Renaissance Technologies LLC Sells 22,400 Shares of Friedman Industries, Incorporated (NYSEAMERICAN:FRD)

Renaissance Technologies LLC lowered its holdings in Friedman Industries, Incorporated (NYSEAMERICAN:FRD - Free Report) by 6.2% during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 336,782 shares of the company's stock after selling 22,400 shares during the quarter. Renaissance Technologies LLC owned 4.83% of Friedman Industries worth $5,149,000 at the end of the most recent quarter.

Several other institutional investors also recently added to or reduced their stakes in FRD. Corient Private Wealth LLC bought a new position in shares of Friedman Industries during the 4th quarter worth about $401,000. Inspire Advisors LLC bought a new position in Friedman Industries during the fourth quarter valued at about $422,000. Jones Financial Companies Lllp bought a new position in Friedman Industries during the fourth quarter valued at about $28,000. Callahan Advisors LLC raised its holdings in Friedman Industries by 3.3% in the 4th quarter. Callahan Advisors LLC now owns 53,846 shares of the company's stock valued at $823,000 after acquiring an additional 1,712 shares in the last quarter. Finally, Empowered Funds LLC lifted its position in shares of Friedman Industries by 5.0% in the 4th quarter. Empowered Funds LLC now owns 36,629 shares of the company's stock worth $560,000 after acquiring an additional 1,751 shares during the period. 33.26% of the stock is owned by institutional investors.

Insider Activity

In other news, Director Tim Scott Stevenson bought 1,500 shares of the stock in a transaction dated Tuesday, February 11th. The shares were acquired at an average price of $17.23 per share, with a total value of $25,845.00. Following the acquisition, the director now owns 28,675 shares in the company, valued at $494,070.25. This trade represents a 5.52 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In the last ninety days, insiders have purchased 2,700 shares of company stock worth $42,962. Company insiders own 4.60% of the company's stock.

Analyst Upgrades and Downgrades

Separately, StockNews.com cut Friedman Industries from a "buy" rating to a "hold" rating in a research report on Tuesday, April 15th.

Friedman Industries Stock Performance

Shares of FRD stock traded down $0.22 during mid-day trading on Friday, reaching $16.79. The company's stock had a trading volume of 3,781 shares, compared to its average volume of 15,898. The stock has a market cap of $117.05 million, a price-to-earnings ratio of 20.73 and a beta of 1.40. Friedman Industries, Incorporated has a 1-year low of $12.24 and a 1-year high of $19.47.

Friedman Industries Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, May 23rd. Shareholders of record on Friday, April 25th will be issued a dividend of $0.04 per share. This represents a $0.16 dividend on an annualized basis and a yield of 0.95%. The ex-dividend date of this dividend is Friday, April 25th. Friedman Industries's payout ratio is 19.75%.

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.