Friedman Industries (NYSEAMERICAN:FRD) Downgraded to “Hold” Rating 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 research report issued on Tuesday.

Friedman Industries Trading Up 1.4 %

Friedman Industries stock opened at $15.72 on Tuesday. Friedman Industries has a twelve month low of $12.24 and a twelve month high of $19.52. The stock has a market capitalization of $109.57 million, a price-to-earnings ratio of 19.41 and a beta of 1.40.

Insider Activity

In other news, Director Tim Scott Stevenson acquired 1,500 shares of the firm’s stock in a transaction that occurred on Tuesday, February 11th. The shares were acquired at an average cost of $17.23 per share, with a total value of $25,845.00. Following the completion of the purchase, the director now directly owns 28,675 shares of the company’s stock, valued at $494,070.25. The trade was a 5.52 % increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Mike J. Taylor bought 2,500 shares of the business’s stock in a transaction on Wednesday, January 15th. The shares were acquired at an average price of $14.10 per share, with a total value of $35,250.00. Following the completion of the purchase, the chief executive officer now directly 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 disclosure for this purchase can be found here. Over the last 90 days, insiders acquired 5,200 shares of company stock valued at $78,212. 4.60% of the stock is owned by company insiders.

Hedge Funds Weigh In On Friedman Industries

Several hedge funds and other institutional investors have recently modified their holdings of FRD. Mink Brook Asset Management LLC acquired a new position in Friedman Industries during the 4th quarter worth approximately $2,885,000. Bridgeway Capital Management LLC grew its stake in shares of Friedman Industries by 0.4% during the fourth quarter. Bridgeway Capital Management LLC now owns 157,850 shares of the company’s stock worth $2,414,000 after buying an additional 651 shares during the last quarter. LSV Asset Management increased its holdings in shares of Friedman Industries by 21.1% during the fourth quarter. LSV Asset Management now owns 72,700 shares of the company’s stock worth $1,112,000 after buying an additional 12,663 shares in the last quarter. Geode Capital Management LLC increased its holdings in shares of Friedman Industries by 11.2% during the third quarter. Geode Capital Management LLC now owns 70,727 shares of the company’s stock worth $1,133,000 after buying an additional 7,141 shares in the last quarter. Finally, Callahan Advisors LLC lifted its stake in shares of Friedman Industries by 3.3% in the 4th quarter. Callahan Advisors LLC now owns 53,846 shares of the company’s stock valued at $823,000 after acquiring an additional 1,712 shares during the last quarter. Institutional investors own 33.26% of the company’s stock.

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.