Friedman Industries, Incorporated (NYSEAMERICAN:FRD) Sees Large Decrease in Short Interest

Friedman Industries, Incorporated (NYSEAMERICAN:FRD) 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. Currently, 0.5% of the company’s stock are sold short. Based on an average daily trading volume, of 13,600 shares, the days-to-cover ratio is currently 2.2 days.

Analyst Ratings Changes

Separately, StockNews.com upgraded Friedman Industries from a “hold” rating to a “buy” rating in a research report on Tuesday, November 19th.

Friedman Industries Stock Performance

Shares of NYSEAMERICAN:FRD traded up $0.96 on Friday, reaching $16.50. 10,690 shares of the company traded hands, compared to its average volume of 15,456. Friedman Industries has a fifty-two week low of $13.40 and a fifty-two week high of $19.52. The company has a market capitalization of $115.01 million, a PE ratio of 20.37 and a beta of 1.40.

Insider Activity at Friedman Industries

In other Friedman Industries news, CEO Mike J. Taylor acquired 2,500 shares of Friedman Industries stock in a transaction dated Wednesday, January 15th. The stock was acquired 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 owns 169,154 shares in the company, valued at approximately $2,385,071.40. This represents a 1.50 % increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Director Tim Scott Stevenson acquired 1,500 shares of Friedman Industries stock in a transaction dated 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 owns 28,675 shares of the company’s stock, valued at approximately $494,070.25. This trade represents a 5.52 % increase in their position. The disclosure for this purchase can be found here. Insiders bought a total of 7,180 shares of company stock valued at $106,922 over the last three months. 4.60% of the stock is owned by insiders.

Institutional Investors Weigh In On Friedman Industries

A number of institutional investors and hedge funds have recently modified their holdings of FRD. Jones Financial Companies Lllp acquired a new stake in Friedman Industries during the 4th quarter valued at $28,000. Wealthedge Investment Advisors LLC acquired a new position in shares of Friedman Industries in the fourth quarter worth $204,000. Corient Private Wealth LLC acquired a new position in shares of Friedman Industries in the fourth quarter worth $401,000. Northern Trust Corp increased its stake in shares of Friedman Industries by 38.1% in the fourth quarter. Northern Trust Corp now owns 26,511 shares of the company’s stock worth $405,000 after acquiring an additional 7,320 shares during the last quarter. Finally, Inspire Advisors LLC acquired a new position in shares of Friedman Industries in the fourth quarter worth $422,000. Institutional investors and hedge funds 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.