StockNews.com upgraded shares of Friedman Industries (NASDAQ:FRD - Free Report) from a hold rating to a buy rating in a research note published on Monday.
Friedman Industries Trading Down 1.5 %
Shares of FRD stock traded down $0.25 during midday trading on Monday, reaching $15.92. 5,471 shares of the company traded hands, compared to its average volume of 18,120. The company has a market cap of $110.96 million, a price-to-earnings ratio of 19.65 and a beta of 1.56. Friedman Industries has a 1-year low of $12.24 and a 1-year high of $19.18.
Institutional Investors Weigh In On Friedman Industries
A hedge fund recently bought a new stake in Friedman Industries stock. Truffle Hound Capital LLC purchased a new stake in Friedman Industries Inc (NASDAQ:FRD - Free Report) during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor purchased 104,918 shares of the company's stock, valued at approximately $1,562,000. Truffle Hound Capital LLC owned approximately 1.51% of Friedman Industries at the end of the most recent reporting period. Hedge funds and other institutional investors own 33.26% of the company's stock.
About Friedman Industries
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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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