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 Trading Down 0.4 %

NYSEAMERICAN:FRD 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. The firm has a market capitalization of $96.26 million, a price-to-earnings ratio of 12.11 and a beta of 1.38. Friedman Industries has a fifty-two week low of $11.15 and a fifty-two week high of $19.52.

Insider Activity

In other Friedman Industries news, Director Max Alan Reichenthal bought 2,000 shares of the stock in a transaction on Wednesday, September 18th. The shares were acquired at an average price 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. The trade was a 6.95 % increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders bought 4,365 shares of company stock valued at $61,461 over the last quarter. 4.60% of the stock is owned by company insiders.

Institutional Investors Weigh In On Friedman Industries

Institutional investors have recently bought and sold shares of the stock. O Shaughnessy Asset Management LLC purchased a new position in shares of Friedman Industries in the first quarter worth $425,000. Gendell Jeffrey L raised its position in shares of 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 purchasing an additional 61,339 shares during the last quarter. Callahan Advisors LLC boosted its position in shares of Friedman Industries by 8.6% during the 2nd quarter. Callahan Advisors LLC now owns 54,131 shares of the company’s stock valued at $817,000 after acquiring an additional 4,293 shares during the last quarter. Acadian Asset Management LLC increased its holdings in Friedman Industries by 1.0% in the 2nd quarter. Acadian Asset Management LLC now owns 135,794 shares of the company’s stock valued at $2,048,000 after purchasing an additional 1,337 shares during the last quarter. Finally, LSV Asset Management acquired a new position in shares of Friedman Industries during the second quarter worth about $343,000. 33.26% of the stock is currently owned by hedge funds and other institutional investors.

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.