Friedman Industries, Incorporated (NYSEAMERICAN:FRD) Short Interest Update

Friedman Industries, Incorporated (NYSEAMERICAN:FRD) was the target of a large growth in short interest in the month of December. As of December 31st, there was short interest totalling 10,100 shares, a growth of 7.4% from the December 15th total of 9,400 shares. Based on an average daily volume of 10,000 shares, the days-to-cover ratio is presently 1.0 days. Currently, 0.2% of the company’s shares are short sold.

Insider Buying and Selling at Friedman Industries

In other Friedman Industries news, CEO Mike J. Taylor acquired 2,500 shares of the stock in a transaction dated Wednesday, January 15th. The stock was purchased at an average cost of $14.10 per share, with a total value of $35,250.00. Following the transaction, the chief executive officer now owns 169,154 shares in the company, valued at approximately $2,385,071.40. The trade was a 1.50 % increase in their position. The acquisition was disclosed in a filing with the SEC, which is available at this hyperlink. In the last 90 days, insiders bought 7,180 shares of company stock valued at $100,655. 4.60% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in FRD. Empowered Funds LLC increased its holdings in shares of Friedman Industries by 5.3% during the third quarter. Empowered Funds LLC now owns 34,878 shares of the company’s stock valued at $559,000 after acquiring an additional 1,742 shares in the last quarter. Geode Capital Management LLC grew its position in Friedman Industries by 11.2% in the 3rd quarter. Geode Capital Management LLC now owns 70,727 shares of the company’s stock valued at $1,133,000 after purchasing an additional 7,141 shares during the period. Renaissance Technologies LLC increased its stake in Friedman Industries by 0.6% during the 2nd quarter. Renaissance Technologies LLC now owns 361,882 shares of the company’s stock valued at $5,464,000 after purchasing an additional 2,245 shares in the last quarter. De Lisle Partners LLP raised its holdings 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 last quarter. Finally, Dimensional Fund Advisors LP lifted its stake in shares of Friedman Industries by 0.3% in the second quarter. Dimensional Fund Advisors LP now owns 561,702 shares of the company’s stock valued at $8,482,000 after buying an additional 1,591 shares in the last quarter. 33.26% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

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

Friedman Industries Stock Up 0.3 %

Shares of Friedman Industries stock traded up $0.04 during trading on Monday, reaching $13.95. 21,000 shares of the company traded hands, compared to its average volume of 6,650. The company has a market capitalization of $97.23 million, a PE ratio of 12.24 and a beta of 1.41. Friedman Industries has a 1-year low of $13.40 and a 1-year high of $19.52.

Friedman Industries Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, February 14th. Investors of record on Friday, January 17th will be given a $0.04 dividend. This represents a $0.16 dividend on an annualized basis and a yield of 1.15%. The ex-dividend date is Friday, January 17th. Friedman Industries’s payout ratio is 14.04%.

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.