Friedman Industries (NYSEAMERICAN:FRD) Raised to Buy at StockNews.com

StockNews.com upgraded shares of Friedman Industries (NYSEAMERICAN:FRD) from a hold rating to a buy rating in a report published on Tuesday morning.

Friedman Industries Stock Up 11.2 %

NYSEAMERICAN FRD opened at $15.08 on Tuesday. Friedman Industries has a one year low of $11.15 and a one year high of $19.52. The stock has a market capitalization of $105.11 million, a P/E ratio of 12.16 and a beta of 1.38.

Friedman Industries Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, November 15th. Investors of record on Friday, October 25th were issued a $0.04 dividend. This represents a $0.16 annualized dividend and a yield of 1.06%. The ex-dividend date was Friday, October 25th. Friedman Industries’s dividend payout ratio is currently 14.04%.

Insider Activity

In other Friedman Industries news, Director Max Alan Reichenthal acquired 2,000 shares of the business’s stock in a transaction dated Wednesday, September 18th. The stock was purchased at an average price of $14.00 per share, with a total value of $28,000.00. Following the transaction, the director now directly owns 30,761 shares in the company, valued at approximately $430,654. The trade was a 6.95 % increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Insiders have bought 5,065 shares of company stock valued at $71,156 in the last ninety days. 4.60% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Friedman Industries

Hedge funds have recently modified their holdings of the company. Dimensional Fund Advisors LP grew its position in shares of Friedman Industries by 0.3% during the second quarter. Dimensional Fund Advisors LP now owns 561,702 shares of the company’s stock worth $8,482,000 after purchasing an additional 1,591 shares in the last quarter. Gendell Jeffrey L boosted its stake in Friedman Industries by 16.4% in the 1st quarter. Gendell Jeffrey L now owns 435,666 shares of the company’s stock worth $8,164,000 after purchasing an additional 61,339 shares during the period. De Lisle Partners LLP grew its holdings in Friedman Industries by 2.9% during the 3rd quarter. De Lisle Partners LLP now owns 419,816 shares of the company’s stock valued at $6,644,000 after buying an additional 11,689 shares in the last quarter. Renaissance Technologies LLC raised its position in shares of Friedman Industries by 0.6% during the second quarter. Renaissance Technologies LLC now owns 361,882 shares of the company’s stock valued at $5,464,000 after buying an additional 2,245 shares during the last quarter. Finally, Acadian Asset Management LLC raised its position in shares of Friedman Industries by 1.0% during the second quarter. Acadian Asset Management LLC now owns 135,794 shares of the company’s stock valued at $2,048,000 after buying an additional 1,337 shares during the last quarter. 33.26% of the stock is currently 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.