Friedman Industries, Incorporated (NYSEAMERICAN:FRD) Short Interest Update

Friedman Industries, Incorporated (NYSEAMERICAN:FRD) was the target of a large increase in short interest in the month of December. As of December 15th, there was short interest totalling 9,400 shares, an increase of 129.3% from the November 30th total of 4,100 shares. Approximately 0.1% of the company’s shares are short sold. Based on an average daily volume of 10,700 shares, the days-to-cover ratio is presently 0.9 days.

Friedman Industries Trading Down 1.8 %

Shares of Friedman Industries stock opened at $15.57 on Friday. The stock has a market capitalization of $108.52 million, a P/E ratio of 13.66 and a beta of 1.41. Friedman Industries has a 1 year low of $13.40 and a 1 year high of $19.52.

Friedman Industries Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, February 14th. Investors of record on Friday, January 17th will be issued a $0.04 dividend. The ex-dividend date is Friday, January 17th. This represents a $0.16 dividend on an annualized basis and a yield of 1.03%. Friedman Industries’s payout ratio is currently 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.

Insider Buying and Selling at Friedman Industries

In other Friedman Industries news, CEO Mike J. Taylor bought 2,000 shares of the stock in a transaction dated Thursday, November 21st. The stock was purchased at an average cost of $13.50 per share, for a total transaction of $27,000.00. Following the completion of the acquisition, the chief executive officer now owns 164,154 shares of the company’s stock, valued at approximately $2,216,079. This trade represents a 1.23 % increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Insiders own 4.60% of the company’s stock.

Institutional Trading of Friedman Industries

Several institutional investors have recently added to or reduced their stakes in the business. LSV Asset Management purchased a new stake in shares of Friedman Industries during the 2nd quarter valued at about $343,000. Empowered Funds LLC lifted its position in Friedman Industries by 5.3% during the third quarter. Empowered Funds LLC now owns 34,878 shares of the company’s stock valued at $559,000 after purchasing an additional 1,742 shares during the period. Geode Capital Management LLC boosted its holdings in Friedman Industries by 11.2% in the third quarter. Geode Capital Management LLC now owns 70,727 shares of the company’s stock worth $1,133,000 after purchasing an additional 7,141 shares during the last quarter. Acadian Asset Management LLC grew its position in Friedman Industries by 1.0% in the 2nd quarter. Acadian Asset Management LLC now owns 135,794 shares of the company’s stock worth $2,048,000 after purchasing an additional 1,337 shares during the period. Finally, Renaissance Technologies LLC boosted its stake in shares of Friedman Industries by 0.6% in the 2nd quarter. Renaissance Technologies LLC now owns 361,882 shares of the company’s stock worth $5,464,000 after buying an additional 2,245 shares during the last quarter. 33.26% of the stock is currently owned by hedge funds and other institutional investors.

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.