Insider Buying: Friedman Industries, Incorporated (NYSEAMERICAN:FRD) CEO Acquires 2,000 Shares of Stock

Friedman Industries, Incorporated (NYSEAMERICAN:FRD) CEO Mike J. Taylor purchased 2,000 shares of Friedman Industries stock in a transaction dated Thursday, November 21st. The shares were bought at an average cost of $13.50 per share, for a total transaction of $27,000.00. Following the transaction, the chief executive officer now directly owns 164,154 shares of the company’s stock, valued at approximately $2,216,079. The trade was a 1.23 % increase in their position. The purchase was disclosed in a legal filing with the SEC, which is accessible through this hyperlink.

Friedman Industries Stock Down 2.0 %

Shares of NYSEAMERICAN:FRD opened at $14.80 on Thursday. The stock has a market cap of $103.16 million, a P/E ratio of 13.25 and a beta of 1.38. Friedman Industries, Incorporated has a fifty-two week low of $11.15 and a fifty-two week high of $19.52.

Friedman Industries Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, November 15th. Stockholders of record on Friday, October 25th were given a dividend of $0.04 per share. This represents a $0.16 dividend on an annualized basis and a dividend yield of 1.08%. The ex-dividend date of this dividend was Friday, October 25th. Friedman Industries’s payout ratio is 14.04%.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in FRD. O Shaughnessy Asset Management LLC acquired a new position in Friedman Industries during the 1st quarter valued at about $425,000. Callahan Advisors LLC boosted its position in shares of Friedman Industries by 8.6% during the second quarter. Callahan Advisors LLC now owns 54,131 shares of the company’s stock worth $817,000 after buying an additional 4,293 shares during the period. Acadian Asset Management LLC grew its holdings in Friedman Industries by 1.0% in the 2nd quarter. Acadian Asset Management LLC now owns 135,794 shares of the company’s stock worth $2,048,000 after buying an additional 1,337 shares in the last quarter. LSV Asset Management acquired a new stake in Friedman Industries in the 2nd quarter valued at approximately $343,000. Finally, Dimensional Fund Advisors LP raised its stake in Friedman Industries by 0.3% during the 2nd quarter. Dimensional Fund Advisors LP now owns 561,702 shares of the company’s stock valued at $8,482,000 after acquiring an additional 1,591 shares in the last quarter. Institutional investors and hedge funds own 33.26% of the company’s stock.

Analyst Upgrades and Downgrades

Separately, StockNews.com raised Friedman Industries from a “hold” rating to a “buy” rating in a research report on Tuesday, November 19th.

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.