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

Friedman Industries (NYSEAMERICAN:FRD) was downgraded by investment analysts at StockNews.com from a “buy” rating to a “hold” rating in a note issued to investors on Wednesday.

Friedman Industries Stock Performance

NYSEAMERICAN:FRD traded down $0.06 during trading hours on Wednesday, hitting $14.80. The stock had a trading volume of 6,554 shares, compared to its average volume of 19,099. The company has a market capitalization of $103.16 million, a PE ratio of 6.19 and a beta of 1.37. Friedman Industries has a one year low of $9.50 and a one year high of $19.52.

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

Insider Buying and Selling

In related news, Director Max Alan Reichenthal acquired 2,000 shares of the company’s stock in a transaction that occurred on Friday, August 16th. The shares were acquired at an average cost of $14.89 per share, for a total transaction of $29,780.00. Following the completion of the acquisition, the director now directly owns 28,761 shares in the company, valued at approximately $428,251.29. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Friedman Industries news, Director Joe L. Williams purchased 3,000 shares of the firm’s stock in a transaction dated Wednesday, July 10th. The stock was bought at an average cost of $14.34 per share, with a total value of $43,020.00. Following the purchase, the director now directly owns 31,574 shares of the company’s stock, valued at $452,771.16. The acquisition was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Max Alan Reichenthal acquired 2,000 shares of the stock in a transaction dated Friday, August 16th. The stock was acquired at an average price of $14.89 per share, for a total transaction of $29,780.00. Following the completion of the acquisition, the director now directly owns 28,761 shares of the company’s stock, valued at $428,251.29. The disclosure for this purchase can be found here. In the last three months, insiders acquired 18,908 shares of company stock valued at $287,698. 3.80% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the business. Hillsdale Investment Management Inc. bought a new stake in shares of Friedman Industries during the 1st quarter worth approximately $131,000. LSV Asset Management bought a new stake in Friedman Industries during the second quarter worth $343,000. O Shaughnessy Asset Management LLC acquired a new stake in Friedman Industries in the first quarter valued at $425,000. Janney Montgomery Scott LLC grew its position in shares of Friedman Industries by 17.3% in the 4th quarter. Janney Montgomery Scott LLC now owns 29,667 shares of the company’s stock valued at $459,000 after acquiring an additional 4,377 shares during the period. Finally, Empowered Funds LLC increased its stake 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 worth $577,000 after purchasing an additional 2,275 shares during the last quarter. Institutional investors own 33.26% of the company’s stock.

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.