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

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

Friedman Industries Stock Performance

Shares of FRD opened at $13.75 on Tuesday. Friedman Industries has a 52-week low of $9.50 and a 52-week high of $19.52. The stock has a market cap of $95.84 million, a P/E ratio of 5.75 and a beta of 1.37.

Friedman Industries (NYSEAMERICAN:FRD) last released its quarterly earnings data on Thursday, August 8th. The company reported $0.37 EPS for the quarter. The company 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 Activity

In related news, Director Joe L. Williams purchased 3,000 shares of the firm’s stock in a transaction dated Wednesday, July 10th. The shares were purchased at an average price of $14.34 per share, with a total value of $43,020.00. Following the acquisition, the director now directly owns 31,574 shares of the company’s stock, valued at $452,771.16. The purchase was disclosed in a document filed with the SEC, which is available through this hyperlink. In other news, Director Joe L. Williams acquired 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, for a total transaction of $43,020.00. Following the transaction, the director now owns 31,574 shares of the company’s stock, valued at $452,771.16. The purchase was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CEO Mike J. Taylor acquired 5,000 shares of the firm’s stock in a transaction that occurred on Tuesday, July 2nd. The shares were purchased at an average cost of $14.50 per share, for a total transaction of $72,500.00. Following the completion of the acquisition, the chief executive officer now owns 157,154 shares in the company, valued at approximately $2,278,733. The disclosure for this purchase can be found here. In the last 90 days, insiders acquired 13,043 shares of company stock worth $188,859. 3.80% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of FRD. Hillsdale Investment Management Inc. bought a new position in Friedman Industries during the 1st quarter worth approximately $131,000. O Shaughnessy Asset Management LLC purchased a new stake in Friedman Industries during the 1st quarter valued at $425,000. LSV Asset Management bought a new stake in Friedman Industries in the 2nd quarter worth $343,000. Janney Montgomery Scott LLC increased 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 valued at $459,000 after acquiring an additional 4,377 shares during the period. Finally, Empowered Funds LLC raised its stake 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 acquiring an additional 2,275 shares during the last quarter. Hedge funds and other institutional investors own 33.26% of the company’s stock.

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.