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

Key Points

• Friedman Industries declared a quarterly dividend of $0.04 per share, payable November 13 to shareholders of record October 23. The dividend carries an annualized yield of approximately 0.4%, and the company has increased its dividend for the past year.
• FRD shares fell $1.62 to $38.77, with a market capitalization of about $279.5 million. The stock has traded between $16.55 and $48.77 over the past year and has a P/E ratio of 10.10.
• The company reported quarterly EPS of $1.79 on revenue of $239.97 million, with an 18.29% return on equity. Institutional investors and hedge funds own approximately 33.26% of the stock.

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

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

Friedman Industries Stock Performance

NASDAQ FRD traded down $1.62 on Wednesday, reaching $38.77. The stock had a trading volume of 4,242 shares, compared to its average volume of 51,408. Friedman Industries has a 12-month low of $16.55 and a 12-month high of $48.77. The company has a debt-to-equity ratio of 0.02, a quick ratio of 1.00 and a current ratio of 2.90. The business's 50-day moving average price is $40.59 and its 200 day moving average price is $29.61. The stock has a market cap of $279.50 million, a P/E ratio of 10.10 and a beta of 1.62.

Friedman Industries (NASDAQ:FRD - Get Free Report) last released its earnings results on Thursday, August 6th. The company reported $1.79 EPS for the quarter. Friedman Industries had a net margin of 3.63% and a return on equity of 18.29%. The company had revenue of $239.97 million during the quarter.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Corient Private Wealth LP acquired a new position in shares of Friedman Industries in the second quarter worth about $845,000. Bank of New York Mellon Corp acquired a new stake in shares of Friedman Industries during the second quarter valued at approximately $1,990,000. De Lisle Partners LLP acquired a new stake in shares of Friedman Industries during the second quarter worth approximately $12,937,000. BlackRock Inc. acquired a new stake in Friedman Industries in the second quarter valued at approximately $12,708,000. Finally, Empowered Funds LLC bought a new stake in shares of Friedman Industries during the 2nd quarter worth $1,540,000. 33.26% of the stock is owned by institutional investors and hedge funds.

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.

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