Friedman Industries, Incorporated (NYSEAMERICAN:FRD) Short Interest Up 21.0% in March

Friedman Industries, Incorporated (NYSEAMERICAN:FRD - Get Free Report) was the recipient of a large increase in short interest during the month of March. As of March 31st, there was short interest totalling 24,200 shares, an increase of 21.0% from the March 15th total of 20,000 shares. Currently, 0.4% of the company's stock are sold short. Based on an average daily trading volume, of 18,000 shares, the short-interest ratio is currently 1.3 days.

Analyst Upgrades and Downgrades

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

Insider Buying and Selling at Friedman Industries

In related news, Director Tim Scott Stevenson purchased 1,500 shares of the firm's stock in a transaction dated Tuesday, February 11th. The stock was bought at an average price of $17.23 per share, for a total transaction of $25,845.00. Following 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In the last 90 days, insiders bought 2,700 shares of company stock worth $42,962. Insiders own 4.60% of the company's stock.

Institutional Investors Weigh In On Friedman Industries

Institutional investors and hedge funds have recently bought and sold shares of the stock. Mink Brook Asset Management LLC bought a new position in shares of Friedman Industries during the 4th quarter valued at about $2,885,000. Inspire Advisors LLC purchased a new stake in Friedman Industries in the fourth quarter worth approximately $422,000. Corient Private Wealth LLC bought a new position in Friedman Industries during the fourth quarter valued at approximately $401,000. Wealthedge Investment Advisors LLC purchased a new position in shares of Friedman Industries during the fourth quarter worth approximately $204,000. Finally, LSV Asset Management raised its stake in shares of Friedman Industries by 21.1% during the fourth quarter. LSV Asset Management now owns 72,700 shares of the company's stock worth $1,112,000 after acquiring an additional 12,663 shares in the last quarter. 33.26% of the stock is owned by hedge funds and other institutional investors.

Friedman Industries Stock Performance

Shares of Friedman Industries stock traded up $0.06 during trading on Wednesday, hitting $17.06. The stock had a trading volume of 25,271 shares, compared to its average volume of 18,043. Friedman Industries has a 12 month low of $12.24 and a 12 month high of $19.47. The stock has a market cap of $118.91 million, a P/E ratio of 21.06 and a beta of 1.40.

Friedman Industries Dividend Announcement

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

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.