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

Friedman Industries (NYSEAMERICAN:FRD) was downgraded by research analysts at StockNews.com from a “buy” rating to a “hold” rating in a note issued to investors on Tuesday.

Friedman Industries Price Performance

Shares of FRD opened at $15.72 on Tuesday. Friedman Industries has a 52-week low of $12.24 and a 52-week high of $19.52. The company has a market capitalization of $109.57 million, a P/E ratio of 19.41 and a beta of 1.40.

Insider Buying and Selling

In other Friedman Industries news, Director Tim Scott Stevenson purchased 1,500 shares of the business’s stock in a transaction on Tuesday, February 11th. The shares were purchased at an average cost of $17.23 per share, with a total value of $25,845.00. Following the transaction, the director now directly owns 28,675 shares of the company’s stock, valued at $494,070.25. This represents a 5.52 % increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Mike J. Taylor acquired 2,500 shares of the firm’s stock in a transaction dated Wednesday, January 15th. The stock was bought at an average price of $14.10 per share, with a total value of $35,250.00. Following the acquisition, the chief executive officer now directly owns 169,154 shares in the company, valued at $2,385,071.40. This represents a 1.50 % increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last ninety days, insiders purchased 5,200 shares of company stock valued at $78,212. Company insiders own 4.60% of the company’s stock.

Institutional Trading of Friedman Industries

Institutional investors and hedge funds have recently bought and sold shares of the stock. Jones Financial Companies Lllp acquired a new position in shares of Friedman Industries during the 4th quarter worth about $28,000. Wealthedge Investment Advisors LLC bought a new position in Friedman Industries during the fourth quarter worth about $204,000. Corient Private Wealth LLC bought a new position in Friedman Industries during the fourth quarter worth about $401,000. Northern Trust Corp increased its position in Friedman Industries by 38.1% during the fourth quarter. Northern Trust Corp now owns 26,511 shares of the company’s stock worth $405,000 after buying an additional 7,320 shares during the last quarter. Finally, Inspire Advisors LLC bought a new stake in Friedman Industries in the fourth quarter valued at approximately $422,000. 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.