Friedman Industries (NYSEAMERICAN:FRD) Posts Quarterly Earnings Results

Friedman Industries (NYSEAMERICAN:FRD) announced its quarterly earnings results on Monday. The company reported $0.32 earnings per share (EPS) for the quarter, FiscalAI reports. Friedman Industries had a return on equity of 4.44% and a net margin of 1.27%.The business had revenue of $152.38 million for the quarter.

Friedman Industries Price Performance

Shares of NYSEAMERICAN FRD traded up $0.92 during midday trading on Monday, hitting $21.95. 19,416 shares of the company’s stock were exchanged, compared to its average volume of 23,721. The firm has a market cap of $152.99 million, a P/E ratio of 27.10 and a beta of 1.40. Friedman Industries has a twelve month low of $12.24 and a twelve month high of $22.98. The stock’s 50 day moving average price is $21.20 and its 200-day moving average price is $18.18.

Friedman Industries Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, November 14th. Stockholders of record on Friday, October 24th will be issued a dividend of $0.04 per share. This represents a $0.16 dividend on an annualized basis and a dividend yield of 0.7%. The ex-dividend date of this dividend is Friday, October 24th. Friedman Industries’s payout ratio is 19.75%.

Hedge Funds Weigh In On Friedman Industries

A hedge fund recently bought a new stake in Friedman Industries stock. Bank of New York Mellon Corp purchased a new stake in Friedman Industries, Incorporated (NYSEAMERICAN:FRD) in the first quarter, according to its most recent Form 13F filing with the SEC. The institutional investor purchased 31,122 shares of the company’s stock, valued at approximately $463,000. Bank of New York Mellon Corp owned about 0.45% of Friedman Industries at the end of the most recent quarter. Institutional investors own 33.26% of the company’s stock.

About Friedman Industries

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.