Friedman Industries, Incorporated (NYSEAMERICAN:FRD) CEO Purchases $28,710.00 in Stock

Friedman Industries, Incorporated (NYSEAMERICAN:FRD) CEO Mike J. Taylor purchased 1,980 shares of the company’s stock in a transaction that occurred on Monday, January 13th. The shares were purchased at an average price of $14.50 per share, with a total value of $28,710.00. Following the completion of the transaction, the chief executive officer now directly owns 166,134 shares of the company’s stock, valued at $2,408,943. This represents a 1.21 % increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link.

Friedman Industries Price Performance

Shares of FRD opened at $14.20 on Thursday. The firm has a market capitalization of $98.97 million, a price-to-earnings ratio of 12.46 and a beta of 1.41. Friedman Industries, Incorporated has a 52-week low of $13.40 and a 52-week high of $19.52.

Friedman Industries Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, February 14th. Shareholders of record on Friday, January 17th will be issued a $0.04 dividend. The ex-dividend date is Friday, January 17th. This represents a $0.16 annualized dividend and a yield of 1.13%. Friedman Industries’s payout ratio is 14.04%.

Wall Street Analysts Forecast Growth

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

Institutional Trading of Friedman Industries

A number of hedge funds and other institutional investors have recently made changes to their positions in FRD. Empowered Funds LLC grew its holdings in shares of Friedman Industries by 5.3% during the 3rd quarter. Empowered Funds LLC now owns 34,878 shares of the company’s stock worth $559,000 after purchasing an additional 1,742 shares during the period. Geode Capital Management LLC lifted its position in Friedman Industries by 11.2% in the third quarter. Geode Capital Management LLC now owns 70,727 shares of the company’s stock valued at $1,133,000 after buying an additional 7,141 shares during the last quarter. Renaissance Technologies LLC boosted its stake in Friedman Industries by 0.6% during the second quarter. Renaissance Technologies LLC now owns 361,882 shares of the company’s stock worth $5,464,000 after buying an additional 2,245 shares during the period. De Lisle Partners LLP boosted its stake in Friedman Industries by 2.9% during the third quarter. De Lisle Partners LLP now owns 419,816 shares of the company’s stock worth $6,644,000 after buying an additional 11,689 shares during the period. Finally, Dimensional Fund Advisors LP increased 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 valued at $8,482,000 after acquiring an additional 1,591 shares during the last quarter. Institutional investors and hedge funds own 33.26% of the company’s stock.

About Friedman Industries

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.