Friedman Industries (NASDAQ:FRD) Releases Earnings Results

Friedman Industries (NASDAQ:FRD) announced its quarterly earnings results on Thursday. The company reported $2.19 EPS for the quarter, FiscalAI reports. Friedman Industries had a net margin of 3.63% and a return on equity of 18.29%. The firm had revenue of $286.81 million for the quarter.

Friedman Industries Stock Performance

Shares of FRD traded up $1.67 during mid-day trading on Friday, hitting $37.17. 8,650 shares of the company’s stock were exchanged, compared to its average volume of 50,297. The firm has a market capitalization of $268.11 million, a P/E ratio of 9.69 and a beta of 1.62. Friedman Industries has a fifty-two week low of $16.55 and a fifty-two week high of $48.77. The business’s 50 day moving average is $41.79 and its two-hundred day moving average is $29.82. The company has a current ratio of 2.90, a quick ratio of 1.00 and a debt-to-equity ratio of 0.02.

Friedman Industries Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, November 13th. Stockholders of record on Friday, October 23rd will be issued a $0.04 dividend. This represents a $0.16 dividend on an annualized basis and a dividend yield of 0.4%. The ex-dividend date of this dividend is Friday, October 23rd. Friedman Industries’s dividend payout ratio is presently 4.17%.

Institutional Investors Weigh In On Friedman Industries

Several large investors have recently modified their holdings of FRD. Bank of New York Mellon Corp raised its holdings in Friedman Industries by 1.8% during the first quarter. Bank of New York Mellon Corp now owns 59,033 shares of the company’s stock worth $1,046,000 after purchasing an additional 1,036 shares in the last quarter. NewEdge Advisors LLC lifted its position in Friedman Industries by 10.8% in the first quarter. NewEdge Advisors LLC now owns 11,567 shares of the company’s stock valued at $205,000 after purchasing an additional 1,131 shares during the period. Dimensional Fund Advisors LP lifted its position in Friedman Industries by 0.6% in the first quarter. Dimensional Fund Advisors LP now owns 541,693 shares of the company’s stock valued at $9,599,000 after purchasing an additional 3,297 shares during the period. James Investment Research Inc. purchased a new stake in Friedman Industries in the 3rd quarter valued at approximately $229,000. Finally, Deutsche Bank AG purchased a new stake in Friedman Industries in the 2nd quarter valued at approximately $215,000. Hedge funds and other institutional investors own 33.26% of the company’s stock.

Wall Street Analyst Weigh In

Separately, Weiss Ratings raised Friedman Industries from a “buy (b-)” rating to a “buy (b)” rating in a report on Monday, August 24th. One analyst has rated the stock with a Buy rating. Based on data from MarketBeat.com, the company has an average rating of “Buy”.

Friedman Industries Company Profile

Friedman Industries, Inc is a steel processing and distribution company headquartered in Longview, Texas. The company purchases flat-rolled steel from domestic and international producers and processes it into products designed to meet the specifications of industrial and commercial customers.

Its products and services include steel coil processing, slitting, cut-to-length operations, and the sale of sheet and other flat-rolled steel products. Friedman Industries serves manufacturers, steel service centers, fabricators, and customers in industries such as construction, transportation, energy, and general manufacturing.

Founded in 1965, the company operates processing and distribution facilities in the United States and serves customers primarily across domestic markets.