Friedman Industries (NASDAQ:FRD) Announces Quarterly Earnings Results

Friedman Industries (NASDAQ:FRD) announced its earnings results on Thursday. The company reported $2.19 earnings per share for the quarter, FiscalAI reports. The firm had revenue of $286.81 million for the quarter. Friedman Industries had a return on equity of 18.29% and a net margin of 3.63%.

Friedman Industries Price Performance

Shares of NASDAQ:FRD traded up $0.50 during midday trading on Friday, hitting $36.00. The company’s stock had a trading volume of 101,522 shares, compared to its average volume of 40,069. The company has a debt-to-equity ratio of 0.02, a quick ratio of 1.00 and a current ratio of 2.90. The business’s 50 day simple moving average is $41.61 and its 200 day simple moving average is $29.90. Friedman Industries has a 12-month low of $16.55 and a 12-month high of $48.77. The company has a market cap of $259.56 million, a P/E ratio of 6.30 and a beta of 1.62.

Friedman Industries Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, November 13th. Stockholders of record on Friday, October 23rd will be given a $0.04 dividend. This represents a $0.16 dividend on an annualized basis and a dividend yield of 0.4%. The ex-dividend date is Friday, October 23rd. Friedman Industries’s dividend payout ratio is 4.17%.

Institutional Investors Weigh In On Friedman Industries

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Bank of New York Mellon Corp grew its position in Friedman Industries by 1.8% in the 1st quarter. Bank of New York Mellon Corp now owns 59,033 shares of the company’s stock valued at $1,046,000 after acquiring an additional 1,036 shares in the last quarter. NewEdge Advisors LLC increased its stake in Friedman Industries by 10.8% in the 1st quarter. NewEdge Advisors LLC now owns 11,567 shares of the company’s stock valued at $205,000 after buying an additional 1,131 shares during the period. Dimensional Fund Advisors LP raised its stake in shares of 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 buying an additional 3,297 shares in the last quarter. James Investment Research Inc. acquired a new stake in Friedman Industries in the third quarter valued at $229,000. Finally, Deutsche Bank AG purchased a new stake in Friedman Industries during the second quarter worth about $215,000. Institutional investors and hedge funds own 33.26% of the company’s stock.

Analyst Ratings Changes

Separately, Weiss Ratings raised Friedman Industries from a “buy (b-)” rating to a “buy (b)” rating in a research report on Monday, August 24th. One research analyst has rated the stock with a Buy rating. According to data from MarketBeat, the company currently has an average rating of “Buy”.

Friedman Industries Company Profile

Friedman Industries, Inc is a steel processing and distribution company headquartered in Longview, Texas. The company purchases flat-rolled steel from domestic and international producers and processes it into products designed to meet the specifications of industrial and commercial customers.

Its products and services include steel coil processing, slitting, cut-to-length operations, and the sale of sheet and other flat-rolled steel products. Friedman Industries serves manufacturers, steel service centers, fabricators, and customers in industries such as construction, transportation, energy, and general manufacturing.

Founded in 1965, the company operates processing and distribution facilities in the United States and serves customers primarily across domestic markets.