Friedman Industries, Incorporated (NYSEAMERICAN:FRD) Shares Sold by Renaissance Technologies LLC

Renaissance Technologies LLC lowered its position in shares of Friedman Industries, Incorporated (NYSEAMERICAN:FRD - Free Report) by 6.2% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 336,782 shares of the company's stock after selling 22,400 shares during the period. Renaissance Technologies LLC owned about 4.83% of Friedman Industries worth $5,149,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also made changes to their positions in FRD. Geode Capital Management LLC grew its holdings in shares of Friedman Industries by 11.2% during the third quarter. Geode Capital Management LLC now owns 70,727 shares of the company's stock worth $1,133,000 after buying an additional 7,141 shares during the last quarter. Callahan Advisors LLC raised its stake in shares of Friedman Industries by 3.3% during the fourth quarter. Callahan Advisors LLC now owns 53,846 shares of the company's stock worth $823,000 after purchasing an additional 1,712 shares during the last quarter. Empowered Funds LLC lifted its holdings in shares of Friedman Industries by 5.0% during the fourth quarter. Empowered Funds LLC now owns 36,629 shares of the company's stock worth $560,000 after purchasing an additional 1,751 shares during the period. Inspire Advisors LLC purchased a new position in Friedman Industries in the 4th quarter valued at $422,000. Finally, Corient Private Wealth LLC acquired a new position in Friedman Industries in the 4th quarter valued at $401,000. 33.26% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Separately, StockNews.com downgraded shares of Friedman Industries from a "buy" rating to a "hold" rating in a report on Tuesday, April 15th.

Friedman Industries Stock Up 1.7 %

Shares of FRD stock opened at $17.07 on Monday. Friedman Industries, Incorporated has a 12-month low of $12.24 and a 12-month high of $19.47. The company has a market cap of $118.98 million, a PE ratio of 21.07 and a beta of 1.40.

Friedman Industries Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, May 23rd. Stockholders of record on Friday, April 25th will be paid a dividend of $0.04 per share. The ex-dividend date is Friday, April 25th. This represents a $0.16 dividend on an annualized basis and a dividend yield of 0.94%. Friedman Industries's dividend payout ratio (DPR) is presently 19.75%.

Insider Activity

In other news, Director Tim Scott Stevenson bought 1,500 shares of the stock in a transaction on Tuesday, February 11th. The shares were bought at an average price of $17.23 per share, with a total value of $25,845.00. Following the completion of the acquisition, the director now owns 28,675 shares of the company's stock, valued at approximately $494,070.25. This trade represents a 5.52 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders purchased 2,700 shares of company stock worth $42,962 in the last 90 days. 4.60% of the stock is currently owned by corporate insiders.

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.

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