Friedman Industries, Incorporated (NYSEAMERICAN:FRD) Short Interest Update

Friedman Industries, Incorporated (NYSEAMERICAN:FRD) was the recipient of a significant decline in short interest during the month of February. As of February 28th, there was short interest totalling 30,000 shares, a decline of 33.8% from the February 13th total of 45,300 shares. Based on an average daily trading volume, of 13,600 shares, the days-to-cover ratio is presently 2.2 days. Approximately 0.5% of the shares of the company are sold short.

Analyst Upgrades and Downgrades

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

Insiders Place Their Bets

In related news, Director Tim Scott Stevenson purchased 1,500 shares of the business’s stock in a transaction that occurred on Tuesday, February 11th. The stock was acquired at an average cost of $17.23 per share, for a total transaction of $25,845.00. Following the completion of the purchase, the director now owns 28,675 shares in the company, valued at approximately $494,070.25. This represents a 5.52 % increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Mike J. Taylor purchased 1,980 shares of the business’s stock in a transaction that occurred on Monday, January 13th. The stock was bought at an average price of $14.50 per share, with a total value of $28,710.00. Following the completion of the purchase, the chief executive officer now owns 166,134 shares of the company’s stock, valued at $2,408,943. This trade represents a 1.21 % increase in their position. The disclosure for this purchase can be found here. Insiders have acquired a total of 7,180 shares of company stock valued at $106,922 over the last 90 days. 4.60% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Friedman Industries

Several institutional investors and hedge funds have recently added to or reduced their stakes in FRD. Jones Financial Companies Lllp bought a new position in shares of Friedman Industries in the 4th quarter valued at $28,000. Wealthedge Investment Advisors LLC bought a new position in shares of Friedman Industries in the 4th quarter valued at $204,000. Corient Private Wealth LLC bought a new position in shares of Friedman Industries in the 4th quarter valued at $401,000. Northern Trust Corp lifted its stake in shares of Friedman Industries by 38.1% in the 4th quarter. Northern Trust Corp now owns 26,511 shares of the company’s stock valued at $405,000 after acquiring an additional 7,320 shares during the last quarter. Finally, Inspire Advisors LLC bought a new position in shares of Friedman Industries in the 4th quarter valued at $422,000. 33.26% of the stock is currently owned by institutional investors.

Friedman Industries Price Performance

NYSEAMERICAN FRD traded up $0.96 on Friday, hitting $16.50. 10,690 shares of the company’s stock were exchanged, compared to its average volume of 15,470. Friedman Industries has a 52 week low of $13.40 and a 52 week high of $19.52. The stock has a market capitalization of $115.01 million, a PE ratio of 20.37 and a beta of 1.40.

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.