Friedman Industries, Incorporated (NYSEAMERICAN:FRD) Short Interest Down 33.8% in February

Friedman Industries, Incorporated (NYSEAMERICAN:FRD) was the target of a significant drop in short interest in the month of February. As of February 28th, there was short interest totalling 30,000 shares, a drop of 33.8% from the February 13th total of 45,300 shares. Based on an average trading volume of 13,600 shares, the days-to-cover ratio is presently 2.2 days. Currently, 0.5% of the shares of the company are sold short.

Insider Buying and Selling

In other news, CEO Mike J. Taylor bought 1,980 shares of the firm’s stock in a transaction on Monday, January 13th. The shares were purchased at an average cost of $14.50 per share, with a total value of $28,710.00. Following the acquisition, the chief executive officer now directly owns 166,134 shares in the company, valued at $2,408,943. This represents a 1.21 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Tim Scott Stevenson purchased 1,500 shares of the business’s stock in a transaction dated Tuesday, February 11th. The shares were purchased at an average cost of $17.23 per share, with a total value of $25,845.00. Following the acquisition, the director now owns 28,675 shares in the company, valued at $494,070.25. This trade represents a 5.52 % increase in their position. The disclosure for this purchase can be found here. Over the last three months, insiders have acquired 7,180 shares of company stock valued at $106,922. 4.60% of the stock is owned by company insiders.

Institutional Trading of Friedman Industries

Several large investors have recently modified their holdings of the stock. Jones Financial Companies Lllp acquired a new position in Friedman Industries during the 4th quarter worth approximately $28,000. Wealthedge Investment Advisors LLC acquired a new position in shares of Friedman Industries during the fourth quarter worth approximately $204,000. Corient Private Wealth LLC bought a new position in shares of Friedman Industries in the 4th quarter worth $401,000. Northern Trust Corp lifted its holdings in shares of Friedman Industries by 38.1% in the 4th quarter. Northern Trust Corp now owns 26,511 shares of the company’s stock worth $405,000 after purchasing an additional 7,320 shares in the last quarter. Finally, Inspire Advisors LLC acquired a new stake in Friedman Industries in the 4th quarter valued at $422,000. Institutional investors and hedge funds own 33.26% of the company’s stock.

Friedman Industries Price Performance

Shares of NYSEAMERICAN:FRD traded down $0.20 during midday trading on Monday, reaching $16.30. The company’s stock had a trading volume of 12,694 shares, compared to its average volume of 15,445. 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 $113.61 million, a price-to-earnings ratio of 20.12 and a beta of 1.40.

Wall Street Analysts Forecast Growth

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

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.