In a recent transaction involving Friedman Industries Inc. (NYSE:FRD), President and CEO Mike J. Taylor purchased 2,000 shares of common stock, valued at approximately $27,000. The shares were acquired at a price of $13.50 each. Following this transaction, Taylor holds a total of 164,154 shares directly. This acquisition reflects Taylor’s continued investment in the company, which operates in the steel manufacturing sector, specifically in steel works, blast furnaces, and rolling and finishing mills.
In other recent news, Texas-based steel company, Friedman Industries Incorporated, has announced a series of significant developments. The company established a new executive severance plan for key employees in case of a change in control. This plan, approved by the company’s board, outlines severance benefits for certain executives if they are terminated under specific conditions. The severance payment includes a multiple of the individual’s base salary and average annual bonus, plus a pro-rata bonus for the year of termination.
In addition, Friedman Industries held its Annual Meeting of Shareholders. Seven directors were elected to the Board of Directors, with Michael J. Taylor receiving the highest number 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 fiscal year ending March 31, 2025. However, a proposed amendment to the company’s Articles of Incorporation, which would have allowed shareholders to amend the Bylaws, failed to receive the necessary two-thirds majority and was rejected.
Lastly, the company announced a regular cash dividend of $0.04 per share, marking its 211th consecutive quarterly cash dividend since its debut on the public market in 1972. These are the recent developments within the company.
InvestingPro Insights
Mike J. Taylor’s recent purchase of Friedman Industries Inc. (NYSE:FRD) shares aligns with some positive indicators for the company. According to InvestingPro data, FRD has demonstrated a significant return over the last week, with a 1-week price total return of 8.8%. This short-term performance boost might have influenced Taylor’s decision to increase his stake in the company.
Moreover, an InvestingPro Tip highlights that Friedman Industries has maintained dividend payments for 52 consecutive years, showcasing the company’s commitment to shareholder returns despite market…
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