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

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

Friedman Industries Trading Up 1.7 %

NYSEAMERICAN FRD opened at $16.21 on Friday. Friedman Industries has a one year low of $9.50 and a one year high of $19.52. The firm has a market cap of $112.98 million, a PE ratio of 6.78 and a beta of 1.37.

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

Insider Activity

In related news, Director Joe L. Williams purchased 3,000 shares of the firm’s stock in a transaction dated Wednesday, July 10th. The shares were purchased at an average cost of $14.34 per share, for a total transaction of $43,020.00. Following the completion of the transaction, the director now directly owns 31,574 shares in the company, valued at approximately $452,771.16. This represents a 0.00 % increase in their position. The acquisition was disclosed in a filing with the SEC, which is available through this hyperlink. In related news, Director Joe L. Williams purchased 3,000 shares of the firm’s stock in a transaction dated Wednesday, July 10th. The shares were purchased at an average cost of $14.34 per share, for a total transaction of $43,020.00. Following the completion of the transaction, the director now directly owns 31,574 shares in the company, valued at approximately $452,771.16. This represents a 0.00 % increase in their position. The acquisition was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Director Max Alan Reichenthal acquired 2,000 shares of the business’s stock in a transaction dated Wednesday, September 18th. The shares were acquired at an average cost of $14.00 per share, with a total value of $28,000.00. Following the acquisition, the director now directly owns 30,761 shares of the company’s stock, valued at $430,654. This represents a 0.00 % increase in their position. The disclosure for this purchase can be found here. Insiders have purchased a total of 9,365 shares of company stock worth $134,261 over the last ninety days. Company insiders own 3.80% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of FRD. Acadian Asset Management LLC boosted its stake in Friedman Industries by 1.0% in the second quarter. Acadian Asset Management LLC now owns 135,794 shares of the company’s stock worth $2,048,000 after buying an additional 1,337 shares in the last quarter. Dimensional Fund Advisors LP boosted its stake 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 buying an additional 1,591 shares in the last quarter. Renaissance Technologies LLC boosted its stake in Friedman Industries by 0.6% in the second quarter. Renaissance Technologies LLC now owns 361,882 shares of the company’s stock worth $5,464,000 after buying an additional 2,245 shares in the last quarter. Empowered Funds LLC boosted its stake in Friedman Industries by 8.0% in the first quarter. Empowered Funds LLC now owns 30,796 shares of the company’s stock worth $577,000 after buying an additional 2,275 shares in the last quarter. Finally, Janney Montgomery Scott LLC boosted its stake in Friedman Industries by 9.6% in the first quarter. Janney Montgomery Scott LLC now owns 32,526 shares of the company’s stock worth $610,000 after buying an additional 2,859 shares in the last quarter. Hedge funds and other 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.