Friedman Industries, Incorporated (NYSEAMERICAN:FRD) Sees Significant Increase in Short Interest

Friedman Industries, Incorporated (NYSEAMERICAN:FRD) saw a large growth in short interest during the month of January. As of January 15th, there was short interest totalling 10,100 shares, a growth of 7.4% from the December 31st total of 9,400 shares. Based on an average daily trading volume, of 10,000 shares, the short-interest ratio is presently 1.0 days. Currently, 0.2% of the company’s stock are sold short.

Insider Buying and Selling

In other news, CEO Mike J. Taylor purchased 1,980 shares of the stock in a transaction dated Monday, January 13th. The shares were purchased at an average cost of $14.50 per share, with a total value of $28,710.00. Following the acquisition, the chief executive officer now directly owns 166,134 shares of the company’s stock, valued at $2,408,943. This represents a 1.21 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Insiders have purchased 8,380 shares of company stock worth $117,772 in the last 90 days. Insiders own 4.60% of the company’s stock.

Institutional Investors Weigh In On Friedman Industries

A number of large investors have recently made changes to their positions in FRD. Empowered Funds LLC raised its position in shares of Friedman Industries by 5.3% in the third quarter. Empowered Funds LLC now owns 34,878 shares of the company’s stock worth $559,000 after acquiring an additional 1,742 shares during the period. Callahan Advisors LLC raised its holdings in Friedman Industries by 3.3% in the 4th quarter. Callahan Advisors LLC now owns 53,846 shares of the company’s stock valued at $823,000 after acquiring an additional 1,712 shares during the last quarter. Geode Capital Management LLC raised its holdings in Friedman Industries by 11.2% in the 3rd quarter. Geode Capital Management LLC now owns 70,727 shares of the company’s stock valued at $1,133,000 after acquiring an additional 7,141 shares during the last quarter. De Lisle Partners LLP raised its holdings in Friedman Industries by 2.9% in the 3rd quarter. De Lisle Partners LLP now owns 419,816 shares of the company’s stock valued at $6,644,000 after acquiring an additional 11,689 shares during the last quarter. Finally, Dimensional Fund Advisors LP raised its holdings in Friedman Industries by 0.3% in the 2nd quarter. Dimensional Fund Advisors LP now owns 561,702 shares of the company’s stock valued at $8,482,000 after acquiring an additional 1,591 shares during 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 $0.05 on Tuesday, hitting $15.35. 340 shares of the company traded hands, compared to its average volume of 13,287. Friedman Industries has a 52 week low of $13.40 and a 52 week high of $19.52. The company has a market capitalization of $106.95 million, a PE ratio of 13.46 and a beta of 1.40.

Friedman Industries (NYSEAMERICAN:FRD) last issued its quarterly earnings data on Tuesday, November 12th. The company reported ($0.10) EPS for the quarter. The business had revenue of $106.76 million during the quarter. Friedman Industries had a return on equity of 6.32% and a net margin of 1.71%.

Friedman Industries Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, February 14th. Stockholders of record on Friday, January 17th will be issued a dividend of $0.04 per share. This represents a $0.16 dividend on an annualized basis and a dividend yield of 1.04%. The ex-dividend date of this dividend is Friday, January 17th. Friedman Industries’s dividend payout ratio (DPR) is presently 14.04%.

Analyst Ratings Changes

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

About Friedman Industries

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.