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Mike J. Taylor, the President, CEO, and Director of Friedman Industries Inc. (NYSE:FRD), recently acquired additional shares of the company. According to a Form 4 filing with the Securities and Exchange Commission, Taylor purchased 2,500 shares of common stock on January 15, 2025. The shares were acquired at a price of $14.10 each, amounting to a total transaction value of $35,250. Following this purchase, Taylor's total direct ownership in Friedman Industries stands at 169,154 shares. The purchase comes as the stock trades near its 52-week low of $13.40, with InvestingPro data showing the company maintains a strong dividend track record of 53 consecutive years of payments and a current yield of 1.15%. The company's financial health score on InvestingPro is rated as "GREAT," with additional metrics and insights available to subscribers.
In other recent news, Texas-based steel company, Friedman Industries Incorporated, has established a new executive severance plan. This plan, approved by the company's board, outlines severance benefits for key employees in the event of a change in control. Eligible executives are set to receive a one-time bonus if they leave the company under specific conditions. The CEO will receive a severance payment equal to three times their earnings, while the CFO will receive two times.
In addition to these changes, Friedman Industries held its Annual Meeting of Shareholders, resulting in the election of seven directors, with Michael J. Taylor receiving the majority of votes. A non-binding advisory resolution regarding executive compensation was approved, and Moss Adams LLP was ratified as the company's independent registered public accounting firm for the upcoming fiscal year. However, a proposed amendment allowing shareholders to amend the Bylaws failed to receive the necessary two-thirds majority.
Furthermore, the company announced its 211th consecutive quarterly cash dividend of $0.04 per share, continuing its long-standing commitment to shareholder returns. These recent developments reflect Friedman Industries' ongoing efforts to stabilize its leadership team and maintain steady returns for its shareholders.
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