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LONGVIEW, Texas - Friedman Industries, Incorporated (NYSE American: FRD), a manufacturer and processor of steel products, has announced the upcoming transfer of its common stock listing from the NYSE American to the Nasdaq Global Select Market. The change will take effect on April 8, 2025, with the company’s shares trading under the ticker symbol FRD. The announcement comes as the company’s stock has experienced a 15% decline over the past week, according to InvestingPro data, though maintaining a strong financial health score of 2.74 out of 5.
Michael Taylor, President and CEO of Friedman Industries, expressed that the move is aimed at enhancing the company’s visibility in the capital markets and attracting more investor capital. Taylor stated, "We believe that Nasdaq provides more potential for improved trading liquidity, as well as increased institutional ownership and capital inflows." He added that listing on Nasdaq is in line with the company’s objective of building long-term equity value. The company has demonstrated its commitment to shareholder value through 53 consecutive years of dividend payments, as highlighted by InvestingPro analysis, currently offering a 1.1% dividend yield.
Friedman Industries has operational plants in several states, including Arkansas, Alabama, Indiana, Illinois, and Texas, and is involved in two main segments: flat-roll products and tubular products. The flat-roll segment processes hot-rolled steel coils, while the tubular segment manufactures electric resistance welded pipe and distributes pipe through its Texas Tubular Products division. Financial data from InvestingPro shows the company generates annual revenue of $447.62 million, operating with a moderate debt-to-equity ratio of 0.28 and maintaining strong liquidity with a current ratio of 3.53.
The press release also contained forward-looking statements as defined by the Securities Act and the Exchange Act, which are subject to risks and uncertainties that could cause actual results to differ materially from those projected. These statements are based on management’s current expectations and are not guarantees of future performance. According to InvestingPro metrics, the company’s revenue has seen an 11.92% decline in the last twelve months, though maintaining profitability with earnings per share of $0.81.
Investors are cautioned against placing undue reliance on forward-looking statements, which reflect the company’s beliefs as of the date of the press release. Friedman Industries has stated that it undertakes no obligation to publicly update or revise any forward-looking statement, except as required by law.
This news is based on a press release statement from Friedman Industries Inc. and is intended to inform investors about the company’s upcoming listing transfer to Nasdaq.
In other recent news, Friedman Industries has expanded its Board of Directors by appointing Michael Hanson as a new director. This decision aligns with the company’s bylaws and aims to strengthen the board’s expertise. Hanson, who retired in 2022, previously served as Vice President of Sales and Marketing at North Star BlueScope Steel and has held various sales positions at North Star Steel. His involvement in non-profit work, including chairing the board of directors of Adopt America Network, adds to his diverse experience. Hanson’s academic credentials include a bachelor’s degree in marketing and an MBA. As a director, he will receive a pro rata portion of director fees, potentially including equity awards, but has not yet been assigned to any specific board committees. This strategic move is expected to bring new insights and guidance to Friedman Industries, which continues to operate in the steel industry. The development was disclosed in the company’s latest Form 8-K filing with the U.S. Securities and Exchange Commission.
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