BlackRock Inc. Invests $12.71 Million in Friedman Industries Inc. $FRD

Key Points

• BlackRock acquired a new 5.48% stake in Friedman Industries, purchasing 394,898 shares valued at approximately $12.7 million. Institutional investors collectively own 33.26% of the company.
• Friedman Industries reported quarterly earnings of $1.79 per share on $239.97 million in revenue, with an 18.29% return on equity and a 3.63% net margin.
• The stock recently traded at $45.60, near its 12-month high, while the company maintained a quarterly dividend of $0.04 per share. Weiss Ratings upgraded the stock to “buy (b),” and the overall analyst rating is “Buy.”

BlackRock Inc. purchased a new position in shares of Friedman Industries Inc. (NASDAQ:FRD - Free Report) during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund purchased 394,898 shares of the company's stock, valued at approximately $12,708,000. BlackRock Inc. owned 5.48% of Friedman Industries at the end of the most recent reporting period.

A number of other institutional investors have also recently added to or reduced their stakes in FRD. BNP Paribas Financial Markets lifted its holdings in Friedman Industries by 50.7% during the 3rd quarter. BNP Paribas Financial Markets now owns 1,712 shares of the company's stock worth $37,000 after buying an additional 576 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. acquired a new stake in shares of Friedman Industries during the 2nd quarter valued at approximately $60,000. New York State Common Retirement Fund bought a new position in Friedman Industries during the second quarter worth $103,000. JPMorgan Chase & Co. boosted its holdings in Friedman Industries by 760.0% in 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 period. Finally, Jane Street Group LLC bought a new stake in Friedman Industries during the first quarter valued at $174,000. Institutional investors and hedge funds own 33.26% of the company's stock.

Friedman Industries Trading Up 0.5%

Shares of NASDAQ:FRD opened at $45.60 on Friday. The firm has a fifty day moving average of $38.47 and a two-hundred day moving average of $27.53. The company has a quick ratio of 1.00, a current ratio of 2.90 and a debt-to-equity ratio of 0.02. Friedman Industries Inc. has a 12-month low of $16.55 and a 12-month high of $48.77. The firm has a market capitalization of $328.78 million, a P/E ratio of 11.88 and a beta of 1.62.

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

Friedman Industries Dividend Announcement

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

Analyst Ratings Changes

Separately, Weiss Ratings upgraded Friedman Industries from a "buy (b-)" rating to a "buy (b)" rating in a research note on Monday, August 24th. One research analyst has rated the stock with a Buy rating, Based on data from MarketBeat.com, the company currently has an average 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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