Truffle Hound Capital LLC Takes $1.56 Million Position in Friedman Industries Inc. (NASDAQ:FRD)

Key Points

• Truffle Hound Capital LLC acquired 104,918 shares of Friedman Industries Inc. (NASDAQ:FRD) in the first quarter, valued at approximately $1,562,000, representing around 1.51% ownership of the company.
• Friedman Industries has recently faced a downgrade from a "buy" to a "hold" rating by Wall Street Zen, potentially impacting investor sentiment.
• The company declared a quarterly dividend of $0.04, with an annualized dividend yield of 1.1%, set to be paid on August 8th.

Truffle Hound Capital LLC purchased a new position in Friedman Industries Inc. (NASDAQ:FRD - Free Report) during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor purchased 104,918 shares of the company's stock, valued at approximately $1,562,000. Truffle Hound Capital LLC owned about 1.51% of Friedman Industries as of its most recent SEC filing.

Wall Street Analysts Forecast Growth

Separately, Wall Street Zen lowered Friedman Industries from a "buy" rating to a "hold" rating in a research note on Tuesday, July 8th.

Friedman Industries Stock Up 0.7%

NASDAQ:FRD traded up $0.10 during midday trading on Wednesday, hitting $15.16. The stock had a trading volume of 2,030 shares, compared to its average volume of 23,583. The company's 50-day simple moving average is $16.23. Friedman Industries Inc. has a one year low of $12.24 and a one year high of $18.48. The stock has a market capitalization of $107.03 million, a P/E ratio of 17.63 and a beta of 1.51.

Friedman Industries (NASDAQ:FRD - Get Free Report) last issued its quarterly earnings data on Thursday, June 12th. The company reported $0.76 earnings per share for the quarter. Friedman Industries had a net margin of 1.37% and a return on equity of 4.70%. The business had revenue of $129.22 million during the quarter.

Friedman Industries Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, August 8th. Shareholders of record on Friday, July 18th will be issued a dividend of $0.04 per share. The ex-dividend date is Friday, July 18th. This represents a $0.16 dividend on an annualized basis and a yield of 1.1%. Friedman Industries's dividend payout ratio is 18.60%.

Friedman Industries Company 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.