StockNews.com Upgrades Friedman Industries (NYSEAMERICAN:FRD) to Buy

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

Friedman Industries Price Performance

FRD stock opened at $15.21 on Tuesday. Friedman Industries has a 12-month low of $9.50 and a 12-month high of $19.52. The company has a market cap of $106.01 million, a PE ratio of 8.77 and a beta of 1.37.

Friedman Industries (NYSEAMERICAN:FRD) last issued its quarterly earnings data on Thursday, August 8th. The company reported $0.37 earnings per share (EPS) 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.

Insiders Place Their Bets

In other news, Director Max Alan Reichenthal bought 2,000 shares of the stock in a transaction on Wednesday, September 18th. The stock was purchased at an average cost of $14.00 per share, with a total value of $28,000.00. Following the purchase, the director now owns 30,761 shares of the company’s stock, valued at approximately $430,654. The trade was a 0.00 % increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available at this link. In the last three months, insiders bought 6,365 shares of company stock valued at $91,241. Company insiders own 4.60% of the company’s stock.

Institutional Trading of Friedman Industries

Several institutional investors have recently made changes to their positions in FRD. Gendell Jeffrey L boosted its position in Friedman Industries by 16.4% during the 1st quarter. Gendell Jeffrey L now owns 435,666 shares of the company’s stock worth $8,164,000 after purchasing an additional 61,339 shares during the period. LSV Asset Management purchased a new stake in Friedman Industries during the 2nd quarter worth $343,000. O Shaughnessy Asset Management LLC purchased a new stake in Friedman Industries during the 1st quarter worth $425,000. Hillsdale Investment Management Inc. purchased a new stake in Friedman Industries during the 1st quarter worth $131,000. Finally, Callahan Advisors LLC boosted its position in Friedman Industries by 8.6% during the 2nd quarter. Callahan Advisors LLC now owns 54,131 shares of the company’s stock worth $817,000 after purchasing an additional 4,293 shares during the period. 33.26% of the stock is owned by hedge funds and other institutional investors.

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.