Friedman Industries (NASDAQ:FRD) Posts Earnings Results

Friedman Industries (NASDAQ:FRD) issued its quarterly earnings data on Thursday. The company reported $1.30 earnings per share for the quarter, FiscalAI reports. The firm had revenue of $191.78 million during the quarter. Friedman Industries had a return on equity of 11.36% and a net margin of 2.68%.

Friedman Industries Stock Up 3.2%

NASDAQ:FRD traded up $0.83 during trading hours on Thursday, reaching $26.38. The company’s stock had a trading volume of 37,106 shares, compared to its average volume of 26,365. The company has a market capitalization of $187.61 million, a P/E ratio of 11.88 and a beta of 1.63. Friedman Industries has a 12 month low of $14.51 and a 12 month high of $26.50. The company has a debt-to-equity ratio of 0.02, a quick ratio of 0.97 and a current ratio of 3.59. The stock has a 50 day moving average price of $20.73 and a two-hundred day moving average price of $19.83.

Friedman Industries Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, May 22nd. Investors of record on Friday, April 24th were paid a $0.04 dividend. The ex-dividend date of this dividend was Friday, April 24th. This represents a $0.16 dividend on an annualized basis and a yield of 0.6%. Friedman Industries’s payout ratio is 7.21%.

Hedge Funds Weigh In On Friedman Industries

Institutional investors and hedge funds have recently bought and sold shares of the company. BNP Paribas Financial Markets increased its position in shares of Friedman Industries by 50.7% in the 3rd quarter. BNP Paribas Financial Markets now owns 1,712 shares of the company’s stock valued at $37,000 after acquiring an additional 576 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. purchased a new stake in shares of Friedman Industries during the 2nd quarter worth about $60,000. New York State Common Retirement Fund purchased a new position in Friedman Industries in the 2nd quarter valued at about $103,000. JPMorgan Chase & Co. lifted its stake in Friedman Industries by 760.0% in the 2nd quarter. JPMorgan Chase & Co. now owns 6,364 shares of the company’s stock valued at $105,000 after buying an additional 5,624 shares in the last quarter. Finally, Hillsdale Investment Management Inc. purchased a new position in Friedman Industries in the 3rd quarter valued at about $123,000. 33.26% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Separately, Weiss Ratings upgraded Friedman Industries from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Thursday, June 4th. One research analyst has rated the stock with a Buy rating, Based on data from MarketBeat.com, Friedman Industries currently has an average rating of “Buy”.

Friedman Industries Company Profile

Friedman Industries, Inc is a specialized manufacturer of high-quality steel grating products for industrial and commercial applications. The company’s core offerings include industrial bar gratings, stair treads, trench covers, checkered plates and lighting frames. These products are designed to meet stringent safety and durability requirements in sectors such as oil and gas, power generation, wastewater treatment and infrastructure development.

Friedman Industries serves a broad customer base across North America, providing both standard and custom solutions through its manufacturing facilities in Pennsylvania and California.