Weiss Ratings Reiterates “Hold (C+)” Rating for Friedman Industries (NASDAQ:FRD)

Friedman Industries (NASDAQ:FRD)‘s stock had its “hold (c+)” rating reissued by analysts at Weiss Ratings in a research note issued on Tuesday,Weiss Ratings reports.

Separately, Wall Street Zen raised Friedman Industries from a “buy” rating to a “strong-buy” rating in a research note on Sunday, August 17th. One investment analyst has rated the stock with a Hold rating, According to data from MarketBeat, Friedman Industries currently has a consensus rating of “Hold”.

Friedman Industries Stock Performance

Shares of FRD stock opened at $20.50 on Tuesday. The firm’s 50 day moving average is $20.13. The stock has a market capitalization of $144.73 million, a PE ratio of 17.08 and a beta of 1.49. Friedman Industries has a twelve month low of $12.24 and a twelve month high of $22.98.

Friedman Industries (NASDAQ:FRD) last announced its quarterly earnings results on Thursday, August 7th. The company reported $0.71 earnings per share for the quarter. The company had revenue of $134.78 million during the quarter. Friedman Industries had a return on equity of 6.50% and a net margin of 1.84%.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in FRD. Truffle Hound Capital LLC purchased a new position in Friedman Industries during the 1st quarter worth approximately $1,562,000. Geode Capital Management LLC boosted its stake in shares of Friedman Industries by 110.4% in the second quarter. Geode Capital Management LLC now owns 157,246 shares of the company’s stock valued at $2,605,000 after buying an additional 82,504 shares in the last quarter. Bank of America Corp DE boosted its stake in shares of Friedman Industries by 21,620.0% in the second quarter. Bank of America Corp DE now owns 13,032 shares of the company’s stock valued at $216,000 after buying an additional 12,972 shares in the last quarter. Jane Street Group LLC purchased a new stake in shares of Friedman Industries in the first quarter valued at approximately $174,000. Finally, Ritholtz Wealth Management boosted its stake in shares of Friedman Industries by 92.3% in the second quarter. Ritholtz Wealth Management now owns 21,363 shares of the company’s stock valued at $354,000 after buying an additional 10,253 shares in the last quarter. Hedge funds and other institutional investors own 33.26% of the company’s stock.

About Friedman Industries

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.