Friedman Industries (NYSEAMERICAN:FRD) Cut to “Buy” at StockNews.com

Friedman Industries (NYSEAMERICAN:FRD) was downgraded by research analysts at StockNews.com from a “strong-buy” rating to a “buy” rating in a research note issued to investors on Monday.

Friedman Industries Stock Up 0.2 %

FRD traded up $0.03 during midday trading on Monday, reaching $16.85. The company’s stock had a trading volume of 17,036 shares, compared to its average volume of 19,270. The firm has a market capitalization of $117.44 million, a P/E ratio of 7.05 and a beta of 1.37. Friedman Industries has a twelve month low of $9.50 and a twelve month high of $19.52.

Friedman Industries (NYSEAMERICAN:FRD) last announced its quarterly earnings results on Tuesday, June 11th. The company reported $0.71 EPS for the quarter. Friedman Industries had a return on equity of 13.86% and a net margin of 3.36%. The business had revenue of $132.23 million for the quarter.

Insider Transactions at Friedman Industries

In other Friedman Industries news, Director Joel Spira acquired 2,000 shares of the company’s stock in a transaction on Tuesday, June 25th. The shares were purchased at an average price of $14.27 per share, for a total transaction of $28,540.00. Following the completion of the purchase, the director now directly owns 16,504 shares of the company’s stock, valued at $235,512.08. The transaction was disclosed in a document filed with the SEC, which is available through this link. In other news, CEO Mike J. Taylor acquired 1,908 shares of Friedman Industries stock in a transaction that occurred on Monday, June 17th. The shares were acquired at an average price of $16.33 per share, for a total transaction of $31,157.64. Following the transaction, the chief executive officer now directly owns 152,154 shares of the company’s stock, valued at approximately $2,484,674.82. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Joel Spira acquired 2,000 shares of the stock in a transaction dated Tuesday, June 25th. The stock was purchased at an average cost of $14.27 per share, with a total value of $28,540.00. Following the purchase, the director now directly owns 16,504 shares of the company’s stock, valued at $235,512.08. The disclosure for this purchase can be found here. Insiders bought 16,908 shares of company stock valued at $257,918 over the last three months. Company insiders own 3.80% of the company’s stock.

Hedge Funds Weigh In On Friedman Industries

A number of institutional investors have recently modified their holdings of the company. Empowered Funds LLC increased its position in shares of Friedman Industries by 8.0% during the 1st quarter. Empowered Funds LLC now owns 30,796 shares of the company’s stock valued at $577,000 after purchasing an additional 2,275 shares during the last quarter. Janney Montgomery Scott LLC grew its stake in shares of Friedman Industries by 17.3% during the 4th quarter. Janney Montgomery Scott LLC now owns 29,667 shares of the company’s stock worth $459,000 after acquiring an additional 4,377 shares during the period. AJOVista LLC bought a new position in shares of Friedman Industries during the 4th quarter worth $49,000. O Shaughnessy Asset Management LLC bought a new position in shares of Friedman Industries during the 1st quarter worth $425,000. Finally, Hillsdale Investment Management Inc. bought a new position in shares of Friedman Industries during the 1st quarter worth $131,000. 33.26% of the stock is owned by institutional investors and hedge funds.

Friedman Industries Company Profile

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.