Friedman Industries (NYSEAMERICAN:FRD – Get Free Report) was downgraded by research analysts at StockNews.com from a “buy” rating to a “hold” rating in a research report issued to clients and investors on Tuesday.
Friedman Industries Stock Down 2.2 %
NYSEAMERICAN FRD opened at $14.54 on Tuesday. Friedman Industries has a 12-month low of $9.50 and a 12-month high of $19.52. The stock has a market cap of $101.34 million, a price-to-earnings ratio of 6.08 and a beta of 1.37.
Friedman Industries (NYSEAMERICAN:FRD – Get Free Report) last announced its quarterly earnings data on Thursday, August 8th. The company reported $0.37 earnings per share for the quarter. Friedman Industries had a return on equity of 9.65% and a net margin of 2.48%. The firm had revenue of $114.55 million during the quarter.
Insider Buying and Selling at Friedman Industries
Hedge Funds Weigh In On Friedman Industries
Hedge funds have recently added to or reduced their stakes in the company. Gendell Jeffrey L boosted its stake in Friedman Industries by 16.4% during the 1st quarter. Gendell Jeffrey L now owns 435,666 shares of the company’s stock valued at $8,164,000 after purchasing an additional 61,339 shares during the last quarter. LSV Asset Management purchased a new position in Friedman Industries in the 2nd quarter worth about $343,000. O Shaughnessy Asset Management LLC bought a new position in Friedman Industries during the 1st quarter valued at about $425,000. Hillsdale Investment Management Inc. purchased a new stake in shares of Friedman Industries during the 1st quarter valued at about $131,000. Finally, Janney Montgomery Scott LLC grew its stake 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 acquiring an additional 4,377 shares during the period. 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.
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