Friedman Industries, Incorporated (NYSEAMERICAN:FRD) Director Tim Scott Stevenson Purchases 1,500 Shares

Friedman Industries, Incorporated (NYSEAMERICAN:FRD) Director Tim Scott Stevenson purchased 1,500 shares of the firm’s stock in a transaction dated Tuesday, February 11th. The shares were bought at an average price of $17.23 per share, with a total value of $25,845.00. Following the purchase, the director now owns 28,675 shares in the company, valued at $494,070.25. This represents a 5.52 % increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink.

Friedman Industries Stock Up 2.3 %

FRD opened at $17.18 on Wednesday. Friedman Industries, Incorporated has a fifty-two week low of $13.40 and a fifty-two week high of $19.52. The company has a market cap of $119.74 million, a P/E ratio of 15.07 and a beta of 1.40.

Friedman Industries (NYSEAMERICAN:FRD) last released its quarterly earnings results on Tuesday, November 12th. The company reported ($0.10) earnings per share for the quarter. The company had revenue of $106.76 million during the quarter. Friedman Industries had a net margin of 1.71% and a return on equity of 6.32%.

Friedman Industries Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, February 14th. Investors of record on Friday, January 17th will be issued a dividend of $0.04 per share. The ex-dividend date of this dividend is Friday, January 17th. This represents a $0.16 dividend on an annualized basis and a yield of 0.93%. Friedman Industries’s payout ratio is 14.04%.

Hedge Funds Weigh In On Friedman Industries

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in FRD. Geode Capital Management LLC grew its position in shares of 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 purchasing an additional 7,141 shares in the last quarter. Empowered Funds LLC increased its position in Friedman Industries by 5.3% in the 3rd quarter. Empowered Funds LLC now owns 34,878 shares of the company’s stock valued at $559,000 after acquiring an additional 1,742 shares during the period. De Lisle Partners LLP raised its position in Friedman Industries by 2.9% during the 3rd quarter. De Lisle Partners LLP now owns 419,816 shares of the company’s stock worth $6,644,000 after purchasing an additional 11,689 shares during the last quarter. Corient Private Wealth LLC bought a new position in Friedman Industries during the 4th quarter worth approximately $401,000. Finally, Jones Financial Companies Lllp acquired a new position in shares of Friedman Industries in the 4th quarter valued at about $28,000. 33.26% of the stock is owned by institutional investors.

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.