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

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

Friedman Industries Stock Down 1.3 %

Shares of FRD traded down $0.20 during trading hours on Tuesday, hitting $14.65. 7,606 shares of the stock were exchanged, compared to its average volume of 17,404. Friedman Industries has a fifty-two week low of $11.15 and a fifty-two week high of $19.52. The stock has a market cap of $102.11 million, a PE ratio of 8.52 and a beta of 1.38.

Insider Activity

In other news, Director Max Alan Reichenthal purchased 2,000 shares of the company’s stock in a transaction that occurred on Wednesday, September 18th. The shares were bought at an average cost of $14.00 per share, with a total value of $28,000.00. Following the completion of the transaction, the director now directly owns 30,761 shares of the company’s stock, valued at approximately $430,654. This trade represents a 0.00 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders acquired 6,365 shares of company stock worth $91,241 over the last three months. 4.60% of the stock is currently owned by insiders.

Institutional Trading of Friedman Industries

Several hedge funds have recently added to or reduced their stakes in FRD. Hillsdale Investment Management Inc. purchased a new position in shares of Friedman Industries in the first quarter worth about $131,000. LSV Asset Management bought a new stake in Friedman Industries during the 2nd quarter worth approximately $343,000. O Shaughnessy Asset Management LLC bought a new stake in Friedman Industries during the 1st quarter worth approximately $425,000. Empowered Funds LLC increased its holdings in Friedman Industries by 5.3% during the 3rd quarter. Empowered Funds LLC now owns 34,878 shares of the company’s stock worth $559,000 after acquiring an additional 1,742 shares during the period. Finally, Janney Montgomery Scott LLC increased its holdings in shares of Friedman Industries by 9.6% in the 1st quarter. Janney Montgomery Scott LLC now owns 32,526 shares of the company’s stock worth $610,000 after buying an additional 2,859 shares during the last quarter. 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.