Friedman Industries (NASDAQ:FRD) Posts Quarterly Earnings Results

Friedman Industries (NASDAQ:FRD) issued its quarterly earnings data on Thursday. The company reported $1.79 earnings per share for the quarter, FiscalAI reports. The business had revenue of $239.97 million for the quarter. Friedman Industries had a return on equity of 13.70% and a net margin of 3.02%.

Friedman Industries Stock Performance

Shares of FRD traded up $0.82 on Thursday, reaching $37.72. 133,830 shares of the stock traded hands, compared to its average volume of 45,285. The stock’s 50-day moving average price is $32.34 and its 200-day moving average price is $23.85. The company has a debt-to-equity ratio of 0.02, a current ratio of 3.38 and a quick ratio of 1.11. The firm has a market cap of $272.07 million, a price-to-earnings ratio of 13.67 and a beta of 1.57. Friedman Industries has a 12 month low of $15.13 and a 12 month high of $39.07.

Friedman Industries Dividend Announcement

The company also recently disclosed 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 annualized dividend and a dividend yield of 0.4%. The ex-dividend date of this dividend is Friday, July 17th. Friedman Industries’s dividend payout ratio (DPR) is presently 5.80%.

Wall Street Analyst Weigh In

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

Hedge Funds Weigh In On Friedman Industries

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. 55 North Private Wealth LLC bought a new position in shares of Friedman Industries during the 2nd quarter worth approximately $286,000. NewEdge Advisors LLC grew its position in Friedman Industries by 16.9% in the first quarter. NewEdge Advisors LLC now owns 12,197 shares of the company’s stock valued at $216,000 after acquiring an additional 1,761 shares during the period. Dimensional Fund Advisors LP grew 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 acquiring an additional 3,297 shares during the period. Bank of New York Mellon Corp raised its stake 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 acquiring an additional 1,036 shares in the last quarter. Finally, BNP Paribas Financial Markets raised its stake in Friedman Industries by 50.7% during the third quarter. BNP Paribas Financial Markets now owns 1,712 shares of the company’s stock worth $37,000 after acquiring an additional 576 shares in the last quarter. 33.26% of the stock is owned by institutional investors.

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.