Friedman Industries (NYSEAMERICAN:FRD) Stock Rating Lowered by StockNews.com

StockNews.com lowered shares of Friedman Industries (NYSEAMERICAN:FRD - Free Report) from a buy rating to a hold rating in a report published on Wednesday.

Friedman Industries Stock Down 1.5 %

Shares of FRD traded down $0.23 during midday trading on Wednesday, hitting $15.27. 9,542 shares of the company traded hands, compared to its average volume of 17,479. Friedman Industries has a 52 week low of $12.24 and a 52 week high of $19.52. The company has a market capitalization of $106.43 million, a PE ratio of 18.85 and a beta of 1.40.

Friedman Industries Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, May 23rd. Investors of record on Friday, April 25th will be issued a $0.04 dividend. This represents a $0.16 dividend on an annualized basis and a dividend yield of 1.05%. The ex-dividend date of this dividend is Friday, April 25th. Friedman Industries's payout ratio is 19.75%.

Insiders Place Their Bets

In other Friedman Industries news, Director Tim Scott Stevenson bought 1,500 shares of Friedman Industries stock in a transaction on Tuesday, February 11th. The shares were acquired at an average price of $17.23 per share, for a total transaction of $25,845.00. Following the completion of the purchase, the director now directly owns 28,675 shares in the company, valued at approximately $494,070.25. This trade represents a 5.52 % increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Mike J. Taylor bought 2,500 shares of the company's stock in a transaction on Wednesday, January 15th. The stock was bought at an average price of $14.10 per share, for a total transaction of $35,250.00. Following the completion of the purchase, the chief executive officer now directly owns 169,154 shares in the company, valued at approximately $2,385,071.40. This represents a 1.50 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have purchased 5,200 shares of company stock valued at $78,212 over the last ninety days. 4.60% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in FRD. Bridgeway Capital Management LLC increased its holdings in shares of Friedman Industries by 0.4% in the 4th quarter. Bridgeway Capital Management LLC now owns 157,850 shares of the company's stock valued at $2,414,000 after acquiring an additional 651 shares during the period. Callahan Advisors LLC grew its stake in Friedman Industries by 3.3% in the fourth quarter. Callahan Advisors LLC now owns 53,846 shares of the company's stock valued at $823,000 after purchasing an additional 1,712 shares during the last quarter. Empowered Funds LLC raised its holdings in Friedman Industries by 5.0% in 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 in the last quarter. Jones Financial Companies Lllp bought a new stake in shares of Friedman Industries in the 4th quarter valued at about $28,000. Finally, Geode Capital Management LLC raised its stake in shares of Friedman Industries by 11.2% during the 3rd quarter. Geode Capital Management LLC now owns 70,727 shares of the company's stock worth $1,133,000 after acquiring an additional 7,141 shares in the last quarter. 33.26% of the stock is currently owned by 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.