Insider Buying: Friedman Industries (NASDAQ:FRD) CEO Buys 1,000 Shares of Stock

Friedman Industries Inc. (NASDAQ:FRD) CEO Mike Taylor bought 1,000 shares at $19.47 each, totaling $19,470. Post-acquisition, Taylor owns 221,066 shares valued at $4,304,155.02, a 0.45% increase in his position. The purchase was disclosed in an SEC filing. The stock's price rose to $19.84, with a market cap of $141.10 million. The company reported $0.32 EPS for the quarter and announced a $0.04 quarterly dividend. Analysts rate the stock as a 'Buy'.

Friedman Industries Inc. (NASDAQ:FRD - Get Free Report) CEO Mike Taylor purchased 1,000 shares of the company's stock in a transaction that occurred on Monday, November 24th. The stock was acquired at an average cost of $19.47 per share, with a total value of $19,470.00. Following the purchase, the chief executive officer directly owned 221,066 shares of the company's stock, valued at $4,304,155.02. This trade represents a 0.45% increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink.

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Friedman Industries Price Performance

Friedman Industries stock traded up $0.54 during mid-day trading on Tuesday, reaching $19.84. 14,747 shares of the company traded hands, compared to its average volume of 23,846. Friedman Industries Inc. has a 52-week low of $12.24 and a 52-week high of $23.50. The firm has a market capitalization of $141.10 million, a price-to-earnings ratio of 16.53 and a beta of 1.49. The firm's 50 day moving average price is $21.05 and its 200 day moving average price is $18.49.

Friedman Industries (NASDAQ:FRD - Get Free Report) last posted its earnings results on Monday, November 10th. The company reported $0.32 EPS for the quarter. Friedman Industries had a net margin of 1.84% and a return on equity of 6.50%. The firm had revenue of $152.38 million during the quarter.

Friedman Industries Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, November 14th. Stockholders of record on Friday, October 24th were given a $0.04 dividend. The ex-dividend date of this dividend was Friday, October 24th. This represents a $0.16 annualized dividend and a dividend yield of 0.8%. Friedman Industries's dividend payout ratio is currently 9.88%.

Wall Street Analysts Forecast Growth

FRD has been the topic of several research reports. Wall Street Zen lowered Friedman Industries from a "strong-buy" rating to a "buy" rating in a research report on Saturday, November 15th. Weiss Ratings reissued a "buy (b)" rating on shares of Friedman Industries in a research report on Monday. One research analyst has rated the stock with a Buy rating, According to data from MarketBeat.com, Friedman Industries has a consensus rating of "Buy".

Read Our Latest Stock Analysis on FRD

Institutional Trading of Friedman Industries

Several hedge funds and other institutional investors have recently made changes to their positions in FRD. Truffle Hound Capital LLC purchased a new position in Friedman Industries during the first quarter valued at $1,562,000. Mink Brook Asset Management LLC increased its holdings in shares of Friedman Industries by 0.5% during the first quarter. Mink Brook Asset Management LLC now owns 189,616 shares of the company's stock valued at $2,823,000 after acquiring an additional 952 shares in the last quarter. State of Wyoming purchased a new position in shares of Friedman Industries in the 1st quarter worth about $45,000. Empowered Funds LLC boosted its stake in Friedman Industries by 6.8% in the 1st quarter. Empowered Funds LLC now owns 39,123 shares of the company's stock worth $583,000 after purchasing an additional 2,494 shares in the last quarter. Finally, Jane Street Group LLC purchased a new stake in Friedman Industries during the 1st quarter valued at about $174,000. Hedge funds and other institutional investors own 33.26% of the company's stock.

Friedman Industries Company Profile

(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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