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

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 on Tuesday.

Friedman Industries Price Performance

Shares of NYSEAMERICAN FRD opened at $14.14 on Tuesday. The firm has a market capitalization of $98.56 million, a P/E ratio of 12.40 and a beta of 1.38. Friedman Industries has a one year low of $11.15 and a one year high of $19.52.

Insider Activity at Friedman Industries

In related news, Director Max Alan Reichenthal acquired 2,000 shares of the company’s stock in a transaction on Wednesday, September 18th. The stock was purchased at an average cost of $14.00 per share, for a total transaction of $28,000.00. Following the completion of the purchase, the director now directly owns 30,761 shares of the company’s stock, valued at $430,654. The trade was a 0.00 % increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Over the last ninety days, insiders bought 6,365 shares of company stock worth $91,241. 4.60% of the stock is owned by corporate insiders.

Institutional Trading of Friedman Industries

Large investors have recently made changes to their positions in the business. Hillsdale Investment Management Inc. bought a new position in Friedman Industries in the first quarter valued at about $131,000. LSV Asset Management acquired a new stake in shares of Friedman Industries during the second quarter worth about $343,000. O Shaughnessy Asset Management LLC acquired a new stake in shares of Friedman Industries during the first quarter worth about $425,000. Empowered Funds LLC raised its position in shares of Friedman Industries by 5.3% during the third quarter. Empowered Funds LLC now owns 34,878 shares of the company’s stock worth $559,000 after purchasing an additional 1,742 shares during the period. Finally, Janney Montgomery Scott LLC raised its position in shares of Friedman Industries by 9.6% during the first quarter. Janney Montgomery Scott LLC now owns 32,526 shares of the company’s stock worth $610,000 after purchasing an additional 2,859 shares during the period. 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.