Friedman Industries, Incorporated (NYSEAMERICAN:FRD) CEO Mike J. Taylor Purchases 1,322 Shares

Friedman Industries, Incorporated (NYSEAMERICAN:FRD) CEO Mike J. Taylor purchased 1,322 shares of the business’s stock in a transaction dated Tuesday, September 17th. The stock was bought at an average cost of $13.95 per share, with a total value of $18,441.90. Following the completion of the acquisition, the chief executive officer now owns 160,976 shares of the company’s stock, valued at $2,245,615.20. The acquisition was disclosed in a legal filing with the SEC, which is available through the SEC website.

Friedman Industries Stock Up 5.4 %

Shares of NYSEAMERICAN FRD opened at $15.03 on Friday. The stock has a market cap of $104.76 million, a PE ratio of 6.29 and a beta of 1.37. Friedman Industries, Incorporated has a 12 month low of $9.50 and a 12 month high of $19.52.

Friedman Industries (NYSEAMERICAN:FRD) last announced its earnings results on Thursday, August 8th. The company reported $0.37 earnings per share (EPS) for the quarter. The firm had revenue of $114.55 million for the quarter. Friedman Industries had a net margin of 2.48% and a return on equity of 9.65%.

Friedman Industries Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, November 15th. Stockholders of record on Friday, October 25th will be given 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 is Friday, October 25th. Friedman Industries’s dividend payout ratio is currently 6.69%.

Analyst Ratings Changes

Separately, StockNews.com cut Friedman Industries from a “buy” rating to a “hold” rating in a research report on Tuesday.

Hedge Funds Weigh In On Friedman Industries

Several large investors have recently added to or reduced their stakes in the business. Gendell Jeffrey L grew its holdings in Friedman Industries by 16.4% in the 1st quarter. Gendell Jeffrey L now owns 435,666 shares of the company’s stock valued at $8,164,000 after buying an additional 61,339 shares during the period. LSV Asset Management purchased a new position in shares of Friedman Industries during the 2nd quarter worth about $343,000. O Shaughnessy Asset Management LLC acquired a new stake in shares of Friedman Industries in the first quarter worth approximately $425,000. Hillsdale Investment Management Inc. purchased a new stake in Friedman Industries in the first quarter valued at approximately $131,000. Finally, Janney Montgomery Scott LLC increased its position in Friedman Industries by 17.3% during the fourth quarter. Janney Montgomery Scott LLC now owns 29,667 shares of the company’s stock worth $459,000 after purchasing an additional 4,377 shares during the last quarter. 33.26% of the stock is currently owned by hedge funds and other institutional investors.

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.