Friedman Industries (NYSEAMERICAN:FRD) Downgraded by StockNews.com

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

Friedman Industries Stock Up 2.2 %

Friedman Industries stock traded up $0.34 during midday trading on Monday, hitting $16.02. 7,452 shares of the company’s stock were exchanged, compared to its average volume of 18,673. Friedman Industries has a 52-week low of $9.50 and a 52-week high of $19.52. The stock has a market cap of $111.66 million, a price-to-earnings ratio of 6.70 and a beta of 1.37.

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

Insider Buying and Selling at Friedman Industries

In related news, CEO Mike J. Taylor acquired 5,000 shares of Friedman Industries stock in a transaction that occurred on Tuesday, July 2nd. The stock was bought at an average price of $14.50 per share, with a total value of $72,500.00. Following the transaction, the chief executive officer now directly owns 157,154 shares in the company, valued at $2,278,733. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Friedman Industries news, Director Max Alan Reichenthal bought 2,000 shares of Friedman Industries stock in a transaction on Friday, August 16th. The stock was acquired at an average price of $14.89 per share, with a total value of $29,780.00. Following the acquisition, the director now owns 28,761 shares in the company, valued at $428,251.29. The purchase was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CEO Mike J. Taylor purchased 5,000 shares of the firm’s stock in a transaction dated Tuesday, July 2nd. The stock was acquired at an average price of $14.50 per share, with a total value of $72,500.00. Following the purchase, the chief executive officer now directly owns 157,154 shares of the company’s stock, valued at $2,278,733. The disclosure for this purchase can be found here. In the last three months, insiders have bought 14,365 shares of company stock valued at $206,761. 3.80% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in FRD. Dimensional Fund Advisors LP boosted its position in Friedman Industries by 0.3% in the second quarter. Dimensional Fund Advisors LP now owns 561,702 shares of the company’s stock worth $8,482,000 after purchasing an additional 1,591 shares during the last quarter. Gendell Jeffrey L grew its position in Friedman Industries by 16.4% during the first quarter. Gendell Jeffrey L now owns 435,666 shares of the company’s stock valued at $8,164,000 after buying an additional 61,339 shares during the period. Renaissance Technologies LLC grew its position in Friedman Industries by 0.6% during the second quarter. Renaissance Technologies LLC now owns 361,882 shares of the company’s stock valued at $5,464,000 after buying an additional 2,245 shares during the period. Acadian Asset Management LLC increased its holdings in Friedman Industries by 1.0% during the second quarter. Acadian Asset Management LLC now owns 135,794 shares of the company’s stock valued at $2,048,000 after buying an additional 1,337 shares during the last quarter. Finally, Callahan Advisors LLC raised its position in Friedman Industries by 8.6% in the second quarter. Callahan Advisors LLC now owns 54,131 shares of the company’s stock worth $817,000 after acquiring an additional 4,293 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.