Friedman Industries, Incorporated Plans Quarterly Dividend of $0.02 (NYSEAMERICAN:FRD)

Friedman Industries, Incorporated (NYSEAMERICAN:FRD) declared a quarterly dividend on Thursday, September 14th, Wall Street Journal reports. Shareholders of record on Friday, October 20th will be given a dividend of 0.02 per share on Friday, November 10th. This represents a $0.08 annualized dividend and a yield of 0.62%. The ex-dividend date of this dividend is Thursday, October 19th.

Friedman Industries Stock Down 1.4 %

NYSEAMERICAN:FRD opened at $13.00 on Friday. Friedman Industries has a 1-year low of $6.74 and a 1-year high of $18.31. The firm has a 50-day moving average of $11.28. The firm has a market capitalization of $95.94 million, a price-to-earnings ratio of 5.43 and a beta of 1.19.

Friedman Industries (NYSEAMERICAN:FRD) last released its earnings results on Monday, August 14th. The company reported $1.04 earnings per share for the quarter. Friedman Industries had a return on equity of 15.72% and a net margin of 3.41%. The firm had revenue of $137.30 million for the quarter.

Analysts Set New Price Targets

Separately, StockNews.com downgraded Friedman Industries from a “buy” rating to a “hold” rating in a report on Monday.

Insiders Place Their Bets

In related news, CFO Alex Larue sold 4,000 shares of the stock in a transaction dated Thursday, August 17th. The stock was sold at an average price of $14.36, for a total transaction of $57,440.00. Following the completion of the transaction, the chief financial officer now directly owns 22,907 shares in the company, valued at $328,944.52. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. In related news, CFO Alex Larue sold 4,000 shares of the stock in a transaction dated Thursday, August 17th. The stock was sold at an average price of $14.36, for a total transaction of $57,440.00. Following the completion of the transaction, the chief financial officer now directly owns 22,907 shares in the company, valued at $328,944.52. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Durga D. Agrawal purchased 5,000 shares of the firm’s stock in a transaction on Tuesday, July 25th. The stock was bought at an average price of $16.32 per share, with a total value of $81,600.00. Following the completion of the purchase, the director now owns 25,863 shares of the company’s stock, valued at $422,084.16. The disclosure for this purchase can be found here. Insiders acquired 16,000 shares of company stock worth $236,890 over the last ninety days. 3.80% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in the stock. Royal Bank of Canada boosted its stake in shares of Friedman Industries by 15.6% during the 3rd quarter. Royal Bank of Canada now owns 12,370 shares of the company’s stock worth $87,000 after acquiring an additional 1,670 shares during the period. Citadel Advisors LLC bought a new stake in Friedman Industries in the 3rd quarter valued at $99,000. BlackRock Inc. boosted its stake in Friedman Industries by 10.9% in the 2nd quarter. BlackRock Inc. now owns 19,033 shares of the company’s stock valued at $240,000 after purchasing an additional 1,877 shares during the period. State Street Corp boosted its stake in Friedman Industries by 6.9% in the 1st quarter. State Street Corp now owns 23,247 shares of the company’s stock valued at $205,000 after purchasing an additional 1,493 shares during the period. Finally, Geode Capital Management LLC boosted its stake in Friedman Industries by 3.5% in the 1st quarter. Geode Capital Management LLC now owns 59,952 shares of the company’s stock valued at $680,000 after purchasing an additional 2,017 shares during the period. Institutional investors and hedge funds own 30.57% of the company’s stock.

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.