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 note issued to investors on Monday morning.

Friedman Industries Trading Up 5.8 %

NYSEAMERICAN:FRD opened at $16.12 on Monday. Friedman Industries has a 52-week low of $9.50 and a 52-week high of $19.52. The company has a market cap of $112.36 million, a P/E ratio of 6.74 and a beta of 1.37.

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

Friedman Industries Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, November 15th. Stockholders of record on Friday, October 25th will be paid a dividend of $0.04 per share. The ex-dividend date of this dividend is Friday, October 25th. This represents a $0.16 annualized dividend and a dividend yield of 0.99%. Friedman Industries’s dividend payout ratio (DPR) is 6.69%.

Insider Buying and Selling

In related news, Director Max Alan Reichenthal bought 2,000 shares of the company’s stock in a transaction dated Wednesday, September 18th. The shares were acquired at an average price of $14.00 per share, with a total value of $28,000.00. Following the completion of the acquisition, the director now owns 30,761 shares in the company, valued at approximately $430,654. The transaction was disclosed in a document filed with the SEC, which is available through this link. In other news, Director Max Alan Reichenthal bought 2,000 shares of the stock in a transaction dated Wednesday, September 18th. The shares were acquired at an average price 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 in the company, valued at $430,654. The acquisition was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Mike J. Taylor purchased 5,000 shares of the business’s stock in a transaction that occurred on Tuesday, July 2nd. The shares were purchased at an average cost of $14.50 per share, with a total value of $72,500.00. Following the completion of the acquisition, the chief executive officer now directly owns 157,154 shares of the company’s stock, valued at $2,278,733. The disclosure for this purchase can be found here. Insiders have purchased a total of 14,365 shares of company stock valued at $206,761 over the last quarter. 3.80% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Friedman Industries

Large investors have recently modified their holdings of the business. Hillsdale Investment Management Inc. purchased a new position in shares of Friedman Industries in the 1st quarter valued at about $131,000. LSV Asset Management purchased a new position in Friedman Industries in the second quarter valued at about $343,000. O Shaughnessy Asset Management LLC purchased a new position in Friedman Industries in the first quarter valued at about $425,000. Janney Montgomery Scott LLC lifted its position in shares of Friedman Industries by 17.3% during the 4th quarter. Janney Montgomery Scott LLC now owns 29,667 shares of the company’s stock valued at $459,000 after acquiring an additional 4,377 shares during the period. Finally, Empowered Funds LLC boosted its stake in shares of Friedman Industries by 8.0% during the 1st quarter. Empowered Funds LLC now owns 30,796 shares of the company’s stock worth $577,000 after acquiring an additional 2,275 shares in the last quarter. 33.26% of the stock is owned by hedge funds and other 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.