Callahan Advisors LLC Sells 1,997 Shares of Friedman Industries, Incorporated (NYSEAMERICAN:FRD)

Callahan Advisors LLC trimmed its holdings in Friedman Industries, Incorporated (NYSEAMERICAN:FRD) by 3.7% in the third quarter, according to the company in its most recent filing with the SEC. The fund owned 52,134 shares of the company’s stock after selling 1,997 shares during the quarter. Callahan Advisors LLC’s holdings in Friedman Industries were worth $835,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in the business. Hillsdale Investment Management Inc. bought a new stake in Friedman Industries during the 1st quarter valued at $131,000. LSV Asset Management bought a new stake in Friedman Industries during the 2nd quarter valued at $343,000. O Shaughnessy Asset Management LLC bought a new stake in Friedman Industries during the 1st quarter valued at $425,000. Empowered Funds LLC raised its holdings in Friedman Industries by 8.0% during the 1st quarter. Empowered Funds LLC now owns 30,796 shares of the company’s stock valued at $577,000 after buying an additional 2,275 shares during the last quarter. Finally, Janney Montgomery Scott LLC raised its holdings in Friedman Industries by 9.6% during the 1st quarter. Janney Montgomery Scott LLC now owns 32,526 shares of the company’s stock valued at $610,000 after buying an additional 2,859 shares during the last quarter. 33.26% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Separately, StockNews.com upgraded shares of Friedman Industries from a “hold” rating to a “buy” rating in a report on Monday, October 21st.

Friedman Industries Price Performance

Shares of NYSEAMERICAN FRD opened at $14.14 on Wednesday. Friedman Industries, Incorporated has a 12 month low of $10.04 and a 12 month high of $19.52. The firm has a market capitalization of $98.56 million, a price-to-earnings ratio of 8.22 and a beta of 1.38.

Friedman Industries (NYSEAMERICAN:FRD) last issued its quarterly earnings data on Thursday, August 8th. The company reported $0.37 EPS for the quarter. Friedman Industries had a net margin of 2.48% and a return on equity of 9.65%. The business had revenue of $114.55 million during the quarter.

Friedman Industries Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, November 15th. Shareholders of record on Friday, October 25th will be issued a $0.04 dividend. The ex-dividend date of this dividend is Friday, October 25th. This represents a $0.16 annualized dividend and a yield of 1.13%. Friedman Industries’s dividend payout ratio (DPR) is presently 9.30%.

Insiders Place Their Bets

In other Friedman Industries news, Director Max Alan Reichenthal bought 2,000 shares of Friedman Industries stock in a transaction dated Wednesday, September 18th. The shares were purchased at an average cost of $14.00 per share, with a total value of $28,000.00. Following the transaction, the director now directly owns 30,761 shares of the company’s stock, valued at $430,654. This represents a 0.00 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In the last ninety days, insiders purchased 6,365 shares of company stock worth $91,241. 4.60% of the stock is currently owned by corporate insiders.

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.