In a recent series of transactions, Mike J. Taylor, the President and CEO of Friedman Industries Inc. (NYSE:FRD), acquired additional shares of the company. According to a Form 4 filing with the Securities and Exchange Commission, Taylor purchased a total of 2,500 shares of common stock over two days. The company currently maintains a GREAT financial health score according to InvestingPro data, with a solid current ratio of 4.07x and moderate debt levels.
On January 13, Taylor bought 1,980 shares at a price of $14.50 per share, and on January 14, he acquired an additional 520 shares at the same price. The total value of these purchases amounts to $36,250. Following these transactions, Taylor directly owns 166,654 shares of Friedman Industries. Notable for investors, the company has maintained dividend payments for 53 consecutive years, with shares currently trading at $14.50, near their 52-week low of $13.40.InvestingPro subscribers have access to additional key metrics and insights about Friedman Industries' financial health and valuation.
These transactions reflect Taylor's continued investment in the company, as he maintains his roles as both CEO and Director.
In other recent news, Texas-based steel company, Friedman Industries Incorporated, has implemented a new executive severance plan and announced key decisions from its Annual Meeting of Shareholders. The severance plan, approved by the company's board, provides severance benefits for certain executives if they are terminated under specific conditions related to a change in company control. This includes a one-time bonus, a multiple of the individual's base salary, average annual bonus, and the company's annual contribution to their group health plan.
Additionally, the company's Annual Meeting of Shareholders resulted in the election of seven directors, with Michael J. Taylor receiving the most 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, did not pass.
The company also announced its 211th consecutive quarterly cash dividend of $0.04 per share, payable on November 15, 2024, to shareholders registered as of October 25, 2024. These are the recent developments in Friedman Industries Incorporated's activities.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.