Wall Street Zen downgraded shares of Friedman Industries (NASDAQ:FRD - Free Report) from a buy rating to a hold rating in a research report report published on Tuesday.
Friedman Industries Trading Up 1.5%
Friedman Industries stock traded up $0.24 during mid-day trading on Tuesday, hitting $16.71. The company's stock had a trading volume of 30,963 shares, compared to its average volume of 24,578. The stock's 50 day moving average is $16.48. The firm has a market cap of $117.97 million, a P/E ratio of 19.43 and a beta of 1.48. Friedman Industries has a 52-week low of $12.24 and a 52-week high of $19.12.
Friedman Industries (NASDAQ:FRD - Get Free Report) last announced its quarterly earnings data on Thursday, June 12th. The company reported $0.76 earnings per share (EPS) for the quarter. The firm had revenue of $129.22 million during the quarter. Friedman Industries had a return on equity of 4.70% and a net margin of 1.37%.
Friedman Industries Announces Dividend
The company also recently announced a quarterly dividend, which will be paid on Friday, August 8th. Shareholders of record on Friday, July 18th will be given a $0.04 dividend. This represents a $0.16 annualized dividend and a yield of 0.96%. The ex-dividend date of this dividend is Friday, July 18th. Friedman Industries's payout ratio is currently 18.60%.
Institutional Inflows and Outflows
Several hedge funds have recently bought and sold shares of the company. Jane Street Group LLC acquired a new position in Friedman Industries in the 1st quarter worth about $174,000. Empowered Funds LLC increased its position in Friedman Industries by 6.8% in the 1st quarter. Empowered Funds LLC now owns 39,123 shares of the company's stock worth $583,000 after purchasing an additional 2,494 shares during the last quarter. State of Wyoming acquired a new position in Friedman Industries in the 1st quarter worth about $45,000. Mink Brook Asset Management LLC increased its position in Friedman Industries by 0.5% in the 1st quarter. Mink Brook Asset Management LLC now owns 189,616 shares of the company's stock worth $2,823,000 after purchasing an additional 952 shares during the last quarter. Finally, Truffle Hound Capital LLC acquired a new position in Friedman Industries in the 1st quarter worth about $1,562,000. 33.26% of the stock is owned by institutional investors and hedge funds.
Friedman Industries Company Profile
(
Get Free Report)
Friedman Industries, Incorporated engages in steel processing, pipe manufacturing and processing, and the steel and pipe distribution businesses the United States. It operates in two segments, Coil and Tubular. The Coil segment is involved in the conversion of steel coils into flat sheet and plate steel cut to customer specifications and reselling steel coils.
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