Mike Taylor Buys 1,000 Shares of Friedman Industries (NASDAQ:FRD) Stock

Friedman Industries Inc. (NASDAQ:FRD) CEO Mike Taylor acquired 1,000 shares of Friedman Industries stock in a transaction that occurred on Monday, November 24th. The shares were purchased at an average cost of $19.47 per share, for a total transaction of $19,470.00. Following the purchase, the chief executive officer directly owned 221,066 shares in the company, valued at $4,304,155.02. The trade was a 0.45% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink.

Friedman Industries Stock Performance

Shares of NASDAQ FRD opened at $19.86 on Thursday. Friedman Industries Inc. has a 52-week low of $12.24 and a 52-week high of $23.50. The stock has a market cap of $141.24 million, a P/E ratio of 16.55 and a beta of 1.49. The firm has a 50 day moving average price of $20.97 and a 200 day moving average price of $18.52.

Friedman Industries (NASDAQ:FRD) last announced its quarterly earnings results on Monday, November 10th. The company reported $0.32 earnings per share for the quarter. Friedman Industries had a net margin of 1.84% and a return on equity of 6.50%. The company had revenue of $152.38 million for the quarter.

Friedman Industries Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, November 14th. Shareholders of record on Friday, October 24th were issued a dividend of $0.04 per share. The ex-dividend date was Friday, October 24th. This represents a $0.16 annualized dividend and a yield of 0.8%. Friedman Industries’s payout ratio is currently 9.88%.

Wall Street Analyst Weigh In

Several brokerages have issued reports on FRD. Wall Street Zen downgraded Friedman Industries from a “strong-buy” rating to a “buy” rating in a report on Saturday, November 15th. Weiss Ratings reissued a “buy (b)” rating on shares of Friedman Industries in a research note on Monday. One investment analyst has rated the stock with a Buy rating, Based on data from MarketBeat, the company has an average rating of “Buy”.

Institutional Trading of Friedman Industries

A number of institutional investors have recently modified their holdings of the company. Truffle Hound Capital LLC acquired a new position in shares of Friedman Industries during the first quarter worth about $1,562,000. Geode Capital Management LLC lifted its stake in Friedman Industries by 110.4% in the 2nd quarter. Geode Capital Management LLC now owns 157,246 shares of the company’s stock valued at $2,605,000 after acquiring an additional 82,504 shares in the last quarter. Segall Bryant & Hamill LLC acquired a new position in Friedman Industries during the 3rd quarter worth approximately $595,000. Ritholtz Wealth Management boosted its position in Friedman Industries by 70.4% during the 3rd quarter. Ritholtz Wealth Management now owns 36,401 shares of the company’s stock worth $797,000 after acquiring an additional 15,038 shares during the last quarter. Finally, Bank of America Corp DE grew its stake in shares of Friedman Industries by 21,620.0% during the 2nd quarter. Bank of America Corp DE now owns 13,032 shares of the company’s stock worth $216,000 after acquiring an additional 12,972 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.