Mink Brook Asset Management LLC Acquires New Position in Friedman Industries, Incorporated (NYSEAMERICAN:FRD)

Mink Brook Asset Management LLC bought a new position in shares of Friedman Industries, Incorporated (NYSEAMERICAN:FRD - Free Report) in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 188,664 shares of the company's stock, valued at approximately $2,885,000. Friedman Industries makes up about 2.8% of Mink Brook Asset Management LLC's investment portfolio, making the stock its 12th largest holding. Mink Brook Asset Management LLC owned 2.71% of Friedman Industries at the end of the most recent quarter.

Several other large investors also recently bought and sold shares of FRD. Jones Financial Companies Lllp purchased a new position in Friedman Industries during the fourth quarter worth about $28,000. Corient Private Wealth LLC purchased a new stake in Friedman Industries during the 4th quarter worth $401,000. Northern Trust Corp increased its stake in Friedman Industries by 38.1% during the 4th quarter. Northern Trust Corp now owns 26,511 shares of the company's stock worth $405,000 after buying an additional 7,320 shares during the period. Inspire Advisors LLC acquired a new position in Friedman Industries during the 4th quarter worth $422,000. Finally, Empowered Funds LLC grew its position in shares of Friedman Industries by 5.0% during the 4th quarter. Empowered Funds LLC now owns 36,629 shares of the company's stock valued at $560,000 after buying an additional 1,751 shares during the last quarter. Institutional investors and hedge funds own 33.26% of the company's stock.

Wall Street Analysts Forecast Growth

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

Friedman Industries Price Performance

FRD stock opened at $16.07 on Tuesday. The firm has a market capitalization of $112.01 million, a price-to-earnings ratio of 19.84 and a beta of 1.40. The company's 50 day moving average price is $15.90. Friedman Industries, Incorporated has a 52-week low of $12.24 and a 52-week high of $19.18.

Friedman Industries Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, May 23rd. Stockholders 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 dividend yield of 1.00%. The ex-dividend date of this dividend is Friday, April 25th. Friedman Industries's payout ratio is 19.75%.

Friedman Industries 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.

Want to see what other hedge funds are holding FRD? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Friedman Industries, Incorporated (NYSEAMERICAN:FRD - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.