Short Interest in Friedman Industries, Incorporated (NYSEAMERICAN:FRD) Increases By 5.9%

Friedman Industries, Incorporated (NYSEAMERICAN:FRD) was the recipient of a significant increase in short interest in the month of May. As of May 31st, there was short interest totalling 10,700 shares, an increase of 5.9% from the May 15th total of 10,100 shares. Based on an average daily trading volume, of 15,700 shares, the days-to-cover ratio is presently 0.7 days. Approximately 0.2% of the company’s shares are short sold.

Wall Street Analysts Forecast Growth

Separately, StockNews.com upgraded Friedman Industries from a “buy” rating to a “strong-buy” rating in a research note on Thursday, June 13th.

Insider Buying and Selling at Friedman Industries

In related news, CEO Mike J. Taylor bought 5,000 shares of the business’s stock in a transaction that occurred on Thursday, June 13th. The shares were acquired at an average cost of $16.54 per share, with a total value of $82,700.00. Following the completion of the purchase, the chief executive officer now directly owns 147,154 shares in the company, valued at $2,433,927.16. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, CEO Mike J. Taylor acquired 1,908 shares of Friedman Industries stock in a transaction on Monday, June 17th. The stock was purchased at an average price of $16.33 per share, with a total value of $31,157.64. Following the completion of the purchase, the chief executive officer now owns 152,154 shares of the company’s stock, valued at approximately $2,484,674.82. The purchase was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Mike J. Taylor acquired 5,000 shares of the firm’s stock in a transaction dated Thursday, June 13th. The shares were purchased at an average price of $16.54 per share, with a total value of $82,700.00. Following the acquisition, the chief executive officer now owns 147,154 shares of the company’s stock, valued at $2,433,927.16. The disclosure for this purchase can be found here. Insiders own 3.80% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Janney Montgomery Scott LLC purchased a new stake in shares of Friedman Industries during the 3rd quarter worth approximately $339,000. Acadian Asset Management LLC increased its position in Friedman Industries by 20.4% in the third quarter. Acadian Asset Management LLC now owns 137,027 shares of the company’s stock worth $1,834,000 after buying an additional 23,250 shares during the last quarter. EAM Investors LLC bought a new stake in shares of Friedman Industries in the third quarter valued at $1,165,000. Gendell Jeffrey L lifted its position in shares of Friedman Industries by 9.7% during the 3rd quarter. Gendell Jeffrey L now owns 353,387 shares of the company’s stock valued at $4,735,000 after buying an additional 31,142 shares during the last quarter. Finally, AJOVista LLC bought a new position in shares of Friedman Industries during the 4th quarter worth $49,000. 33.26% of the stock is currently owned by hedge funds and other institutional investors.

Friedman Industries Stock Down 3.9 %

Shares of Friedman Industries stock opened at $16.21 on Tuesday. Friedman Industries has a 12-month low of $9.50 and a 12-month high of $19.52. The firm has a market cap of $112.98 million, a P/E ratio of 6.78 and a beta of 1.35.

Friedman Industries Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, May 24th. Investors of record on Friday, April 26th were given a dividend of $0.04 per share. This is a positive change from Friedman Industries’s previous quarterly dividend of $0.02. This represents a $0.16 dividend on an annualized basis and a dividend yield of 0.99%. The ex-dividend date of this dividend was Thursday, April 25th. Friedman Industries’s dividend payout ratio (DPR) is presently 6.69%.

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.