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

StockNews.com downgraded shares of Friedman Industries (NYSEAMERICAN:FRD) from a buy rating to a hold rating in a report published on Wednesday.

Friedman Industries Stock Performance

NYSEAMERICAN:FRD opened at $14.47 on Wednesday. Friedman Industries has a 12 month low of $9.50 and a 12 month high of $19.52. The firm has a market capitalization of $100.86 million, a P/E ratio of 6.05 and a beta of 1.37.

Friedman Industries (NYSEAMERICAN:FRD) last released its earnings results on Thursday, August 8th. The company reported $0.37 EPS for the quarter. The company had revenue of $114.55 million during the quarter. Friedman Industries had a net margin of 2.48% and a return on equity of 9.65%.

Friedman Industries Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, August 16th. Stockholders of record on Friday, July 26th were given a $0.04 dividend. The ex-dividend date was Friday, July 26th. This represents a $0.16 annualized dividend and a dividend yield of 1.11%. Friedman Industries’s dividend payout ratio is presently 6.69%.

Insider Transactions at Friedman Industries

In other news, Director Max Alan Reichenthal bought 2,000 shares of Friedman Industries stock in a transaction on Friday, August 16th. The shares were bought at an average cost of $14.89 per share, for a total transaction of $29,780.00. Following the acquisition, the director now owns 28,761 shares in the company, valued at $428,251.29. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In other Friedman Industries news, CEO Mike J. Taylor purchased 5,000 shares of the stock in a transaction on Thursday, June 13th. The stock was bought at an average price of $16.54 per share, for a total transaction of $82,700.00. Following the acquisition, the chief executive officer now directly owns 147,154 shares of the company’s stock, valued at $2,433,927.16. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, Director Max Alan Reichenthal acquired 2,000 shares of the company’s stock in a transaction dated Friday, August 16th. The shares were bought at an average cost of $14.89 per share, with a total value of $29,780.00. Following the purchase, the director now owns 28,761 shares in the company, valued at $428,251.29. The disclosure for this purchase can be found here. Insiders purchased a total of 18,908 shares of company stock valued at $287,698 over the last three months. 3.80% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Friedman Industries

Several hedge funds and other institutional investors have recently modified their holdings of FRD. Renaissance Technologies LLC boosted its holdings in Friedman Industries by 0.6% in the 2nd quarter. Renaissance Technologies LLC now owns 361,882 shares of the company’s stock worth $5,464,000 after acquiring an additional 2,245 shares during the period. Dimensional Fund Advisors LP boosted 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 during the last quarter. LSV Asset Management bought a new stake in shares of Friedman Industries in the 2nd quarter worth about $343,000. Acadian Asset Management LLC raised its stake in shares of Friedman Industries by 1.0% in the 2nd quarter. Acadian Asset Management LLC now owns 135,794 shares of the company’s stock valued at $2,048,000 after purchasing an additional 1,337 shares in the last quarter. Finally, Callahan Advisors LLC raised its stake in Friedman Industries by 8.6% during the second quarter. Callahan Advisors LLC now owns 54,131 shares of the company’s stock valued at $817,000 after buying an additional 4,293 shares in the last quarter. 33.26% of the stock is 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.