Friedman Industries, Incorporated (NYSEAMERICAN:FRD – Get Free Report) 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.
View Our Latest Report on Friedman Industries
Insiders Place Their Bets
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.
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