Bank of New York Mellon Corp Purchases Shares of 31,122 Friedman Industries, Incorporated (NYSEAMERICAN:FRD)

Key Points

• Bank of New York Mellon Corp has acquired 31,122 shares of Friedman Industries, valued at approximately $463,000, signaling institutional interest in the company.
• Friedman Industries' stock is currently down 1.5%, trading at $14.94, with a market capitalization of $104.13 million and a PE ratio of 18.44.
• Analysts have downgraded Friedman Industries from a "buy" to a "hold" rating, indicating a shift in investor sentiment.

Bank of New York Mellon Corp purchased a new stake in Friedman Industries, Incorporated (NYSEAMERICAN:FRD - Free Report) during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm purchased 31,122 shares of the company's stock, valued at approximately $463,000. Bank of New York Mellon Corp owned approximately 0.45% of Friedman Industries at the end of the most recent quarter.

Other institutional investors and hedge funds have also bought and sold shares of the company. Mink Brook Asset Management LLC purchased a new stake in shares of Friedman Industries in the fourth quarter valued at $2,885,000. Bridgeway Capital Management LLC grew its stake in shares of Friedman Industries by 0.4% in the 4th quarter. Bridgeway Capital Management LLC now owns 157,850 shares of the company's stock valued at $2,414,000 after buying an additional 651 shares in the last quarter. LSV Asset Management boosted its stake in Friedman Industries by 21.1% in the fourth quarter. LSV Asset Management now owns 72,700 shares of the company's stock worth $1,112,000 after purchasing an additional 12,663 shares in the last quarter. Northern Trust Corp grew its stake in Friedman Industries by 38.1% in the fourth quarter. Northern Trust Corp now owns 26,511 shares of the company's stock valued at $405,000 after acquiring an additional 7,320 shares during the period. Finally, Wealthedge Investment Advisors LLC bought a new position in shares of Friedman Industries in the 4th quarter valued at about $204,000. Institutional investors and hedge funds own 33.26% of the company's stock.

Friedman Industries Stock Up 2.0%

NYSEAMERICAN FRD traded up $0.31 on Thursday, hitting $15.48. 3,957 shares of the company traded hands, compared to its average volume of 23,476. Friedman Industries, Incorporated has a 52-week low of $12.24 and a 52-week high of $18.48. The business has a 50 day simple moving average of $16.21. The firm has a market cap of $107.86 million, a P/E ratio of 18.93 and a beta of 1.40.

Analysts Set New Price Targets

Separately, Wall Street Zen downgraded shares of Friedman Industries from a "buy" rating to a "hold" rating in a report on Tuesday, April 15th.

About Friedman Industries

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.