Friedman Industries, Incorporated (NYSEAMERICAN:FRD) Short Interest Down 33.8% in February

Friedman Industries, Incorporated (NYSEAMERICAN:FRD) was the target of a large drop in short interest in February. As of February 28th, there was short interest totalling 30,000 shares, a drop of 33.8% from the February 13th total of 45,300 shares. Based on an average trading volume of 13,600 shares, the days-to-cover ratio is presently 2.2 days. Currently, 0.5% of the company’s stock are short sold.

Analysts Set New Price Targets

Separately, StockNews.com raised Friedman Industries from a “hold” rating to a “buy” rating in a report on Tuesday, November 19th.

Insider Activity at Friedman Industries

In other news, CEO Mike J. Taylor acquired 1,980 shares of the business’s stock in a transaction on Monday, January 13th. The shares were purchased at an average cost of $14.50 per share, with a total value of $28,710.00. Following the acquisition, the chief executive officer now directly owns 166,134 shares of the company’s stock, valued at $2,408,943. The trade was a 1.21 % increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Tim Scott Stevenson bought 1,500 shares of the stock in a transaction dated Tuesday, February 11th. The stock was purchased at an average price of $17.23 per share, with a total value of $25,845.00. Following the acquisition, the director now owns 28,675 shares of the company’s stock, valued at $494,070.25. The trade was a 5.52 % increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last quarter, insiders have acquired 7,180 shares of company stock valued at $106,922. 4.60% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Friedman Industries

Institutional investors have recently added to or reduced their stakes in the stock. Jones Financial Companies Lllp purchased a new position in Friedman Industries in the fourth quarter valued at approximately $28,000. Wealthedge Investment Advisors LLC purchased a new position in shares of Friedman Industries during the 4th quarter valued at $204,000. Corient Private Wealth LLC purchased a new position in shares of Friedman Industries during the 4th quarter valued at $401,000. Northern Trust Corp grew its stake in shares of Friedman Industries by 38.1% during the 4th quarter. Northern Trust Corp now owns 26,511 shares of the company’s stock worth $405,000 after acquiring an additional 7,320 shares during the period. Finally, Inspire Advisors LLC purchased a new stake in Friedman Industries in the 4th quarter worth about $422,000. Institutional investors own 33.26% of the company’s stock.

Friedman Industries Price Performance

NYSEAMERICAN:FRD traded down $0.20 during trading on Monday, reaching $16.30. The company’s stock had a trading volume of 12,694 shares, compared to its average volume of 15,445. Friedman Industries has a 12 month low of $13.40 and a 12 month high of $19.52. The company has a market capitalization of $113.61 million, a PE ratio of 20.12 and a beta of 1.40.

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.