Friedman Industries, Incorporated (NYSEAMERICAN:FRD) Short Interest Down 33.8% in February

Friedman Industries, Incorporated (NYSEAMERICAN:FRD - Get Free Report) was the target of a significant decline in short interest in 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. Currently, 0.5% of the shares of the company are sold short. Based on an average daily trading volume, of 13,600 shares, the short-interest ratio is presently 2.2 days.

Insider Transactions at Friedman Industries

In other Friedman Industries news, CEO Mike J. Taylor bought 2,500 shares of the firm's stock in a transaction that occurred on Wednesday, January 15th. The stock was bought at an average cost of $14.10 per share, for a total transaction of $35,250.00. Following the completion of the transaction, the chief executive officer now directly owns 169,154 shares of the company's stock, valued at approximately $2,385,071.40. This trade represents a 1.50 % increase in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Tim Scott Stevenson bought 1,500 shares of the firm's stock in a transaction that occurred on Tuesday, February 11th. The shares were acquired at an average price of $17.23 per share, with a total value of $25,845.00. Following the completion of the transaction, the director now directly owns 28,675 shares of the company's stock, valued at $494,070.25. This trade represents a 5.52 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last ninety days, insiders purchased 7,180 shares of company stock worth $106,922. Company insiders own 4.60% of the company's stock.

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Institutional Investors Weigh In On Friedman Industries

Large investors have recently modified their holdings of the company. Jones Financial Companies Lllp purchased a new position in shares of Friedman Industries in the 4th quarter valued at $28,000. Wealthedge Investment Advisors LLC purchased a new position in shares of Friedman Industries in the 4th quarter valued at $204,000. Corient Private Wealth LLC purchased a new position in shares of Friedman Industries in the 4th quarter valued at $401,000. Northern Trust Corp boosted its stake in Friedman Industries by 38.1% during the 4th quarter. Northern Trust Corp now owns 26,511 shares of the company's stock worth $405,000 after purchasing an additional 7,320 shares during the period. Finally, Inspire Advisors LLC acquired a new stake in Friedman Industries during the 4th quarter worth $422,000. 33.26% of the stock is owned by hedge funds and other institutional investors.

Friedman Industries Stock Up 1.4 %

FRD traded up $0.24 during trading hours on Wednesday, hitting $16.56. 10,862 shares of the company's stock were exchanged, compared to its average volume of 15,436. Friedman Industries has a 12-month low of $13.40 and a 12-month high of $19.52. The company has a market cap of $115.39 million, a P/E ratio of 20.54 and a beta of 1.40.

Analysts Set New Price Targets

Separately, StockNews.com raised shares of Friedman Industries from a "hold" rating to a "buy" rating in a report on Tuesday, November 19th.

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.