Friedman Industries, Incorporated (NYSEAMERICAN:FRD) Short Interest Up 327.4% in February

Friedman Industries, Incorporated (NYSEAMERICAN:FRD) saw a large growth in short interest in February. As of February 15th, there was short interest totalling 45,300 shares, a growth of 327.4% from the January 31st total of 10,600 shares. Approximately 0.7% of the company’s shares are short sold. Based on an average daily volume of 13,500 shares, the short-interest ratio is currently 3.4 days.

Insider Activity

In related news, Director Tim Scott Stevenson acquired 1,500 shares of the firm’s stock in a transaction dated Tuesday, February 11th. The shares were purchased at an average price of $17.23 per share, for a total transaction of $25,845.00. Following the completion of the acquisition, the director now owns 28,675 shares in the company, valued at approximately $494,070.25. This represents a 5.52 % increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available at this link. Also, CEO Mike J. Taylor acquired 2,500 shares of the company’s stock in a transaction dated Wednesday, January 15th. The shares were bought at an average cost of $14.10 per share, with a total value of $35,250.00. Following the purchase, the chief executive officer now owns 169,154 shares of the company’s stock, valued at approximately $2,385,071.40. This trade represents a 1.50 % increase in their position. The disclosure for this purchase can be found here. In the last 90 days, insiders acquired 7,180 shares of company stock valued at $106,922. Corporate insiders own 4.60% of the company’s stock.

Institutional Trading of Friedman Industries

Several large investors have recently modified their holdings of FRD. Jones Financial Companies Lllp purchased a new position in shares of Friedman Industries in the fourth quarter worth approximately $28,000. Corient Private Wealth LLC purchased a new stake in Friedman Industries during the 4th quarter valued at approximately $401,000. Northern Trust Corp lifted its stake in Friedman Industries by 38.1% in the 4th quarter. Northern Trust Corp now owns 26,511 shares of the company’s stock worth $405,000 after purchasing an additional 7,320 shares in the last quarter. Inspire Advisors LLC purchased a new position in Friedman Industries during the 4th quarter valued at approximately $422,000. Finally, Empowered Funds LLC grew its holdings in Friedman Industries by 5.3% during the 3rd quarter. Empowered Funds LLC now owns 34,878 shares of the company’s stock valued at $559,000 after buying an additional 1,742 shares in the last quarter. Institutional investors own 33.26% of the company’s stock.

Friedman Industries Price Performance

Shares of NYSEAMERICAN:FRD opened at $16.77 on Friday. Friedman Industries has a 12-month low of $13.40 and a 12-month high of $19.52. The firm has a market cap of $116.89 million, a price-to-earnings ratio of 20.70 and a beta of 1.40.

Friedman Industries Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, February 14th. Investors of record on Friday, January 17th were given a dividend of $0.04 per share. The ex-dividend date was Friday, January 17th. This represents a $0.16 dividend on an annualized basis and a yield of 0.95%. Friedman Industries’s dividend payout ratio (DPR) is 19.75%.

Analyst Ratings Changes

Separately, StockNews.com upgraded Friedman Industries from a “hold” rating to a “buy” rating in a 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.