Short Interest in Friedman Industries, Incorporated (NYSEAMERICAN:FRD) Increases By 21.0%
Friedman Industries, Incorporated (NYSEAMERICAN:FRD) experienced a 21.0% increase in short interest in March, totaling 24,200 shares. The short-interest ratio is currently 1.3 days, with 0.4% of shares sold short. The company also declared a quarterly dividend of $0.04, payable on May 23rd. Additionally, insider Tim Scott Stevenson purchased 1,500 shares, increasing his stake by 5.52%. Institutional investors hold 33.26% of the stock, with several firms boosting their positions recently.
Friedman Industries, Incorporated (NYSEAMERICAN:FRD - Get Free Report) saw a significant growth in short interest during the month of March. As of March 31st, there was short interest totalling 24,200 shares, a growth of 21.0% from the March 15th total of 20,000 shares. Based on an average trading volume of 18,000 shares, the days-to-cover ratio is currently 1.3 days. Approximately 0.4% of the company's shares are sold short.
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Wall Street Analysts Forecast Growth
Separately, StockNews.com downgraded shares of Friedman Industries from a "buy" rating to a "hold" rating in a research note on Tuesday, April 15th.
Check Out Our Latest Research Report on FRD
Friedman Industries Trading Up 1.7 %
Shares of FRD traded up $0.28 during midday trading on Friday, reaching $17.07. 35,649 shares of the stock were exchanged, compared to its average volume of 15,830. The company has a market capitalization of $118.98 million, a price-to-earnings ratio of 21.07 and a beta of 1.40. Friedman Industries has a 52 week low of $12.24 and a 52 week high of $19.47.
Friedman Industries Dividend Announcement
The firm 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. The ex-dividend date is Friday, April 25th. This represents a $0.16 annualized dividend and a dividend yield of 0.94%. Friedman Industries's dividend payout ratio is currently 19.75%.
Insiders Place Their Bets
In other Friedman Industries news, Director Tim Scott Stevenson bought 1,500 shares of Friedman Industries stock in a transaction on Tuesday, February 11th. The shares were acquired at an average price of $17.23 per share, for a total transaction of $25,845.00. Following the completion of the purchase, 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 filing with the Securities & Exchange Commission, which is available at this link. Insiders have purchased 2,700 shares of company stock valued at $42,962 over the last ninety days. 4.60% of the stock is owned by insiders.
Hedge Funds Weigh In On Friedman Industries
A number of hedge funds and other institutional investors have recently modified their holdings of FRD. Bridgeway Capital Management LLC boosted its position in Friedman Industries by 0.4% during the fourth quarter. Bridgeway Capital Management LLC now owns 157,850 shares of the company's stock valued at $2,414,000 after purchasing an additional 651 shares in the last quarter. Callahan Advisors LLC lifted its position in Friedman Industries by 3.3% during the fourth 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. Empowered Funds LLC boosted its stake in Friedman Industries by 5.0% in the fourth quarter. Empowered Funds LLC now owns 36,629 shares of the company's stock valued at $560,000 after acquiring an additional 1,751 shares in the last quarter. Jones Financial Companies Lllp purchased a new position in Friedman Industries in the fourth quarter worth $28,000. Finally, Geode Capital Management LLC increased its position in shares of Friedman Industries by 11.2% during 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 in the last quarter. 33.26% of the stock is currently owned by institutional investors.
About Friedman Industries
(Get Free Report)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.
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