The Dynamic Dividend

Friedman Industries Pushes Dividend to All-Time High

Friedman Industries (FRD) declared a quarterly dividend of $0.13 per share after today’s closing bell, which represents an all-time high for the company with a very inconsistent dividend history.

The new rate is an 18% improvement over the $0.11 per share paid each of the previous two quarters by the steel and pipe company. Friedman has never missed a payout since initiating its dividend in 1992, but it has come very close. The company’s quarterly dividend plunged from an all-time high of $0.12 per share at the beginning of 2009 to as little as $0.01 per share for a three-quarter stretch that ended last year. Today’s move completes a comeback from that drop, and sets a new high-water mark for the company’s payout.

Shares of FRD closed Friday’s session trading at $9.51, where they now feature a 5.47% dividend yield.