Friedman Industries (NYSEAMERICAN:FRD) Downgraded by StockNews.com to Hold

StockNews.com cut shares of Friedman Industries (NYSEAMERICAN:FRD) from a buy rating to a hold rating in a research note released on Tuesday.

Friedman Industries Stock Up 2.4 %

Shares of NYSEAMERICAN FRD opened at $16.09 on Tuesday. The stock has a market cap of $112.15 million, a PE ratio of 19.86 and a beta of 1.40. Friedman Industries has a 12 month low of $12.24 and a 12 month high of $19.47.

Friedman Industries Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, May 23rd. Investors of record on Friday, April 25th will be issued a $0.04 dividend. The ex-dividend date of this dividend is Friday, April 25th. This represents a $0.16 dividend on an annualized basis and a yield of 0.99%. Friedman Industries’s payout ratio is currently 19.75%.

Insider Activity at Friedman Industries

In other Friedman Industries news, Director Tim Scott Stevenson acquired 1,500 shares of Friedman Industries stock in a transaction that occurred on Tuesday, February 11th. The stock was bought at an average price of $17.23 per share, with a total value of $25,845.00. Following the completion of the purchase, the director now directly owns 28,675 shares of the company’s stock, valued at approximately $494,070.25. This represents a 5.52 % increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Over the last three months, insiders have purchased 2,700 shares of company stock worth $42,962. Corporate insiders own 4.60% of the company’s stock.

Institutional Investors Weigh In On Friedman Industries

Several institutional investors have recently bought and sold shares of the company. Geode Capital Management LLC lifted 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 buying an additional 7,141 shares during the last quarter. Inspire Advisors LLC acquired a new stake in Friedman Industries during the fourth quarter worth approximately $422,000. Empowered Funds LLC increased its holdings in shares of Friedman Industries by 5.0% during the 4th quarter. Empowered Funds LLC now owns 36,629 shares of the company’s stock worth $560,000 after buying an additional 1,751 shares during the last quarter. Corient Private Wealth LLC acquired a new position in shares of Friedman Industries during the fourth quarter worth about $401,000. Finally, Jones Financial Companies Lllp acquired a new stake in shares of Friedman Industries during the fourth quarter valued at about $28,000. 33.26% of the stock is currently owned by institutional investors and hedge funds.

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.