Insider Buying: Friedman Industries, Incorporated (NYSEAMERICAN:FRD) CEO Buys $15,019.20 in Stock

Friedman Industries, Incorporated (NYSEAMERICAN:FRD) CEO Mike J. Taylor purchased 1,043 shares of the company’s stock in a transaction dated Thursday, September 12th. The shares were acquired at an average price of $14.40 per share, for a total transaction of $15,019.20. Following the purchase, the chief executive officer now directly owns 159,654 shares in the company, valued at $2,299,017.60. The acquisition was disclosed in a legal filing with the SEC, which is available through this hyperlink.

Friedman Industries Stock Down 1.2 %

Shares of NYSEAMERICAN:FRD opened at $13.75 on Thursday. The company has a market cap of $95.84 million, a P/E ratio of 5.75 and a beta of 1.37. Friedman Industries, Incorporated has a 12-month low of $9.50 and a 12-month high of $19.52.

Friedman Industries (NYSEAMERICAN:FRD) last posted its quarterly earnings results on Thursday, August 8th. The company reported $0.37 earnings per share for the quarter. The business 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 Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, August 16th. Shareholders of record on Friday, July 26th were paid a $0.04 dividend. The ex-dividend date was Friday, July 26th. This represents a $0.16 dividend on an annualized basis and a yield of 1.16%. Friedman Industries’s payout ratio is presently 6.69%.

Hedge Funds Weigh In On Friedman Industries

Several large investors have recently made changes to their positions in the business. Hillsdale Investment Management Inc. purchased a new position in shares of Friedman Industries in the first quarter worth $131,000. LSV Asset Management bought a new stake in Friedman Industries in the 2nd quarter valued at $343,000. O Shaughnessy Asset Management LLC bought a new stake in Friedman Industries in the 1st quarter valued at $425,000. Janney Montgomery Scott LLC boosted its holdings in shares of Friedman Industries by 17.3% during the 4th quarter. Janney Montgomery Scott LLC now owns 29,667 shares of the company’s stock valued at $459,000 after purchasing an additional 4,377 shares during the last quarter. Finally, Empowered Funds LLC grew its position in shares of Friedman Industries by 8.0% during the first quarter. Empowered Funds LLC now owns 30,796 shares of the company’s stock valued at $577,000 after purchasing an additional 2,275 shares in the last quarter. 33.26% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Separately, StockNews.com downgraded Friedman Industries from a “buy” rating to a “hold” rating in a research report on Tuesday.

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.