Acadian Asset Management LLC Reduces Stock Position in Friedman Industries Inc. $FRD

Acadian Asset Management LLC lowered its holdings in shares of Friedman Industries Inc. (NASDAQ:FRD) by 0.5% in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 129,557 shares of the company’s stock after selling 658 shares during the quarter. Acadian Asset Management LLC owned 1.86% of Friedman Industries worth $1,927,000 as of its most recent SEC filing.

A number of other large investors also recently bought and sold shares of the business. Mink Brook Asset Management LLC boosted its holdings in Friedman Industries by 0.5% during the 1st quarter. Mink Brook Asset Management LLC now owns 189,616 shares of the company’s stock valued at $2,823,000 after acquiring an additional 952 shares during the period. Empowered Funds LLC lifted its holdings in shares of Friedman Industries by 6.8% in the 1st quarter. Empowered Funds LLC now owns 39,123 shares of the company’s stock worth $583,000 after buying an additional 2,494 shares during the period. State of Wyoming purchased a new stake in shares of Friedman Industries in the 1st quarter worth $45,000. Jane Street Group LLC purchased a new stake in shares of Friedman Industries in the 1st quarter worth $174,000. Finally, Truffle Hound Capital LLC purchased a new stake in shares of Friedman Industries in the 1st quarter worth $1,562,000. Hedge funds and other institutional investors own 33.26% of the company’s stock.

Analysts Set New Price Targets

Separately, Wall Street Zen upgraded Friedman Industries from a “buy” rating to a “strong-buy” rating in a report on Sunday, August 17th.

Friedman Industries Trading Down 1.6%

FRD opened at $21.91 on Wednesday. The company has a market cap of $154.68 million, a price-to-earnings ratio of 18.26 and a beta of 1.48. Friedman Industries Inc. has a 12 month low of $12.24 and a 12 month high of $22.96. The stock has a fifty day moving average of $17.76.

Friedman Industries (NASDAQ:FRD) last released its quarterly earnings results on Thursday, August 7th. The company reported $0.71 EPS for the quarter. The firm had revenue of $134.78 million during the quarter. Friedman Industries had a return on equity of 6.50% and a net margin of 1.84%.

Friedman Industries Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, August 8th. Stockholders of record on Friday, July 18th were given a $0.04 dividend. This represents a $0.16 annualized dividend and a dividend yield of 0.7%. The ex-dividend date of this dividend was Friday, July 18th. Friedman Industries’s payout ratio is presently 13.33%.

Friedman Industries 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.