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

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

Friedman Industries Stock Up 5.4 %

FRD stock opened at $15.14 on Wednesday. Friedman Industries has a 52-week low of $12.24 and a 52-week high of $19.52. The company has a market cap of $105.53 million, a PE ratio of 18.69 and a beta of 1.40.

Insider Buying and Selling

In other Friedman Industries news, CEO Mike J. Taylor purchased 2,500 shares of the firm’s stock in a transaction that occurred on Wednesday, January 15th. The stock was purchased at an average cost of $14.10 per share, with a total value of $35,250.00. Following the purchase, the chief executive officer now owns 169,154 shares of the company’s stock, valued at approximately $2,385,071.40. The trade was a 1.50 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Tim Scott Stevenson acquired 1,500 shares of the company’s stock in a transaction that occurred on Tuesday, February 11th. The stock was purchased at an average cost of $17.23 per share, for a total transaction of $25,845.00. Following the purchase, the director now owns 28,675 shares of the company’s stock, valued at $494,070.25. This represents a 5.52 % increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last quarter, insiders bought 7,180 shares of company stock valued at $106,922. Company insiders own 4.60% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in the business. Jones Financial Companies Lllp acquired a new stake in shares of Friedman Industries during the fourth quarter valued at about $28,000. Wealthedge Investment Advisors LLC acquired a new stake in shares of Friedman Industries during the 4th quarter worth about $204,000. Corient Private Wealth LLC acquired a new stake in Friedman Industries during the fourth quarter worth approximately $401,000. Northern Trust Corp boosted its holdings in shares of Friedman Industries by 38.1% in the 4th quarter. Northern Trust Corp now owns 26,511 shares of the company’s stock valued at $405,000 after buying an additional 7,320 shares in the last quarter. Finally, Inspire Advisors LLC acquired a new position in Friedman Industries in the fourth quarter valued at $422,000. 33.26% of the stock is owned by institutional investors and hedge funds.

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.