Friedman Industries (NYSEAMERICAN:FRD) Stock Rating Lowered by StockNews.com

Friedman Industries (NYSEAMERICAN:FRD) was downgraded by StockNews.com from a “buy” rating to a “hold” rating in a report released on Monday.

Friedman Industries Trading Down 3.2 %

NYSEAMERICAN FRD opened at $15.50 on Monday. The firm has a market cap of $108.04 million, a PE ratio of 6.49 and a beta of 1.37. Friedman Industries has a 1-year low of $9.50 and a 1-year high of $19.52.

Friedman Industries (NYSEAMERICAN:FRD) last posted its earnings results on Thursday, August 8th. The company reported $0.37 earnings per share for the quarter. The company 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 Transactions at Friedman Industries

In related news, Director Joe L. Williams purchased 3,000 shares of the business’s stock in a transaction on Wednesday, July 10th. The stock was acquired at an average price of $14.34 per share, with a total value of $43,020.00. Following the completion of the acquisition, the director now owns 31,574 shares of the company’s stock, valued at approximately $452,771.16. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, Director Max Alan Reichenthal bought 2,000 shares of the stock in a transaction that occurred on Wednesday, September 18th. The shares were bought at an average price of $14.00 per share, for a total transaction of $28,000.00. Following the purchase, the director now owns 30,761 shares in the company, valued at $430,654. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Joe L. Williams purchased 3,000 shares of the business’s stock in a transaction on Wednesday, July 10th. The stock was acquired at an average price of $14.34 per share, with a total value of $43,020.00. Following the purchase, the director now directly owns 31,574 shares in the company, valued at approximately $452,771.16. The disclosure for this purchase can be found here. Insiders have acquired 9,365 shares of company stock worth $134,261 in the last 90 days. 3.80% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Friedman Industries

Several large investors have recently made changes to their positions in FRD. Hillsdale Investment Management Inc. purchased a new stake in shares of Friedman Industries during the first quarter worth about $131,000. LSV Asset Management purchased a new position in shares of Friedman Industries during the second quarter valued at about $343,000. O Shaughnessy Asset Management LLC bought a new stake in shares of Friedman Industries in the first quarter worth about $425,000. Janney Montgomery Scott LLC lifted its position in shares of Friedman Industries by 17.3% in the fourth quarter. Janney Montgomery Scott LLC now owns 29,667 shares of the company’s stock worth $459,000 after buying an additional 4,377 shares in the last quarter. Finally, Empowered Funds LLC boosted its stake in 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 currently owned by hedge funds and other 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.