Friedman Industries (NASDAQ:FRD - Get Free Report) was upgraded by research analysts at Wall Street Zen from a "buy" rating to a "strong-buy" rating in a research report issued on Sunday.
Friedman Industries Stock Up 3.4%
Shares of NASDAQ:FRD traded up $0.58 during midday trading on Friday, reaching $17.50. The company's stock had a trading volume of 37,350 shares, compared to its average volume of 22,883. The business has a 50 day moving average of $16.28. The stock has a market capitalization of $123.55 million, a price-to-earnings ratio of 14.58 and a beta of 1.51. Friedman Industries has a 12-month low of $12.24 and a 12-month high of $18.48.
Friedman Industries (NASDAQ:FRD - Get Free Report) last announced its quarterly earnings results on Thursday, August 7th. The company reported $0.71 earnings per share (EPS) for the quarter. The company had revenue of $134.78 million for the quarter. Friedman Industries had a net margin of 1.84% and a return on equity of 6.50%.
Institutional Inflows and Outflows
Institutional investors and hedge funds have recently bought and sold shares of the company. Truffle Hound Capital LLC bought a new stake in shares of Friedman Industries in the first quarter valued at about $1,562,000. Bank of America Corp DE raised its holdings in shares of Friedman Industries by 21,620.0% in the second quarter. Bank of America Corp DE now owns 13,032 shares of the company's stock valued at $216,000 after acquiring an additional 12,972 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. bought a new stake in shares of Friedman Industries in the second quarter valued at about $60,000. New York State Common Retirement Fund bought a new stake in shares of Friedman Industries in the second quarter valued at about $103,000. Finally, JPMorgan Chase & Co. raised its holdings in shares of 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 acquiring an additional 5,624 shares in the last quarter. 33.26% of the stock is owned by hedge funds and other institutional investors.
About Friedman Industries
(
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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