Friedman Industries (NASDAQ:FRD) Upgraded at Wall Street Zen

Key Points

• Friedman Industries was upgraded by Wall Street Zen from a "buy" to a "strong-buy" rating, indicating heightened analyst confidence in the stock.
• The company's quarterly earnings reported earnings per share of $0.71 with net revenue of $134.78 million.
• Recent activity from institutional investors saw increased investments, with notable purchases including a 760.0% stake boost from JPMorgan Chase & Co.

Friedman Industries (NASDAQ:FRD - Get Free Report) was upgraded by Wall Street Zen from a "buy" rating to a "strong-buy" rating in a research report issued to clients and investors on Sunday.

Friedman Industries Stock Down 0.9%

NASDAQ FRD traded down $0.15 during trading hours on Friday, hitting $16.98. 2,897 shares of the company's stock were exchanged, compared to its average volume of 23,976. The stock has a 50 day simple moving average of $16.27. Friedman Industries has a 12-month low of $12.24 and a 12-month high of $18.48. The firm has a market capitalization of $119.86 million, a price-to-earnings ratio of 14.15 and a beta of 1.51.

Friedman Industries (NASDAQ:FRD - Get Free Report) last released its earnings results on Thursday, August 7th. The company reported $0.71 earnings per share for the quarter. The firm had revenue of $134.78 million for the quarter. Friedman Industries had a return on equity of 6.50% and a net margin of 1.84%.

Institutional Investors Weigh In On Friedman Industries

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Mink Brook Asset Management LLC grew its stake in shares of Friedman Industries by 0.5% in the first quarter. Mink Brook Asset Management LLC now owns 189,616 shares of the company's stock valued at $2,823,000 after buying an additional 952 shares in the last quarter. Police & Firemen s Retirement System of New Jersey acquired a new stake in shares of Friedman Industries in the second quarter valued at about $29,000. Empowered Funds LLC grew its stake in shares of Friedman Industries by 6.8% in the first quarter. Empowered Funds LLC now owns 39,123 shares of the company's stock valued at $583,000 after buying an additional 2,494 shares in the last quarter. State of Wyoming acquired a new stake in shares of Friedman Industries in the first quarter valued at about $45,000. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. acquired a new stake in shares of Friedman Industries in the second quarter valued at about $60,000. 33.26% of the stock is currently owned by institutional investors and hedge funds.

About Friedman Industries

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.