Friedman Industries (NYSEAMERICAN:FRD - Get Free Report) was downgraded by investment analysts at StockNews.com from a "buy" rating to a "hold" rating in a research report issued to clients and investors on Tuesday.
Friedman Industries Price Performance
NYSEAMERICAN FRD traded up $0.28 on Tuesday, hitting $17.07. The stock had a trading volume of 35,649 shares, compared to its average volume of 15,830. Friedman Industries has a 52-week low of $12.24 and a 52-week high of $19.47. The stock has a market capitalization of $118.98 million, a PE ratio of 21.07 and a beta of 1.40.
Insider Transactions at Friedman Industries
In related news, Director Tim Scott Stevenson bought 1,500 shares of the company's stock in a transaction that occurred on Tuesday, February 11th. The stock was bought at an average cost of $17.23 per share, for a total transaction of $25,845.00. Following the acquisition, the director now directly owns 28,675 shares of the company's stock, valued at $494,070.25. The trade was a 5.52 % increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In the last three months, insiders bought 2,700 shares of company stock worth $42,962. 4.60% of the stock is currently owned by corporate insiders.
Institutional Trading of Friedman Industries
A number of institutional investors have recently modified their holdings of FRD. Geode Capital Management LLC lifted its position in shares of Friedman Industries by 11.2% in the 3rd quarter. Geode Capital Management LLC now owns 70,727 shares of the company's stock worth $1,133,000 after purchasing an additional 7,141 shares during the period. Inspire Advisors LLC bought a new position in shares of Friedman Industries in the fourth quarter worth approximately $422,000. Empowered Funds LLC lifted its position in Friedman Industries by 5.0% in the 4th quarter. Empowered Funds LLC now owns 36,629 shares of the company's stock valued at $560,000 after acquiring an additional 1,751 shares in the last quarter. Corient Private Wealth LLC purchased a new stake in shares of Friedman Industries during the fourth quarter valued at $401,000. Finally, Jones Financial Companies Lllp purchased a new stake in shares of Friedman Industries during the 4th quarter valued at about $28,000. 33.26% of the stock is currently owned by hedge funds and other institutional investors.
About Friedman Industries
(
Get Free Report)
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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