Short Interest in Friedman Industries, Incorporated (NYSEAMERICAN:FRD) Increases By 21.0%

Friedman Industries, Incorporated (NYSEAMERICAN:FRD) was the target of a large increase in short interest in 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 shares are short sold. Based on an average trading volume of 18,000 shares, the days-to-cover ratio is currently 1.3 days.

Analysts Set New Price Targets

Separately, StockNews.com cut Friedman Industries from a “buy” rating to a “hold” rating in a report on Tuesday, April 15th.

Insider Activity at Friedman Industries

In other news, Director Tim Scott Stevenson bought 1,500 shares of the company’s stock in a transaction on Tuesday, February 11th. The shares were bought at an average cost of $17.23 per share, with a total value of $25,845.00. Following the transaction, 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 legal filing with the Securities & Exchange Commission, which can be accessed through this link. In the last 90 days, insiders bought 2,700 shares of company stock worth $42,962. 4.60% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Geode Capital Management LLC increased its stake 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 buying an additional 7,141 shares during the last quarter. Empowered Funds LLC increased its holdings in shares of Friedman Industries by 5.0% during the 4th quarter. Empowered Funds LLC now owns 36,629 shares of the company’s stock worth $560,000 after acquiring an additional 1,751 shares during the last quarter. Callahan Advisors LLC raised its stake 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 period. Jones Financial Companies Lllp acquired a new stake in Friedman Industries during the 4th quarter valued at $28,000. Finally, Inspire Advisors LLC bought a new position in Friedman Industries during the fourth quarter worth $422,000. 33.26% of the stock is currently owned by institutional investors.

Friedman Industries Stock Performance

FRD traded down $0.30 during trading on Monday, reaching $16.77. 17,327 shares of the company’s stock were exchanged, compared to its average volume of 15,837. The firm has a market capitalization of $116.89 million, a PE ratio of 20.70 and a beta of 1.40. Friedman Industries has a fifty-two week low of $12.24 and a fifty-two week high of $19.47.

Friedman Industries Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, May 23rd. Stockholders of record on Friday, April 25th will be issued a $0.04 dividend. This represents a $0.16 annualized dividend and a dividend yield of 0.95%. The ex-dividend date of this dividend is Friday, April 25th. Friedman Industries’s dividend payout ratio (DPR) 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.