Friedman Industries (NYSEAMERICAN:FRD) Rating Lowered to Hold at StockNews.com

Friedman Industries (NYSEAMERICAN:FRD) was downgraded by equities researchers at StockNews.com from a “buy” rating to a “hold” rating in a research note issued on Monday.

Friedman Industries Trading Down 3.2 %

Shares of NYSEAMERICAN:FRD opened at $15.50 on Monday. The stock has a market cap of $108.04 million, a PE ratio of 6.49 and a beta of 1.37. Friedman Industries has a 12-month low of $9.50 and a 12-month high of $19.52.

Friedman Industries (NYSEAMERICAN:FRD) last posted its quarterly earnings results on Thursday, August 8th. The company reported $0.37 earnings per share (EPS) for the quarter. The business had revenue of $114.55 million for the quarter. Friedman Industries had a return on equity of 9.65% and a net margin of 2.48%.

Insider Buying and Selling

In other Friedman Industries news, Director Max Alan Reichenthal bought 2,000 shares of the firm’s stock in a transaction that occurred on Wednesday, September 18th. The stock was bought at an average price of $14.00 per share, for a total transaction of $28,000.00. Following the completion of the acquisition, the director now directly owns 30,761 shares in the company, valued at $430,654. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In other Friedman Industries news, Director Joe L. Williams bought 3,000 shares of Friedman Industries stock in a transaction dated Wednesday, July 10th. The shares were purchased at an average cost of $14.34 per share, with a total value of $43,020.00. Following the transaction, the director now directly owns 31,574 shares of the company’s stock, valued at $452,771.16. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Max Alan Reichenthal acquired 2,000 shares of the company’s stock in a transaction that occurred on Wednesday, September 18th. The shares were acquired at an average cost of $14.00 per share, for a total transaction of $28,000.00. Following the purchase, the director now directly owns 30,761 shares of the company’s stock, valued at $430,654. The disclosure for this purchase can be found here. Insiders have acquired 9,365 shares of company stock valued at $134,261 over the last ninety days. 3.80% of the stock is owned by insiders.

Institutional Investors Weigh In On Friedman Industries

Several hedge funds have recently added to or reduced their stakes in FRD. Hillsdale Investment Management Inc. purchased a new stake in shares of Friedman Industries during the first quarter valued at approximately $131,000. LSV Asset Management bought a new stake in shares of Friedman Industries in the 2nd quarter worth $343,000. O Shaughnessy Asset Management LLC purchased a new position in shares of Friedman Industries in the first quarter worth $425,000. Janney Montgomery Scott LLC lifted its holdings in shares of Friedman Industries by 17.3% during the fourth quarter. Janney Montgomery Scott LLC now owns 29,667 shares of the company’s stock valued at $459,000 after purchasing an additional 4,377 shares in the last quarter. Finally, Empowered Funds LLC boosted its position in shares of Friedman Industries by 8.0% during the first quarter. Empowered Funds LLC now owns 30,796 shares of the company’s stock valued at $577,000 after buying an additional 2,275 shares during the last quarter. 33.26% of the stock is owned by institutional investors.

About Friedman Industries

Friedman Industries, Incorporated engages in steel processing, pipe manufacturing and processing, and the steel and pipe distribution businesses the United States. It operates in two segments, Coil and Tubular. The Coil segment is involved in the conversion of steel coils into flat sheet and plate steel cut to customer specifications and reselling steel coils.