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

Friedman Industries (NYSEAMERICAN:FRD) 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) 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

In related news, Director Joel Spira bought 2,000 shares of the business’s stock in a transaction dated Tuesday, June 25th. The shares were purchased at an average price of $14.27 per share, with a total value of $28,540.00. Following the purchase, the director now owns 16,504 shares of the company’s stock, valued at approximately $235,512.08. The acquisition was disclosed in a document filed with the SEC, which is available through the SEC website. In related news, CEO Mike J. Taylor bought 5,000 shares of the business’s stock in a transaction dated Tuesday, July 2nd. The shares were purchased at an average cost of $14.50 per share, with a total value of $72,500.00. Following the completion of the purchase, the chief executive officer now owns 157,154 shares in the company, valued at approximately $2,278,733. The purchase was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Joel Spira purchased 2,000 shares of Friedman Industries stock in a transaction dated Tuesday, June 25th. The shares were bought at an average price of $14.27 per share, with a total value of $28,540.00. Following the completion of the acquisition, the director now directly owns 16,504 shares of the company’s stock, valued at $235,512.08. The disclosure for this purchase can be found here. Over the last quarter, insiders have bought 13,043 shares of company stock worth $188,859. 3.80% of the stock is currently owned by company insiders.

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.