Corient Private Wealth LP Makes New $845,000 Investment in Friedman Industries Inc. $FRD

Key Points

• Corient Private Wealth LP acquired 26,257 shares of Friedman Industries during the second quarter, valued at approximately $845,000 and representing about 0.36% of the company. Institutional investors and hedge funds collectively own 33.26% of the stock.
• Friedman Industries has a consensus “Buy” rating, after Weiss Ratings upgraded the stock. Shares recently opened at $45.60, near the company’s 52-week high of $48.77.
• The company reported quarterly earnings of $1.79 per share on $239.97 million in revenue and declared a $0.04 quarterly dividend, equivalent to a $0.16 annualized payout and a 0.4% yield.

Corient Private Wealth LP acquired a new stake in Friedman Industries Inc. (NASDAQ:FRD - Free Report) during the second quarter, according to its most recent Form 13F filing with the SEC. The institutional investor acquired 26,257 shares of the company's stock, valued at approximately $845,000. Corient Private Wealth LP owned about 0.36% of Friedman Industries at the end of the most recent quarter.

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

Wall Street Analysts Forecast Growth

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

Friedman Industries Stock Performance

Shares of Friedman Industries stock opened at $45.60 on Friday. 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 52 week low of $16.55 and a 52 week high of $48.77. The firm's 50 day moving average is $38.47 and its two-hundred day moving average is $27.53. 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 quarterly earnings data on Thursday, August 6th. The company reported $1.79 earnings per share for the quarter. Friedman Industries had a net margin of 3.63% and a return on equity of 18.29%. The business had revenue of $239.97 million during the quarter.

Friedman Industries Dividend Announcement

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

Friedman Industries 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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