Bank of New York Mellon Corp Makes New $1.99 Million Investment in Friedman Industries Inc. $FRD

Key Points

• Bank of New York Mellon initiated a $1.99 million position in Friedman Industries, buying 61,835 shares and acquiring approximately 0.86% of the company. Institutional investors and hedge funds collectively own 33.26% of FRD.
• Friedman Industries reported quarterly EPS of $1.79 on revenue of $239.97 million, with an 18.29% return on equity and a 3.63% net margin.
• The company paid a quarterly dividend of $0.04 per share, equivalent to a 0.4% yield, while Weiss Ratings upgraded the stock to “buy”; MarketBeat reports a consensus “Buy” rating.

Bank of New York Mellon Corp acquired a new position in shares of Friedman Industries Inc. (NASDAQ:FRD - Free Report) in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund acquired 61,835 shares of the company's stock, valued at approximately $1,990,000. Bank of New York Mellon Corp owned 0.86% of Friedman Industries at the end of the most recent quarter.

Several other hedge funds have also recently made changes to their positions in FRD. BNP Paribas Financial Markets raised its stake in shares of Friedman Industries by 50.7% in the third quarter. BNP Paribas Financial Markets now owns 1,712 shares of the company's stock worth $37,000 after purchasing an additional 576 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. purchased a new stake in shares of Friedman Industries in the 2nd quarter valued at $60,000. New York State Common Retirement Fund acquired a new stake in shares of Friedman Industries in the second quarter worth $103,000. JPMorgan Chase & Co. raised its holdings in shares of Friedman Industries by 760.0% during the second quarter. JPMorgan Chase & Co. now owns 6,364 shares of the company's stock worth $105,000 after purchasing an additional 5,624 shares during the last quarter. Finally, Jane Street Group LLC acquired a new position in Friedman Industries during the first quarter valued at $174,000. 33.26% of the stock is owned by institutional investors and hedge funds.

Friedman Industries Price Performance

Shares of Friedman Industries stock opened at $45.20 on Wednesday. The firm has a market cap of $326.03 million, a PE ratio of 11.77 and a beta of 1.62. Friedman Industries Inc. has a twelve month low of $16.55 and a twelve month high of $48.77. The company has a quick ratio of 1.00, a current ratio of 2.90 and a debt-to-equity ratio of 0.02. The business has a 50-day moving average price of $39.00 and a 200 day moving average price of $27.97.

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

Friedman Industries Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, August 7th. Shareholders of record on Friday, July 17th were issued a dividend of $0.04 per share. The ex-dividend date of this dividend was Friday, July 17th. This represents a $0.16 dividend on an annualized basis and a dividend yield of 0.4%. Friedman Industries's dividend payout ratio is presently 4.17%.

Wall Street Analyst Weigh In

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

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