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

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

Friedman Industries Trading Down 2.9 %

Shares of FRD stock opened at $15.74 on Wednesday. Friedman Industries has a 1-year low of $9.50 and a 1-year high of $19.52. The firm has a market cap of $109.71 million, a P/E ratio of 6.59 and a beta of 1.35.

Insider Buying and Selling at Friedman Industries

In other news, CEO Mike J. Taylor purchased 1,908 shares of the company’s stock in a transaction 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 purchase, the chief executive officer now owns 152,154 shares in the company, valued at $2,484,674.82. The acquisition was disclosed in a filing with the SEC, which is available through the SEC website. In related news, CEO Mike J. Taylor bought 1,908 shares of the stock in a transaction dated Monday, June 17th. The shares were purchased at an average price of $16.33 per share, for a total transaction of $31,157.64. Following the completion of the purchase, the chief executive officer now directly owns 152,154 shares of the company’s stock, valued at $2,484,674.82. The purchase was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CEO Mike J. Taylor bought 5,000 shares of the stock in a transaction dated Thursday, June 13th. The stock was bought at an average price of $16.54 per share, for a total transaction of $82,700.00. Following the purchase, the chief executive officer now directly owns 147,154 shares of the company’s stock, valued at $2,433,927.16. The disclosure for this purchase can be found here. Company insiders own 3.80% of the company’s stock.

Institutional Trading of Friedman Industries

Hedge funds have recently modified their holdings of the stock. AJOVista LLC purchased a new stake in shares of Friedman Industries in the fourth quarter worth about $49,000. Hillsdale Investment Management Inc. acquired a new position in Friedman Industries in the 1st quarter worth about $131,000. O Shaughnessy Asset Management LLC acquired a new position in Friedman Industries in the 1st quarter worth about $425,000. Janney Montgomery Scott LLC acquired a new position in Friedman Industries in the 3rd quarter worth about $339,000. Finally, Empowered Funds LLC raised its holdings in Friedman Industries by 8.0% in 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 period. 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.