Friedman Industries (NASDAQ:FRD) Posts Quarterly Earnings Results

Friedman Industries (NASDAQ:FRD) issued its earnings results on Thursday. The company reported $1.30 earnings per share for the quarter, FiscalAI reports. Friedman Industries had a return on equity of 13.99% and a net margin of 3.02%.The firm had revenue of $191.78 million for the quarter.

Friedman Industries Price Performance

NASDAQ:FRD opened at $34.72 on Friday. The business’s 50-day moving average price is $21.26 and its 200 day moving average price is $19.98. The firm has a market cap of $246.86 million, a P/E ratio of 12.58 and a beta of 1.63. Friedman Industries has a 52-week low of $14.51 and a 52-week high of $36.26. The company has a quick ratio of 0.97, a current ratio of 3.59 and a debt-to-equity ratio of 0.02.

Friedman Industries Dividend Announcement

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 payout ratio is presently 7.21%.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the company. Geode Capital Management LLC boosted its position in shares of Friedman Industries by 110.4% in the 2nd quarter. Geode Capital Management LLC now owns 157,246 shares of the company’s stock valued at $2,605,000 after purchasing an additional 82,504 shares during the period. Segall Bryant & Hamill LLC acquired a new position in shares of Friedman Industries in the 3rd quarter valued at $595,000. Bank of America Corp DE boosted its position in shares of Friedman Industries by 21,620.0% in the 2nd 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 during the period. Goldman Sachs Group Inc. acquired a new position in shares of Friedman Industries in the 4th quarter valued at $264,000. Finally, Jane Street Group LLC acquired a new position in shares of Friedman Industries in the 1st quarter valued at $174,000. 33.26% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings raised shares of Friedman Industries from a “hold (c+)” rating to a “buy (b-)” rating in a report on Thursday, June 4th. One analyst has rated the stock with a Buy rating, According to MarketBeat.com, the company has a consensus rating of “Buy”.

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.