Friedman Industries (NYSEAMERICAN:FRD) Downgraded to “Hold” at StockNews.com

04 Oct 2024, 06:54 by Danessa Lincoln · The Markets Daily

StockNews.com cut shares of Friedman Industries (NYSEAMERICAN:FRD – Free Report) from a buy rating to a hold rating in a report issued on Monday morning.

Friedman Industries Stock Down 0.9 %

Shares of FRD opened at $15.96 on Monday. The firm has a market cap of $111.24 million, a price-to-earnings ratio of 6.68 and a beta of 1.37. Friedman Industries has a 1-year low of $9.50 and a 1-year high of $19.52.

Friedman Industries (NYSEAMERICAN:FRD – Get Free Report) last released its earnings results on Thursday, August 8th. The company reported $0.37 earnings per share for the quarter. The company had revenue of $114.55 million for the quarter. Friedman Industries had a return on equity of 9.65% and a net margin of 2.48%.

Friedman Industries Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, November 15th. Shareholders of record on Friday, October 25th will be paid a $0.04 dividend. The ex-dividend date is Friday, October 25th. This represents a $0.16 dividend on an annualized basis and a yield of 1.00%. Friedman Industries’s payout ratio is presently 6.69%.

Insider Activity

In related news, Director Max Alan Reichenthal acquired 2,000 shares of the business’s stock in a transaction on Friday, August 16th. The stock was acquired at an average cost of $14.89 per share, with a total value of $29,780.00. Following the acquisition, the director now directly owns 28,761 shares in the company, valued at approximately $428,251.29. The transaction was disclosed in a legal filing with the SEC, which is available at this link. In other Friedman Industries news, Director Joe L. Williams bought 3,000 shares of Friedman Industries stock in a transaction dated Wednesday, July 10th. The shares were purchased at an average cost of $14.34 per share, for a total transaction of $43,020.00. Following the acquisition, the director now directly owns 31,574 shares in the company, valued at approximately $452,771.16. The acquisition was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Max Alan Reichenthal bought 2,000 shares of the firm’s stock in a transaction dated Friday, August 16th. The shares were acquired at an average price of $14.89 per share, for a total transaction of $29,780.00. Following the completion of the transaction, the director now directly owns 28,761 shares in the company, valued at approximately $428,251.29. The disclosure for this purchase can be found here. Insiders have acquired 9,365 shares of company stock worth $134,261 over the last ninety days. Corporate insiders own 3.80% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the company. Gendell Jeffrey L lifted its holdings in shares of Friedman Industries by 16.4% in the 1st quarter. Gendell Jeffrey L now owns 435,666 shares of the company’s stock worth $8,164,000 after acquiring an additional 61,339 shares during the last quarter. LSV Asset Management purchased a new position in shares of Friedman Industries during the second quarter valued at approximately $343,000. O Shaughnessy Asset Management LLC bought a new position in shares of Friedman Industries during the first quarter valued at approximately $425,000. Hillsdale Investment Management Inc. purchased a new stake in shares of Friedman Industries in the first quarter worth approximately $131,000. Finally, Janney Montgomery Scott LLC lifted its stake in shares of Friedman Industries by 17.3% during the 4th quarter. Janney Montgomery Scott LLC now owns 29,667 shares of the company’s stock worth $459,000 after acquiring an additional 4,377 shares during the last quarter. 33.26% of the stock is owned by hedge funds and other institutional investors.

About Friedman Industries

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