Insider Buying: Friedman Industries, Incorporated (NYSEAMERICAN:FRD) CEO Acquires $27,000.00 in Stock

Friedman Industries, Incorporated (NYSEAMERICAN:FRD) CEO Mike J. Taylor purchased 2,000 shares of the stock in a transaction on Thursday, November 21st. The shares were purchased at an average cost of $13.50 per share, with a total value of $27,000.00. Following the transaction, the chief executive officer now owns 164,154 shares of the company’s stock, valued at $2,216,079. This trade represents a 1.23 % increase in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link.

Friedman Industries Trading Down 2.0 %

Shares of FRD stock opened at $14.80 on Thursday. The firm has a market capitalization of $103.16 million, a PE ratio of 13.25 and a beta of 1.38. Friedman Industries, Incorporated has a 52 week low of $11.15 and a 52 week high of $19.52.

Friedman Industries Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, November 15th. Investors of record on Friday, October 25th were issued a dividend of $0.04 per share. The ex-dividend date of this dividend was Friday, October 25th. This represents a $0.16 annualized dividend and a dividend yield of 1.08%. Friedman Industries’s payout ratio is currently 14.04%.

Hedge Funds Weigh In On Friedman Industries

Institutional investors and hedge funds have recently bought and sold shares of the stock. LSV Asset Management acquired a new position in Friedman Industries in the 2nd quarter worth $343,000. O Shaughnessy Asset Management LLC acquired a new position in shares of Friedman Industries in the first quarter worth about $425,000. Empowered Funds LLC boosted its holdings in Friedman Industries by 5.3% in the third quarter. Empowered Funds LLC now owns 34,878 shares of the company’s stock valued at $559,000 after purchasing an additional 1,742 shares during the last quarter. Callahan Advisors LLC grew its stake in Friedman Industries by 8.6% during the 2nd quarter. Callahan Advisors LLC now owns 54,131 shares of the company’s stock valued at $817,000 after purchasing an additional 4,293 shares in the last quarter. Finally, Geode Capital Management LLC increased its holdings in 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 purchasing an additional 7,141 shares during the last quarter. Hedge funds and other institutional investors own 33.26% of the company’s stock.

Wall Street Analyst Weigh In

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

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.