Friedman Industries’ (FRD) “Hold (C+)” Rating Reiterated at Weiss Ratings

Weiss Ratings reiterated their hold (c+) rating on shares of Friedman Industries (NASDAQ:FRD) in a report issued on Tuesday morning,Weiss Ratings reports.

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

Friedman Industries Stock Performance

Shares of NASDAQ FRD opened at $20.14 on Tuesday. The company’s 50-day moving average is $20.23. The stock has a market cap of $142.19 million, a P/E ratio of 16.78 and a beta of 1.49. Friedman Industries has a 52-week low of $12.24 and a 52-week 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 (EPS) for the quarter. The firm had revenue of $134.78 million for the quarter. Friedman Industries had a net margin of 1.84% and a return on equity of 6.50%.

Friedman Industries Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, November 14th. Investors of record on Friday, October 24th will be issued a $0.04 dividend. The ex-dividend date of this dividend is Friday, October 24th. This represents a $0.16 dividend on an annualized basis and a dividend yield of 0.8%. Friedman Industries’s dividend payout ratio (DPR) is presently 13.33%.

Hedge Funds Weigh In On Friedman Industries

Several large investors have recently added to or reduced their stakes in the company. Mink Brook Asset Management LLC lifted its holdings in Friedman Industries by 5.0% during the second quarter. Mink Brook Asset Management LLC now owns 199,049 shares of the company’s stock valued at $3,296,000 after purchasing an additional 9,433 shares in the last quarter. Bank of America Corp DE lifted its holdings in Friedman Industries by 21,620.0% during the second quarter. Bank of America Corp DE now owns 13,032 shares of the company’s stock valued at $216,000 after purchasing an additional 12,972 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. purchased a new position in Friedman Industries during the second quarter valued at approximately $60,000. New York State Common Retirement Fund purchased a new position in Friedman Industries during the second quarter valued at approximately $103,000. Finally, JPMorgan Chase & Co. lifted its holdings in Friedman Industries by 760.0% during the second quarter. JPMorgan Chase & Co. now owns 6,364 shares of the company’s stock valued at $105,000 after purchasing an additional 5,624 shares in the last quarter. Hedge funds and other institutional investors own 33.26% of the company’s stock.

Friedman Industries Company Profile

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.