Friedman Industries, Incorporated (NYSEAMERICAN:FRD) Sees Large Increase in Short Interest

Friedman Industries, Incorporated (NYSEAMERICAN:FRDGet Rating) was the recipient of a large growth in short interest during the month of April. As of April 15th, there was short interest totalling 13,800 shares, a growth of 25.5% from the March 31st total of 11,000 shares. Currently, 0.2% of the company’s shares are short sold. Based on an average trading volume of 37,200 shares, the short-interest ratio is presently 0.4 days.

Separately, TheStreet lowered Friedman Industries from a “b-” rating to a “c” rating in a research note on Wednesday, February 16th.

Several institutional investors have recently made changes to their positions in FRD. BlackRock Inc. boosted its stake in shares of Friedman Industries by 7.1% during the fourth quarter. BlackRock Inc. now owns 26,838 shares of the company’s stock valued at $251,000 after purchasing an additional 1,787 shares in the last quarter. Callahan Advisors LLC lifted its holdings in Friedman Industries by 3.2% during the first quarter. Callahan Advisors LLC now owns 66,672 shares of the company’s stock worth $587,000 after buying an additional 2,072 shares during the period. Morgan Stanley boosted its position in Friedman Industries by 8.4% during the 3rd quarter. Morgan Stanley now owns 84,410 shares of the company’s stock valued at $1,005,000 after acquiring an additional 6,510 shares in the last quarter. CastleKnight Management LP purchased a new position in shares of Friedman Industries in the 4th quarter valued at $147,000. Finally, Two Sigma Investments LP bought a new position in shares of Friedman Industries in the 3rd quarter worth $219,000. Hedge funds and other institutional investors own 41.23% of the company’s stock.

FRD stock opened at $9.50 on Tuesday. Friedman Industries has a 12 month low of $7.37 and a 12 month high of $15.63. The stock has a market capitalization of $65.13 million, a P/E ratio of 1.78 and a beta of 0.67.

Friedman Industries (NYSEAMERICAN:FRDGet Rating) last issued its earnings results on Monday, February 14th. The company reported ($0.43) EPS for the quarter. The company had revenue of $51.66 million for the quarter. Friedman Industries had a return on equity of 47.02% and a net margin of 15.68%.

The company also recently announced a quarterly dividend, which will be paid on Friday, May 27th. Shareholders of record on Friday, April 29th will be given a dividend of $0.02 per share. This represents a $0.08 dividend on an annualized basis and a yield of 0.84%. The ex-dividend date is Thursday, April 28th. Friedman Industries’s dividend payout ratio (DPR) is presently 1.50%.

About Friedman Industries (Get Rating)

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.

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