Friedman Industries (NASDAQ:FRD) Trading Up 1.2% – Still a Buy?

Shares of Friedman Industries Inc. (NASDAQ:FRD) were up 1.2% during trading on Wednesday . The company traded as high as $26.00 and last traded at $25.55. Approximately 61,994 shares were traded during trading, an increase of 125% from the average daily volume of 27,498 shares. The stock had previously closed at $25.24.

Analysts Set New Price Targets

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

Friedman Industries Stock Up 31.6%

The company has a market capitalization of $246.86 million, a PE ratio of 9.56 and a beta of 1.63. The company has a debt-to-equity ratio of 0.02, a quick ratio of 0.97 and a current ratio of 3.59. The stock’s 50 day moving average is $21.26 and its 200 day moving average is $19.98.

Friedman Industries (NASDAQ:FRD) last posted its earnings results on Thursday, June 11th. The company reported $1.30 earnings per share for the quarter. The business had revenue of $191.78 million for the quarter. Friedman Industries had a net margin of 3.02% and a return on equity of 13.99%.

Friedman Industries Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, May 22nd. Investors of record on Friday, April 24th were issued a dividend of $0.04 per share. This represents a $0.16 dividend on an annualized basis and a yield of 0.5%. The ex-dividend date of this dividend was Friday, April 24th. Friedman Industries’s dividend payout ratio is 7.21%.

Institutional Trading of Friedman Industries

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. NewEdge Advisors LLC increased its holdings in Friedman Industries by 16.9% during the 1st quarter. NewEdge Advisors LLC now owns 12,197 shares of the company’s stock worth $216,000 after acquiring an additional 1,761 shares during the period. Renaissance Technologies LLC increased its holdings in Friedman Industries by 3.2% during the 1st quarter. Renaissance Technologies LLC now owns 331,282 shares of the company’s stock worth $5,870,000 after acquiring an additional 10,400 shares during the period. Dimensional Fund Advisors LP increased its holdings in Friedman Industries by 0.6% during the 1st quarter. Dimensional Fund Advisors LP now owns 541,693 shares of the company’s stock worth $9,599,000 after acquiring an additional 3,297 shares during the period. Bank of New York Mellon Corp increased its holdings in Friedman Industries by 1.8% during the 1st 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 during the period. Finally, Empowered Funds LLC increased its holdings in Friedman Industries by 1.8% during the 4th quarter. Empowered Funds LLC now owns 47,034 shares of the company’s stock worth $964,000 after acquiring an additional 811 shares during the period. Institutional investors own 33.26% of the company’s stock.

Friedman Industries Company Profile

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.