Insider Buying: Friedman Industries, Incorporated (NYSEAMERICAN:FRD) CEO Acquires 2,000 Shares of Stock

Friedman Industries, Incorporated (NYSEAMERICAN:FRD) CEO Mike J. Taylor acquired 2,000 shares of the business’s stock in a transaction on Thursday, November 21st. The stock was acquired at an average cost of $13.50 per share, for a total transaction of $27,000.00. Following the transaction, the chief executive officer now owns 164,154 shares of the company’s stock, valued at approximately $2,216,079. The trade was a 1.23 % increase in their position. The acquisition was disclosed in a filing with the SEC, which can be accessed through this hyperlink.

Friedman Industries Stock Performance

Shares of FRD stock opened at $15.05 on Tuesday. The stock has a market capitalization of $104.90 million, a price-to-earnings ratio of 13.20 and a beta of 1.38. Friedman Industries, Incorporated has a 52 week low of $11.15 and a 52 week high of $19.52.

Friedman Industries Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, November 15th. Shareholders of record on Friday, October 25th were issued a dividend of $0.04 per share. This represents a $0.16 annualized dividend and a yield of 1.06%. The ex-dividend date was Friday, October 25th. Friedman Industries’s dividend payout ratio (DPR) is 14.04%.

Analysts Set New Price Targets

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

Institutional Trading of Friedman Industries

A number of large investors have recently bought and sold shares of FRD. LSV Asset Management purchased a new position in shares of Friedman Industries in the second quarter worth about $343,000. O Shaughnessy Asset Management LLC bought a new position in Friedman Industries in the 1st quarter worth approximately $425,000. De Lisle Partners LLP lifted its position in shares of 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 acquiring an additional 11,689 shares in the last quarter. Geode Capital Management LLC grew its position in shares of Friedman Industries by 11.2% in the third 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 in the last quarter. Finally, Callahan Advisors LLC lifted its holdings in Friedman Industries by 8.6% during the 2nd quarter. Callahan Advisors LLC now owns 54,131 shares of the company’s stock worth $817,000 after purchasing an additional 4,293 shares in the last quarter. 33.26% of the stock is owned by hedge funds and other institutional investors.

Friedman Industries Company 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.