Hillsdale Investment Management Inc. Invests $131,000 in Friedman Industries, Incorporated (NYSEAMERICAN:FRD)

Hillsdale Investment Management Inc. acquired a new stake in Friedman Industries, Incorporated (NYSEAMERICAN:FRD) in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund acquired 7,012 shares of the company’s stock, valued at approximately $131,000. Hillsdale Investment Management Inc. owned about 0.10% of Friedman Industries at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also made changes to their positions in FRD. Gendell Jeffrey L increased its position in Friedman Industries by 5.9% during the 4th quarter. Gendell Jeffrey L now owns 374,327 shares of the company’s stock worth $5,787,000 after purchasing an additional 20,940 shares in the last quarter. Janney Montgomery Scott LLC increased its holdings in shares of Friedman Industries by 9.6% during the first quarter. Janney Montgomery Scott LLC now owns 32,526 shares of the company’s stock valued at $610,000 after purchasing an additional 2,859 shares during the period. Empowered Funds LLC raised its holdings in Friedman Industries by 8.0% during the first quarter. Empowered Funds LLC now owns 30,796 shares of the company’s stock worth $577,000 after purchasing an additional 2,275 shares in the last quarter. Finally, AJOVista LLC bought a new position in shares of Friedman Industries during the 4th quarter valued at about $49,000. 33.26% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Separately, StockNews.com raised shares of Friedman Industries from a “buy” rating to a “strong-buy” rating in a research note on Wednesday, June 19th.

Insider Transactions at Friedman Industries

In other news, CEO Mike J. Taylor acquired 1,908 shares of Friedman Industries stock in a transaction on Monday, June 17th. The stock was acquired at an average cost of $16.33 per share, for a total transaction of $31,157.64. Following the purchase, the chief executive officer now owns 152,154 shares in the company, valued at $2,484,674.82. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, CEO Mike J. Taylor acquired 5,000 shares of the firm’s stock in a transaction on Thursday, June 13th. The stock was acquired at an average price of $16.54 per share, with a total value of $82,700.00. Following the completion of the purchase, the chief executive officer now directly owns 147,154 shares in the company, valued at $2,433,927.16. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Mike J. Taylor bought 1,908 shares of the stock in a transaction on Monday, June 17th. The stock was purchased at an average price of $16.33 per share, with a total value of $31,157.64. Following the completion of the acquisition, the chief executive officer now directly owns 152,154 shares in the company, valued at approximately $2,484,674.82. The disclosure for this purchase can be found here. In the last three months, insiders have acquired 16,908 shares of company stock worth $257,918. 3.80% of the stock is currently owned by insiders.

Friedman Industries Stock Up 6.4 %

NYSEAMERICAN:FRD traded up $1.06 during trading hours on Monday, hitting $17.70. The company’s stock had a trading volume of 8,508 shares, compared to its average volume of 19,444. The firm has a market capitalization of $123.37 million, a PE ratio of 7.41 and a beta of 1.37. Friedman Industries, Incorporated has a twelve month low of $9.50 and a twelve month high of $19.52.

Friedman Industries (NYSEAMERICAN:FRD) last announced its quarterly earnings results on Tuesday, June 11th. The company reported $0.71 earnings per share (EPS) for the quarter. The business had revenue of $132.23 million during the quarter. Friedman Industries had a return on equity of 13.86% and a net margin of 3.36%.

Friedman Industries Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, August 16th. Shareholders of record on Friday, July 26th will be given a dividend of $0.04 per share. The ex-dividend date of this dividend is Friday, July 26th. This represents a $0.16 annualized dividend and a yield of 0.90%. Friedman Industries’s payout ratio is currently 6.69%.

About Friedman Industries

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.