Friedman Industries (NYSEAMERICAN:FRD) Upgraded at StockNews.com

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

Friedman Industries Trading Down 3.5 %

NYSEAMERICAN FRD traded down $0.54 on Tuesday, hitting $14.80. 9,838 shares of the company’s stock were exchanged, compared to its average volume of 18,128. The stock has a market capitalization of $103.16 million, a price-to-earnings ratio of 8.60 and a beta of 1.37. Friedman Industries has a fifty-two week low of $9.50 and a fifty-two week high of $19.52.

Friedman Industries (NYSEAMERICAN:FRD) last posted its quarterly earnings results on Thursday, August 8th. The company reported $0.37 earnings per share for the quarter. Friedman Industries had a net margin of 2.48% and a return on equity of 9.65%. The business had revenue of $114.55 million for the quarter.

Insider Transactions at Friedman Industries

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

Institutional Trading of Friedman Industries

A number of hedge funds have recently added to or reduced their stakes in the business. Hillsdale Investment Management Inc. purchased a new stake in shares of Friedman Industries during the 1st quarter valued at $131,000. LSV Asset Management acquired a new position in shares of Friedman Industries in the 2nd quarter worth approximately $343,000. O Shaughnessy Asset Management LLC acquired a new position in Friedman Industries in the first quarter worth $425,000. Empowered Funds LLC raised its holdings in shares of Friedman Industries by 8.0% during the first quarter. Empowered Funds LLC now owns 30,796 shares of the company’s stock worth $577,000 after purchasing an additional 2,275 shares during the period. Finally, Janney Montgomery Scott LLC lifted its holdings in Friedman Industries by 9.6% in the first quarter. Janney Montgomery Scott LLC now owns 32,526 shares of the company’s stock worth $610,000 after acquiring an additional 2,859 shares during the last quarter. 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.