Friedman Industries (NYSEAMERICAN:FRD) Rating Increased to Buy 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 research report issued to clients and investors on Monday.

Friedman Industries Price Performance

FRD stock opened at $14.99 on Monday. Friedman Industries has a 12-month low of $9.50 and a 12-month high of $19.52. The company has a market capitalization of $104.48 million, a price-to-earnings ratio of 8.72 and a beta of 1.37.

Friedman Industries (NYSEAMERICAN:FRD) last posted its quarterly 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 business had revenue of $114.55 million for the quarter.

Insider Activity

In other Friedman Industries news, Director Max Alan Reichenthal acquired 2,000 shares of Friedman Industries stock in a transaction that occurred on Wednesday, September 18th. The stock was acquired at an average price of $14.00 per share, with a total value of $28,000.00. Following the purchase, 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 Securities & Exchange Commission, which can be accessed through the SEC website. Insiders have purchased a total of 6,365 shares of company stock worth $91,241 in the last ninety days. Corporate insiders own 4.60% of the company’s stock.

Institutional Investors Weigh In On Friedman Industries

Several institutional investors and hedge funds have recently modified their holdings of the business. Dimensional Fund Advisors LP lifted its position in Friedman Industries by 0.3% during the 2nd quarter. Dimensional Fund Advisors LP now owns 561,702 shares of the company’s stock worth $8,482,000 after acquiring an additional 1,591 shares during the last quarter. Gendell Jeffrey L lifted its position in Friedman Industries by 16.4% during the 1st quarter. Gendell Jeffrey L now owns 435,666 shares of the company’s stock worth $8,164,000 after acquiring an additional 61,339 shares during the last quarter. Renaissance Technologies LLC lifted its position in Friedman Industries by 0.6% during the 2nd quarter. Renaissance Technologies LLC now owns 361,882 shares of the company’s stock worth $5,464,000 after acquiring an additional 2,245 shares during the last quarter. Acadian Asset Management LLC lifted its position in Friedman Industries by 1.0% during the 2nd quarter. Acadian Asset Management LLC now owns 135,794 shares of the company’s stock worth $2,048,000 after acquiring an additional 1,337 shares during the last quarter. Finally, Callahan Advisors LLC lifted its position in Friedman Industries by 8.6% during the 2nd 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 last quarter. Institutional investors and hedge funds 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.