Friedman Industries (NASDAQ:FRD) Posts Quarterly Earnings Results

Friedman Industries (NASDAQ:FRD) released its quarterly earnings results on Thursday. The company reported $1.79 earnings per share (EPS) for the quarter, FiscalAI reports. The company had revenue of $239.97 million during the quarter. Friedman Industries had a return on equity of 18.92% and a net margin of 3.63%.

Friedman Industries Price Performance

Shares of FRD traded up $6.19 during mid-day trading on Friday, hitting $43.91. 288,399 shares of the company traded hands, compared to its average volume of 84,762. 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 stock has a market capitalization of $316.59 million, a price-to-earnings ratio of 11.43 and a beta of 1.57. The business has a 50-day moving average of $33.04 and a 200 day moving average of $24.12. Friedman Industries has a one year low of $16.00 and a one year high of $45.88.

Friedman Industries Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, August 7th. Shareholders of record on Friday, July 17th were issued a dividend of $0.04 per share. The ex-dividend date of this dividend was Friday, July 17th. This represents a $0.16 dividend on an annualized basis and a yield of 0.4%. Friedman Industries’s dividend payout ratio is currently 5.80%.

Institutional Trading of Friedman Industries

Several institutional investors and hedge funds have recently added to or reduced their stakes in FRD. Deutsche Bank AG bought a new stake in shares of Friedman Industries in the 2nd quarter valued at $215,000. Bank of New York Mellon Corp bought a new position in shares of Friedman Industries during the 2nd quarter valued at about $1,990,000. 55 North Private Wealth LLC acquired a new position in shares of Friedman Industries in the 2nd quarter valued at approximately $286,000. NewEdge Advisors LLC grew its position in shares of Friedman Industries by 16.9% in the 1st quarter. NewEdge Advisors LLC now owns 12,197 shares of the company’s stock valued at $216,000 after purchasing an additional 1,761 shares during the period. Finally, Dimensional Fund Advisors LP increased its stake in Friedman Industries by 0.6% during the 1st quarter. Dimensional Fund Advisors LP now owns 541,693 shares of the company’s stock worth $9,599,000 after purchasing an additional 3,297 shares in the last quarter. 33.26% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

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