Friedman Industries (NASDAQ:FRD) Trading Down 1.3% – Here’s What Happened

Friedman Industries Inc. (NASDAQ:FRD) shares were down 1.3% during trading on Thursday . The stock traded as low as $34.27 and last traded at $35.02. 49,667 shares traded hands during mid-day trading, a decline of 51% from the average daily volume of 101,817 shares. The stock had previously closed at $35.47.

Analyst Ratings Changes

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

Friedman Industries Stock Down 2.7%

The stock’s fifty day moving average is $28.88 and its 200 day moving average is $22.51. The company has a current ratio of 3.38, a quick ratio of 1.11 and a debt-to-equity ratio of 0.02. The company has a market capitalization of $242.38 million, a P/E ratio of 12.35 and a beta of 1.56.

Friedman Industries (NASDAQ:FRD) last announced its quarterly earnings results on Thursday, June 11th. The company reported $1.30 earnings per share for the quarter. Friedman Industries had a net margin of 3.02% and a return on equity of 13.70%. The business had revenue of $191.78 million during the quarter.

Friedman Industries Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, August 7th. Stockholders of record on Friday, July 17th will be issued a dividend of $0.04 per share. This represents a $0.16 dividend on an annualized basis and a dividend yield of 0.5%. The ex-dividend date is Friday, July 17th. Friedman Industries’s dividend payout ratio is currently 5.80%.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the business. BNP Paribas Financial Markets raised its position in Friedman Industries by 50.7% during the 3rd quarter. BNP Paribas Financial Markets now owns 1,712 shares of the company’s stock valued at $37,000 after purchasing an additional 576 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. bought a new stake in shares of Friedman Industries in the 2nd quarter worth approximately $60,000. New York State Common Retirement Fund purchased a new position in shares of Friedman Industries during the second quarter valued at approximately $103,000. JPMorgan Chase & Co. increased its stake in shares of Friedman Industries by 760.0% during the second 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 during the period. Finally, 55 North Private Wealth LLC bought a new position in shares of Friedman Industries during the second quarter valued at approximately $286,000. Hedge funds and other institutional investors own 33.26% of the company’s stock.

About Friedman Industries

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.