Friedman Industries (NASDAQ:FRD) Upgraded to Strong-Buy at Wall Street Zen

by · The Cerbat Gem

Wall Street Zen upgraded shares of Friedman Industries (NASDAQ:FRD – Free Report) from a buy rating to a strong-buy rating in a research note released on Saturday morning.

Separately, Weiss Ratings reissued a “buy (b)” rating on shares of Friedman Industries in a report on Monday, November 24th. One research analyst has rated the stock with a Buy rating, According to MarketBeat.com, Friedman Industries currently has an average rating of “Buy”.

Check Out Our Latest Research Report on FRD

Friedman Industries Stock Down 0.5%

FRD stock opened at $19.52 on Friday. The firm has a market cap of $138.83 million, a price-to-earnings ratio of 12.05 and a beta of 1.55. Friedman Industries has a 1-year low of $12.24 and a 1-year high of $23.50. The firm has a fifty day moving average price of $20.59 and a two-hundred day moving average price of $18.68. The company has a debt-to-equity ratio of 0.03, a current ratio of 3.24 and a quick ratio of 0.98.

Friedman Industries (NASDAQ:FRD – Get Free Report) last posted its quarterly earnings results on Monday, November 10th. The company reported $0.32 earnings per share (EPS) for the quarter. Friedman Industries had a net margin of 2.25% and a return on equity of 8.55%. The company had revenue of $152.38 million for the quarter.

Friedman Industries Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, November 14th. Investors of record on Friday, October 24th were issued a $0.04 dividend. This represents a $0.16 dividend on an annualized basis and a dividend yield of 0.8%. The ex-dividend date of this dividend was Friday, October 24th. Friedman Industries’s dividend payout ratio (DPR) is 9.88%.

Hedge Funds Weigh In On Friedman Industries

A number of institutional investors and hedge funds have recently added to or reduced their stakes in FRD. BNP Paribas Financial Markets raised its stake in shares of Friedman Industries by 50.7% in the 3rd quarter. BNP Paribas Financial Markets now owns 1,712 shares of the company’s stock worth $37,000 after buying an additional 576 shares in the last quarter. Police & Firemen s Retirement System of New Jersey acquired a new position in Friedman Industries during the second quarter worth about $29,000. State of Wyoming acquired a new position in Friedman Industries during the first quarter worth about $45,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. bought a new stake in Friedman Industries in the second quarter worth about $60,000. Finally, Hillsdale Investment Management Inc. acquired a new stake in Friedman Industries in the 3rd quarter valued at about $123,000. 33.26% of the stock is owned by institutional investors.

Friedman Industries Company Profile

(Get Free Report)

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.

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