Friedman Industries (NYSEAMERICAN:FRD) Rating Increased 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 issued on Monday.

Friedman Industries Price Performance

Shares of FRD opened at $14.99 on Monday. The stock has a market cap of $104.48 million, a PE ratio of 8.72 and a beta of 1.37. Friedman Industries has a 52 week low of $9.50 and a 52 week high of $19.52.

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

Insider Activity at Friedman Industries

In other Friedman Industries news, Director Max Alan Reichenthal bought 2,000 shares of the stock in a transaction that occurred 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 completion of the purchase, the director now directly owns 30,761 shares in the company, valued at $430,654. The trade was a 0.00 % increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available through the SEC website. Insiders have acquired a total of 6,365 shares of company stock valued at $91,241 over the last quarter. 4.60% of the stock is owned by company insiders.

Institutional Trading of Friedman Industries

Large investors have recently added to or reduced their stakes in the company. Hillsdale Investment Management Inc. bought a new stake in Friedman Industries during the first quarter worth about $131,000. LSV Asset Management bought a new stake in Friedman Industries during the second quarter worth about $343,000. O Shaughnessy Asset Management LLC bought a new stake in Friedman Industries during the first quarter worth about $425,000. Empowered Funds LLC grew its stake in Friedman Industries by 8.0% during 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 during the last quarter. Finally, Janney Montgomery Scott LLC lifted its position in shares of Friedman Industries by 9.6% during the first quarter. Janney Montgomery Scott LLC now owns 32,526 shares of the company’s stock worth $610,000 after purchasing an additional 2,859 shares in the last quarter. 33.26% of the stock is owned by institutional investors.

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.