LSV Asset Management Makes New Investment in Friedman Industries, Incorporated (NYSEAMERICAN:FRD)

LSV Asset Management acquired a new position in Friedman Industries, Incorporated (NYSEAMERICAN:FRD) in the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor acquired 22,700 shares of the company’s stock, valued at approximately $343,000.

Other large investors have also modified their holdings of the company. Acadian Asset Management LLC raised its position in shares of Friedman Industries by 1.0% during 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 last quarter. Empowered Funds LLC raised its position in shares of Friedman Industries by 8.0% during the 1st quarter. Empowered Funds LLC now owns 30,796 shares of the company’s stock worth $577,000 after purchasing an additional 2,275 shares during the last quarter. Janney Montgomery Scott LLC raised its position in shares of Friedman Industries by 9.6% during the 1st quarter. Janney Montgomery Scott LLC now owns 32,526 shares of the company’s stock worth $610,000 after purchasing an additional 2,859 shares during the last quarter. Callahan Advisors LLC raised its position in shares of Friedman Industries by 8.6% during the 2nd quarter. Callahan Advisors LLC now owns 54,131 shares of the company’s stock worth $817,000 after purchasing an additional 4,293 shares during the last quarter. Finally, Hillsdale Investment Management Inc. acquired a new position in shares of Friedman Industries during the 1st quarter worth about $131,000. Institutional investors and hedge funds own 33.26% of the company’s stock.

Friedman Industries Price Performance

FRD stock opened at $14.03 on Friday. The stock has a market capitalization of $97.79 million, a price-to-earnings ratio of 5.87 and a beta of 1.37. Friedman Industries, Incorporated has a 12 month low of $9.50 and a 12 month high of $19.52.

Friedman Industries (NYSEAMERICAN:FRD) last released its quarterly earnings data on Thursday, August 8th. The company reported $0.37 EPS for the quarter. The company had revenue of $114.55 million during the quarter. Friedman Industries had a net margin of 2.48% and a return on equity of 9.65%.

Friedman Industries Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, August 16th. Shareholders of record on Friday, July 26th were issued a $0.04 dividend. The ex-dividend date was Friday, July 26th. This represents a $0.16 dividend on an annualized basis and a yield of 1.14%. Friedman Industries’s payout ratio is 6.69%.

Wall Street Analyst Weigh In

Separately, StockNews.com downgraded shares of Friedman Industries from a “buy” rating to a “hold” rating in a research report on Wednesday.

Insider Buying and Selling at Friedman Industries

In other news, CEO Mike J. Taylor purchased 5,000 shares of the company’s stock in a transaction dated Tuesday, July 2nd. The stock was acquired at an average price of $14.50 per share, with a total value of $72,500.00. Following the purchase, the chief executive officer now directly owns 157,154 shares in the company, valued at approximately $2,278,733. The acquisition was disclosed in a document filed with the SEC, which is available at this link. In other news, CEO Mike J. Taylor purchased 1,908 shares of the company’s stock in a transaction dated Monday, June 17th. The stock was acquired at an average price of $16.33 per share, with a total value of $31,157.64. Following the purchase, the chief executive officer now directly owns 152,154 shares in the company, valued at approximately $2,484,674.82. The acquisition was disclosed in a document filed with the SEC, which is available at this link. Also, CEO Mike J. Taylor purchased 5,000 shares of the company’s stock in a transaction dated Tuesday, July 2nd. The stock was purchased at an average cost of $14.50 per share, with a total value of $72,500.00. Following the purchase, the chief executive officer now owns 157,154 shares in the company, valued at $2,278,733. The disclosure for this purchase can be found here. In the last quarter, insiders acquired 13,908 shares of company stock worth $204,998. Insiders own 3.80% of the company’s stock.

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.