Friedman Industries (FRD) Declares $0.02 Dividend

Friedman Industries said on March 21, 2023 that its board of directors declared a regular quarterly dividend of $0.02 per share ($0.08 annualized). Previously, the company paid $0.02 per share.

Shares must be purchased before the ex-div date of April 27, 2023 to qualify for the dividend. Shareholders of record as of April 28, 2023 will receive the payment on May 26, 2023.

At the current share price of $11.51 / share, the stock's dividend yield is 0.70%. Looking back five years and taking a sample every week, the average dividend yield has been 1.69%, the lowest has been 0.56%, and the highest has been 5.01%. The standard deviation of yields is 0.98 (n=236).

The current dividend yield is 1.02 standard deviations below the historical average.

Additionally, the company's dividend payout ratio is 0.08. The payout ratio tells us how much of a company's income is paid out in dividends. A payout ratio of one (1.0) means 100% of the company's income is paid in a dividend. A payout ratio greater than one means the company is dipping into savings in order to maintain its dividend - not a healthy situation. Companies with few growth prospects are expected to pay out most of their income in dividends, which typically means a payout ratio between 0.5 and 1.0. Companies with good growth prospects are expected to retain some earnings in order to invest in those growth prospects, which translates to a payout ratio of zero to 0.5.

The company's 3-Year dividend growth rate is -0.58%.

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What is the Fund Sentiment?

There are 61 funds or institutions reporting positions in Friedman Industries. This is an increase of 2 owner(s) or 3.39% in the last quarter. Average portfolio weight of all funds dedicated to FRD is 0.05%, an increase of 27.11%. Total shares owned by institutions decreased in the last three months by 0.67% to 2,263K shares.

What are Large Shareholders Doing?

Renaissance Technologies holds 377K shares representing 5.12% ownership of the company. In it's prior filing, the firm reported owning 394K shares, representing a decrease of 4.32%. The firm increased its portfolio allocation in FRD by 27.62% over the last quarter.

VTSMX - Vanguard Total Stock Market Index Fund Investor Shares holds 205K shares representing 2.78% ownership of the company. In it's prior filing, the firm reported owning 204K shares, representing an increase of 0.44%. The firm increased its portfolio allocation in FRD by 27.72% over the last quarter.

DFSVX - U.s. Small Cap Value Portfolio - Institutional Class holds 173K shares representing 2.35% ownership of the company. In it's prior filing, the firm reported owning 172K shares, representing an increase of 0.64%. The firm decreased its portfolio allocation in FRD by 0.20% over the last quarter.

Bridgeway Capital Management holds 144K shares representing 1.95% ownership of the company. In it's prior filing, the firm reported owning 204K shares, representing a decrease of 42.14%. The firm decreased its portfolio allocation in FRD by 6.33% over the last quarter.

Gendell Jeffrey L holds 129K shares representing 1.75% ownership of the company. In it's prior filing, the firm reported owning 46K shares, representing an increase of 64.38%. The firm decreased its portfolio allocation in FRD by 99.84% over the last quarter.

Friedman Industries Background Information
(This description is provided by the company.)

For over 50 years Friedman Industries has helped its customers succeed by consistently providing high quality steel products at highly competitive prices with quick delivery. Founded in 1965 and headquartered in Longview, Texas, Friedman operates in two divisions: the Flat Roll Division and the Tubular Division.

This story originally appeared on Fintel.