Friedman Industries (NASDAQ:FRD) Issues Quarterly Earnings Results

Friedman Industries (NASDAQ:FRD) released its quarterly earnings results on Monday. The company reported $0.32 earnings per share for the quarter, Zacks reports. Friedman Industries had a return on equity of 6.50% and a net margin of 1.84%.The business had revenue of $152.38 million during the quarter.

Friedman Industries Price Performance

NASDAQ FRD opened at $20.67 on Wednesday. The stock’s 50 day moving average price is $21.24. The firm has a market cap of $145.91 million, a price-to-earnings ratio of 17.23 and a beta of 1.49. Friedman Industries has a 1 year low of $12.24 and a 1 year high of $22.98.

Friedman Industries Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, November 14th. Stockholders of record on Friday, October 24th 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 0.8%. The ex-dividend date of this dividend is Friday, October 24th. Friedman Industries’s dividend payout ratio is 13.33%.

Institutional Investors Weigh In On Friedman Industries

A number of large investors have recently modified their holdings of the business. JPMorgan Chase & Co. increased its stake in shares of Friedman Industries by 80.2% in the 3rd quarter. JPMorgan Chase & Co. now owns 11,465 shares of the company’s stock valued at $251,000 after purchasing an additional 5,101 shares during the last quarter. Mink Brook Asset Management LLC lifted its position in shares of Friedman Industries by 5.0% during the 2nd quarter. Mink Brook Asset Management LLC now owns 199,049 shares of the company’s stock worth $3,296,000 after buying an additional 9,433 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. acquired a new stake in Friedman Industries in the second quarter valued at about $60,000. Vanguard Group Inc. grew its position in Friedman Industries by 1.2% in the third quarter. Vanguard Group Inc. now owns 361,407 shares of the company’s stock valued at $7,913,000 after acquiring an additional 4,437 shares during the last quarter. Finally, Geode Capital Management LLC raised its stake in Friedman Industries by 110.4% during the second quarter. Geode Capital Management LLC now owns 157,246 shares of the company’s stock worth $2,605,000 after acquiring an additional 82,504 shares in the last quarter. Institutional investors and hedge funds own 33.26% of the company’s stock.

Analysts Set New Price Targets

FRD has been the topic of several recent research reports. Weiss Ratings reissued a “hold (c+)” rating on shares of Friedman Industries in a report on Tuesday, October 14th. Wall Street Zen upgraded shares of Friedman Industries from a “buy” rating to a “strong-buy” rating in a research note on Sunday, August 17th. One equities research analyst has rated the stock with a Hold rating, According to MarketBeat.com, Friedman Industries presently has a consensus rating of “Hold”.

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.