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

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

Friedman Industries Stock Performance

FRD stock traded down $0.05 during mid-day trading on Tuesday, hitting $13.81. The company had a trading volume of 6,926 shares, compared to its average volume of 17,260. Friedman Industries has a 12 month low of $11.15 and a 12 month high of $19.52. The firm has a market cap of $96.26 million, a price-to-earnings ratio of 12.11 and a beta of 1.38.

Insider Buying and Selling

In related news, Director Max Alan Reichenthal purchased 2,000 shares of Friedman Industries stock in a transaction that occurred on Wednesday, September 18th. The shares were bought at an average price of $14.00 per share, with a total value of $28,000.00. Following the purchase, the director now directly owns 30,761 shares of the company’s stock, valued at approximately $430,654. This represents a 6.95 % increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders have bought a total of 4,365 shares of company stock worth $61,461 in the last quarter. Corporate insiders own 4.60% of the company’s stock.

Institutional Trading of Friedman Industries

Large investors have recently added to or reduced their stakes in the stock. LSV Asset Management purchased a new position in shares of Friedman Industries during the 2nd quarter worth approximately $343,000. O Shaughnessy Asset Management LLC purchased a new stake in Friedman Industries during the first quarter worth approximately $425,000. Empowered Funds LLC lifted its position in shares of Friedman Industries by 5.3% during the third quarter. Empowered Funds LLC now owns 34,878 shares of the company’s stock worth $559,000 after purchasing an additional 1,742 shares in the last quarter. Callahan Advisors LLC increased its holdings 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 purchasing an additional 4,293 shares during the last quarter. Finally, Geode Capital Management LLC grew its stake in Friedman Industries by 11.2% in the third quarter. Geode Capital Management LLC now owns 70,727 shares of the company’s stock worth $1,133,000 after purchasing an additional 7,141 shares in the last quarter. 33.26% of the stock is currently owned by hedge funds and other institutional investors.

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.