Friedman Industries, Incorporated (FRD) to Issue Quarterly Dividend of $0.04 on May 24th

Friedman Industries, Incorporated (NYSEAMERICAN:FRD) declared a quarterly dividend on Friday, March 22nd, Wall Street Journal reports. Investors of record on Friday, April 26th will be paid a dividend of 0.04 per share on Friday, May 24th. This represents a $0.16 dividend on an annualized basis and a dividend yield of 0.89%. The ex-dividend date is Thursday, April 25th. This is an increase from Friedman Industries’s previous quarterly dividend of $0.02.

Friedman Industries Trading Up 4.3 %

NYSEAMERICAN FRD opened at $18.04 on Friday. Friedman Industries has a 12 month low of $9.50 and a 12 month high of $19.33. The company has a market cap of $125.92 million, a price-to-earnings ratio of 7.10 and a beta of 1.35.

Friedman Industries (NYSEAMERICAN:FRD) last posted its quarterly earnings results on Wednesday, February 14th. The company reported $0.16 EPS for the quarter. Friedman Industries had a return on equity of 15.31% and a net margin of 3.68%. The business had revenue of $115.97 million for the quarter.

Wall Street Analysts Forecast Growth

Separately, StockNews.com upgraded Friedman Industries from a “hold” rating to a “buy” rating in a research report on Friday, February 23rd.

Institutional Investors Weigh In On Friedman Industries

Several large investors have recently added to or reduced their stakes in FRD. Royal Bank of Canada raised its stake in shares of Friedman Industries by 15.6% in the third quarter. Royal Bank of Canada now owns 12,370 shares of the company’s stock valued at $87,000 after acquiring an additional 1,670 shares during the period. Citadel Advisors LLC purchased a new position in shares of Friedman Industries during the third quarter valued at approximately $99,000. BlackRock Inc. boosted its position in shares of Friedman Industries by 10.9% during the second quarter. BlackRock Inc. now owns 19,033 shares of the company’s stock valued at $240,000 after buying an additional 1,877 shares during the period. Northern Trust Corp raised its holdings in shares of Friedman Industries by 94.4% in the fourth quarter. Northern Trust Corp now owns 22,470 shares of the company’s stock worth $347,000 after buying an additional 10,909 shares during the period. Finally, State Street Corp lifted its stake in shares of Friedman Industries by 6.9% during the 1st quarter. State Street Corp now owns 23,247 shares of the company’s stock worth $205,000 after acquiring an additional 1,493 shares during the last quarter. 30.57% 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.