Friedman Industries (NASDAQ:FRD) Cut to Buy at Wall Street Zen
by Renee Jackson · The Cerbat GemWall Street Zen cut shares of Friedman Industries (NASDAQ:FRD – Free Report) from a strong-buy rating to a buy rating in a report issued on Saturday.
Separately, Weiss Ratings reiterated a “buy (b-)” rating on shares of Friedman Industries in a research note on Monday, December 29th. One research analyst has rated the stock with a Buy rating, Based on data from MarketBeat, the company currently has a consensus rating of “Buy”.
Friedman Industries Trading Down 0.4%
Shares of Friedman Industries stock opened at $20.16 on Friday. The company has a debt-to-equity ratio of 0.03, a quick ratio of 0.98 and a current ratio of 3.24. The company has a market capitalization of $143.34 million, a P/E ratio of 12.44 and a beta of 1.54. Friedman Industries has a 1 year low of $12.24 and a 1 year high of $23.50. The company’s fifty day moving average is $20.52 and its two-hundred day moving average is $19.28.
Friedman Industries (NASDAQ:FRD – Get Free Report) last announced its earnings results on Monday, November 10th. The company reported $0.32 earnings per share for the quarter. Friedman Industries had a net margin of 2.25% and a return on equity of 8.55%. The business had revenue of $152.38 million during the quarter.
Friedman Industries Announces Dividend
The company also recently disclosed a quarterly dividend, which will be paid on Friday, February 13th. Investors of record on Friday, January 16th will be given a $0.04 dividend. The ex-dividend date is Friday, January 16th. This represents a $0.16 dividend on an annualized basis and a yield of 0.8%. Friedman Industries’s dividend payout ratio (DPR) is presently 9.88%.
Hedge Funds Weigh In On Friedman Industries
Large investors have recently modified their holdings of the business. Police & Firemen s Retirement System of New Jersey purchased a new stake in shares of Friedman Industries in the second quarter valued at approximately $29,000. BNP Paribas Financial Markets raised its position in Friedman Industries by 50.7% in 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. State of Wyoming acquired a new stake in Friedman Industries in the first quarter valued at $45,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. purchased a new stake in shares of Friedman Industries during the 2nd quarter worth $60,000. Finally, New York State Common Retirement Fund acquired a new position in shares of Friedman Industries during the 2nd quarter worth $103,000. 33.26% of the stock is owned by hedge funds and other 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.