Friedman Industries (NYSEAMERICAN:FRD) was the recipient of a significant drop in short interest in the month of October. As of October 31st, there was short interest totalling 2,100 shares, a drop of 61.8% from the September 30th total of 5,500 shares. Based on an average daily trading volume, of 8,700 shares, the short-interest ratio is currently 0.2 days. Currently, 0.0% of the company’s stock are short sold.
Hedge funds have recently modified their holdings of the stock. BlackRock Inc. boosted its position in Friedman Industries by 9.2% during the second quarter. BlackRock Inc. now owns 38,597 shares of the company’s stock valued at $269,000 after purchasing an additional 3,262 shares in the last quarter. Callahan Advisors LLC boosted its position in Friedman Industries by 7.0% during the second quarter. Callahan Advisors LLC now owns 54,096 shares of the company’s stock valued at $377,000 after purchasing an additional 3,542 shares in the last quarter. River & Mercantile Asset Management LLP bought a new stake in Friedman Industries during the second quarter valued at about $507,000. Finally, Shufro Rose & Co. LLC boosted its position in Friedman Industries by 2.1% during the third quarter. Shufro Rose & Co. LLC now owns 127,641 shares of the company’s stock valued at $828,000 after purchasing an additional 2,632 shares in the last quarter.
Shares of FRD stock opened at $6.73 on Thursday. Friedman Industries has a 1-year low of $5.78 and a 1-year high of $9.03.
The business also recently disclosed a 0.04000 dividend, which will be paid on Friday, November 15th. Investors of record on Friday, October 11th will be given a dividend of $0.02 per share. This represents a yield of 2.6%. The ex-dividend date of this dividend is Thursday, October 10th.
Friedman Industries Company Profile
Friedman Industries, Incorporated engages in steel processing, pipe manufacturing and processing, and steel and pipe distribution activities in the United States. The company operates in two segments, Coil Products and Tubular Products. The Coil Products segment processes hot-roll coils into sheet and plate, as well as customer-owned coils on a fee basis; and sells these products on a wholesale basis.
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