Friedman Industries (NYSEAMERICAN:FRD) Stock Rating Lowered by StockNews.com

Friedman Industries (NYSEAMERICAN:FRD) was downgraded by investment analysts at StockNews.com from a “buy” rating to a “hold” rating in a report issued on Tuesday.

Friedman Industries Stock Performance

Shares of FRD stock traded down $0.20 on Tuesday, hitting $14.65. 7,606 shares of the company’s stock traded hands, compared to its average volume of 17,404. Friedman Industries has a one year low of $11.15 and a one year high of $19.52. The firm has a market cap of $102.11 million, a P/E ratio of 8.52 and a beta of 1.38.

Insider Activity at Friedman Industries

In other news, Director Max Alan Reichenthal purchased 2,000 shares of the company’s stock in a transaction on Friday, August 16th. The stock was acquired at an average price of $14.89 per share, with a total value of $29,780.00. Following the transaction, the director now directly owns 28,761 shares of the company’s stock, valued at approximately $428,251.29. This represents a 0.00 % 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 90 days, insiders have acquired 6,365 shares of company stock valued at $91,241. Insiders own 4.60% of the company’s stock.

Institutional Investors Weigh In On Friedman Industries

Several institutional investors have recently added to or reduced their stakes in FRD. Acadian Asset Management LLC lifted its position in shares of Friedman Industries by 1.0% in the 2nd quarter. Acadian Asset Management LLC now owns 135,794 shares of the company’s stock worth $2,048,000 after purchasing an additional 1,337 shares during the period. Dimensional Fund Advisors LP lifted its position in shares of Friedman Industries by 0.3% in the 2nd quarter. Dimensional Fund Advisors LP now owns 561,702 shares of the company’s stock worth $8,482,000 after purchasing an additional 1,591 shares during the period. Empowered Funds LLC lifted its position in shares of Friedman Industries by 5.3% in the 3rd quarter. Empowered Funds LLC now owns 34,878 shares of the company’s stock worth $559,000 after purchasing an additional 1,742 shares during the period. Renaissance Technologies LLC lifted its position in shares of Friedman Industries by 0.6% in the 2nd quarter. Renaissance Technologies LLC now owns 361,882 shares of the company’s stock worth $5,464,000 after purchasing an additional 2,245 shares during the period. Finally, Janney Montgomery Scott LLC lifted its position in shares of Friedman Industries by 9.6% in the 1st 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 during the period. Hedge funds and other institutional investors own 33.26% of the company’s stock.

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.