Geode Capital Management LLC Increases Holdings in Friedman Industries, Incorporated (NYSEAMERICAN:FRD)

Geode Capital Management LLC increased its position in shares of Friedman Industries, Incorporated (NYSEAMERICAN:FRD) by 11.2% during the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 70,727 shares of the company’s stock after buying an additional 7,141 shares during the quarter. Geode Capital Management LLC’s holdings in Friedman Industries were worth $1,133,000 at the end of the most recent reporting period.

Other large investors have also modified their holdings of the company. LSV Asset Management purchased a new position in Friedman Industries during the 2nd quarter valued at about $343,000. Empowered Funds LLC increased its holdings in shares of Friedman Industries by 5.3% in the 3rd quarter. Empowered Funds LLC now owns 34,878 shares of the company’s stock valued at $559,000 after acquiring an additional 1,742 shares during the period. Acadian Asset Management LLC increased 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 valued at $2,048,000 after acquiring an additional 1,337 shares during the period. Renaissance Technologies LLC grew its position in Friedman Industries by 0.6% in the 2nd quarter. Renaissance Technologies LLC now owns 361,882 shares of the company’s stock valued at $5,464,000 after buying an additional 2,245 shares during the last quarter. Finally, De Lisle Partners LLP increased its stake in shares of Friedman Industries by 2.9% during the third quarter. De Lisle Partners LLP now owns 419,816 shares of the company’s stock worth $6,644,000 after acquiring an additional 11,689 shares during the period. Institutional investors and hedge funds own 33.26% of the company’s stock.

Friedman Industries Stock Performance

NYSEAMERICAN FRD opened at $15.01 on Friday. Friedman Industries, Incorporated has a one year low of $13.40 and a one year high of $19.52. The company has a market capitalization of $104.62 million, a P/E ratio of 13.17 and a beta of 1.41.

Friedman Industries Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, February 14th. Stockholders of record on Friday, January 17th will be paid a dividend of $0.04 per share. This represents a $0.16 annualized dividend and a dividend yield of 1.07%. The ex-dividend date is Friday, January 17th. Friedman Industries’s dividend payout ratio (DPR) is currently 14.04%.

Insider Transactions at Friedman Industries

In other news, CEO Mike J. Taylor bought 2,000 shares of the stock in a transaction that occurred on Thursday, November 21st. The shares were purchased at an average cost of $13.50 per share, with a total value of $27,000.00. Following the completion of the acquisition, the chief executive officer now directly owns 164,154 shares in the company, valued at approximately $2,216,079. The trade was a 1.23 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 4.60% of the company’s stock.

Wall Street Analyst Weigh In

Separately, StockNews.com raised Friedman Industries from a “hold” rating to a “buy” rating in a research note on Tuesday, November 19th.

Friedman Industries 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.