock worth $559,000 after buying an additional 1,742 shares during the period. Renaissance Technologies LLC lifted its holdings in Friedman Industries by 0.6% during 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. Finally, Geode Capital Management LLC lifted its holdings in Friedman Industries by 11.2% during the 3rd quarter. Geode Capital Management LLC now owns 70,727 shares of the company’s stock worth $1,133,000 after buying an additional 7,141 shares in the last quarter. 33.26% of the stock is currently owned by institutional investors and hedge funds.

Friedman Industries Price Performance

NYSEAMERICAN FRD opened at $15.57 on Friday. The firm has a market cap of $108.52 million, a PE ratio of 13.66 and a beta of 1.41. Friedman Industries has a twelve month low of $13.40 and a twelve month high of $19.52.

Friedman Industries Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, February 14th. Stockholders of record on Friday, January 17th will be paid a $0.04 dividend. This represents a $0.16 dividend on an annualized basis and a dividend yield of 1.03%. The ex-dividend date is Friday, January 17th. Friedman Industries’s dividend payout ratio (DPR) is 14.04%.

Analysts Set New Price Targets

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

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.