AJOVista LLC Makes New Investment in Friedman Industries, Incorporated (NYSEAMERICAN:FRD)

AJOVista LLC bought a new stake in Friedman Industries, Incorporated (NYSEAMERICAN:FRD) in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm bought 3,172 shares of the company’s stock, valued at approximately $49,000.

Several other hedge funds have also modified their holdings of the stock. Acadian Asset Management LLC raised its position in shares of Friedman Industries by 20.4% in the 3rd quarter. Acadian Asset Management LLC now owns 137,027 shares of the company’s stock valued at $1,834,000 after purchasing an additional 23,250 shares in the last quarter. Janney Montgomery Scott LLC bought a new position in Friedman Industries during the 3rd quarter valued at $339,000. Gendell Jeffrey L boosted its stake in Friedman Industries by 9.7% during the 3rd quarter. Gendell Jeffrey L now owns 353,387 shares of the company’s stock valued at $4,735,000 after acquiring an additional 31,142 shares during the last quarter. Finally, EAM Investors LLC acquired a new position in Friedman Industries during the 3rd quarter worth $1,165,000. 33.26% of the stock is currently owned by hedge funds and other institutional investors.

Friedman Industries Price Performance

Shares of FRD opened at $19.19 on Monday. The stock has a market capitalization of $133.95 million, a P/E ratio of 7.58 and a beta of 1.34. Friedman Industries, Incorporated has a 52-week low of $9.50 and a 52-week high of $19.52.

Friedman Industries (NYSEAMERICAN:FRD) last released its earnings results on Wednesday, February 14th. The company reported $0.16 earnings per share for the quarter. The firm had revenue of $115.97 million during the quarter. Friedman Industries had a return on equity of 15.31% and a net margin of 3.68%.

Friedman Industries Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, May 24th. Investors of record on Friday, April 26th will be issued a dividend of $0.04 per share. This represents a $0.16 dividend on an annualized basis and a yield of 0.83%. This is a boost from Friedman Industries’s previous quarterly dividend of $0.02. The ex-dividend date of this dividend is Thursday, April 25th. Friedman Industries’s dividend payout ratio (DPR) is presently 6.30%.

Analysts Set New Price Targets

Separately, StockNews.com upgraded Friedman Industries from a “hold” rating to a “buy” rating in a research note on Friday, February 23rd.

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.