Friedman Industries (NYSEAMERICAN:FRD) was the recipient of a large increase in short interest in the month of December. As of December 31st, there was short interest totalling 7,800 shares, an increase of 14.7% from the December 15th total of 6,800 shares. Approximately 0.1% of the shares of the stock are sold short. Based on an average trading volume of 11,800 shares, the days-to-cover ratio is presently 0.7 days.
Institutional investors have recently modified their holdings of the company. Shufro Rose & Co. LLC increased its stake in Friedman Industries by 2.1% in the third quarter. Shufro Rose & Co. LLC now owns 127,641 shares of the company’s stock valued at $828,000 after acquiring an additional 2,632 shares during the last quarter. River & Mercantile Asset Management LLP acquired a new position in Friedman Industries during the second quarter valued at approximately $507,000. Callahan Advisors LLC lifted its stake in Friedman Industries by 10.4% during the third quarter. Callahan Advisors LLC now owns 59,734 shares of the company’s stock worth $388,000 after purchasing an additional 5,638 shares during the last quarter. Finally, BlackRock Inc. lifted its stake in Friedman Industries by 9.2% during the second quarter. BlackRock Inc. now owns 38,597 shares of the company’s stock worth $269,000 after purchasing an additional 3,262 shares during the last quarter.
FRD opened at $5.99 on Monday. Friedman Industries has a twelve month low of $5.59 and a twelve month high of $8.48.
Friedman Industries (NYSEAMERICAN:FRD) last released its earnings results on Thursday, November 14th. The company reported ($0.22) EPS for the quarter. The business had revenue of $40.00 million for the quarter.
The company also recently declared a quarterly dividend, which will be paid on Friday, February 7th. Stockholders of record on Friday, January 10th will be issued a dividend of $0.02 per share. This represents a $0.08 dividend on an annualized basis and a dividend yield of 1.34%. The ex-dividend date is Thursday, January 9th.
About Friedman Industries
Friedman Industries, Incorporated engages in steel processing, pipe manufacturing and processing, and steel and pipe distribution activities in the United States. The company operates in two segments, Coil Products and Tubular Products. The Coil Products segment processes hot-roll coils into sheet and plate, as well as customer-owned coils on a fee basis; and sells these products on a wholesale basis.
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