Friedman Industries Inc. Announces Quarterly Dividend of $0.04 (NASDAQ:FRD)

Friedman Industries Inc. (NASDAQ:FRD) declared a quarterly dividend on Tuesday, September 22nd. Investors of record on Friday, October 23rd will be paid a dividend of 0.04 per share on Friday, November 13th. This represents a c) dividend on an annualized basis and a yield of 0.4%. The ex-dividend date of this dividend is Friday, October 23rd.

Friedman Industries has raised its dividend by an average of 0.1%annually over the last three years and has raised its dividend annually for the last 1 consecutive years.

Friedman Industries Stock Down 2.9%

NASDAQ FRD traded down $1.17 during midday trading on Wednesday, hitting $39.22. 6,661 shares of the company traded hands, compared to its average volume of 51,423. The company has a debt-to-equity ratio of 0.02, a current ratio of 2.90 and a quick ratio of 1.00. The company has a market cap of $282.80 million, a PE ratio of 10.14 and a beta of 1.62. The company’s 50-day simple moving average is $40.59 and its 200-day simple moving average is $29.61. Friedman Industries has a 52 week low of $16.55 and a 52 week high of $48.77.

Friedman Industries (NASDAQ:FRD) last issued its quarterly earnings data on Thursday, August 6th. The company reported $1.79 earnings per share for the quarter. The firm had revenue of $239.97 million during the quarter. Friedman Industries had a return on equity of 18.29% and a net margin of 3.63%.

Institutional Investors Weigh In On Friedman Industries

A number of large investors have recently made changes to their positions in the stock. Dimensional Fund Advisors LP lifted its position in Friedman Industries by 0.6% during the 1st quarter. Dimensional Fund Advisors LP now owns 541,693 shares of the company’s stock worth $9,599,000 after acquiring an additional 3,297 shares during the period. De Lisle Partners LLP acquired a new position in shares of Friedman Industries in the second quarter valued at about $12,937,000. BlackRock Inc. purchased a new position in shares of Friedman Industries in the second quarter worth about $12,708,000. Renaissance Technologies LLC lifted its holdings in shares of Friedman Industries by 3.2% during the first quarter. Renaissance Technologies LLC now owns 331,282 shares of the company’s stock worth $5,870,000 after purchasing an additional 10,400 shares during the period. Finally, Bank of New York Mellon Corp acquired a new stake in shares of Friedman Industries during the second quarter worth about $1,990,000. 33.26% of the stock is owned by hedge funds and other institutional investors.

Friedman Industries Company Profile

Friedman Industries, Inc is a steel processing and distribution company headquartered in Longview, Texas. The company processes and sells flat-rolled steel products, serving manufacturers and other industrial customers that require steel in specified sizes, grades, and forms.

Its coil-processing operations convert steel coils into products such as cut-to-length sheets and processed steel material. Friedman also supplies welded steel pipe and related tubular products used in applications across industries including energy, construction, agriculture, and manufacturing.