Geode Capital Management LLC Purchases 7,141 Shares of Friedman Industries, Incorporated (NYSEAMERICAN:FRD)

Geode Capital Management LLC boosted its position in Friedman Industries, Incorporated (NYSEAMERICAN:FRD) by 11.2% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 70,727 shares of the company’s stock after acquiring an additional 7,141 shares during the period. Geode Capital Management LLC owned 1.01% of Friedman Industries worth $1,133,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently modified their holdings of the company. De Lisle Partners LLP increased its position in Friedman Industries by 2.9% during the 3rd quarter. De Lisle Partners LLP now owns 419,816 shares of the company’s stock valued at $6,644,000 after purchasing an additional 11,689 shares during the period. Empowered Funds LLC lifted its position in shares of Friedman Industries by 5.3% in the 3rd quarter. Empowered Funds LLC now owns 34,878 shares of the company’s stock worth $559,000 after purchasing an additional 1,742 shares during the period. Renaissance Technologies LLC boosted its stake in shares of 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. Dimensional Fund Advisors LP increased its position in shares of Friedman Industries by 0.3% during 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 during the period. Finally, LSV Asset Management bought a new position in Friedman Industries in the second quarter worth about $343,000. Hedge funds and other institutional investors own 33.26% of the company’s stock.

Wall Street Analysts Forecast Growth

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

Insider Activity at Friedman Industries

In other news, CEO Mike J. Taylor acquired 2,000 shares of the firm’s stock in a transaction that occurred on Thursday, November 21st. The stock was bought at an average cost of $13.50 per share, for a total transaction of $27,000.00. Following the acquisition, the chief executive officer now directly owns 164,154 shares in the company, valued at approximately $2,216,079. The trade was a 1.23 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which can be accessed through this link. 4.60% of the stock is currently owned by corporate insiders.

Friedman Industries Stock Performance

NYSEAMERICAN FRD opened at $15.01 on Friday. The company has a market cap of $104.62 million, a P/E ratio of 13.17 and a beta of 1.41. Friedman Industries, Incorporated has a twelve month low of $13.40 and a twelve month high of $19.52.

Friedman Industries Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, February 14th. Investors of record on Friday, January 17th will be paid a $0.04 dividend. The ex-dividend date is Friday, January 17th. This represents a $0.16 annualized dividend and a dividend yield of 1.07%. Friedman Industries’s payout ratio is 14.04%.

Friedman Industries 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.