29,021 Shares of Friedman Industries Inc. $FRD Purchased by Bank of America Corp DE

Key Points

• Bank of America purchased 29,021 shares of Friedman Industries, valued at approximately $934,000, giving it a 0.40% stake. Other institutions including BlackRock and De Lisle Partners also initiated positions, while institutional investors collectively owned 33.26% of the company.
• Weiss Ratings upgraded Friedman Industries from “buy (b-)” to “buy (b),” and the stock has a consensus “Buy” rating based on coverage from one analyst.
• Friedman Industries reported quarterly earnings of $1.79 per share on $239.97 million in revenue and declared a $0.04 quarterly dividend, equivalent to a 0.4% yield.

Bank of America Corp DE purchased a new stake in shares of Friedman Industries Inc. (NASDAQ:FRD - Free Report) in the second quarter, according to its most recent Form 13F filing with the SEC. The firm purchased 29,021 shares of the company's stock, valued at approximately $934,000. Bank of America Corp DE owned 0.40% of Friedman Industries at the end of the most recent reporting period.

Several other hedge funds have also bought and sold shares of FRD. Bank of New York Mellon Corp purchased a new position in Friedman Industries during the second quarter valued at $1,990,000. BlackRock Inc. purchased a new stake in shares of Friedman Industries in the second quarter worth $12,708,000. De Lisle Partners LLP purchased a new stake in shares of Friedman Industries in the second quarter worth $12,937,000. Deutsche Bank AG bought a new position in shares of Friedman Industries during the second quarter valued at $215,000. Finally, NewEdge Advisors LLC increased its holdings in shares of Friedman Industries by 16.9% during the first quarter. NewEdge Advisors LLC now owns 12,197 shares of the company's stock valued at $216,000 after acquiring an additional 1,761 shares in the last quarter. Institutional investors own 33.26% of the company's stock.

Analyst Ratings Changes

Separately, Weiss Ratings raised shares of Friedman Industries from a "buy (b-)" rating to a "buy (b)" rating in a report on Monday, August 24th. One investment analyst has rated the stock with a Buy rating, Based on data from MarketBeat.com, the stock has a consensus rating of "Buy".

Friedman Industries Stock Performance

Shares of FRD opened at $41.08 on Friday. The company has a debt-to-equity ratio of 0.02, a current ratio of 2.90 and a quick ratio of 1.00. Friedman Industries Inc. has a one year low of $16.55 and a one year high of $48.77. The firm has a market capitalization of $296.19 million, a P/E ratio of 10.70 and a beta of 1.65. The business has a fifty day moving average of $41.42 and a 200 day moving average of $30.74.

Friedman Industries (NASDAQ:FRD - Get Free Report) last posted its earnings results on Thursday, August 6th. The company reported $1.79 earnings per share for the quarter. Friedman Industries had a return on equity of 18.29% and a net margin of 3.63%.The company had revenue of $239.97 million for the quarter.

Friedman Industries Announces Dividend

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

Friedman Industries Profile

Friedman Industries, Inc is a steel processing and distribution company headquartered in Longview, Texas. The company processes and sells flat-rolled steel products, serving manufacturers and other industrial customers that require steel in specified sizes, grades, and forms.

Its coil-processing operations convert steel coils into products such as cut-to-length sheets and processed steel material. Friedman also supplies welded steel pipe and related tubular products used in applications across industries including energy, construction, agriculture, and manufacturing.

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