Friedman Industries (NASDAQ:FRD) Stock Price Up 16.4% - What's Next?

Key Points

• Friedman Industries shares surged 16.4% to $43.91, reaching as high as $45.88, while trading volume jumped 240% above its average.
• Weiss Ratings upgraded the stock from “hold” to “buy,” giving Friedman an overall “Buy” rating based on available analyst coverage.
• The company reported quarterly EPS of $1.79 on $239.97 million in revenue and maintains strong liquidity with a 3.38 current ratio and minimal debt; it also pays a $0.04 quarterly dividend.

Shares of Friedman Industries Inc. (NASDAQ:FRD - Get Free Report) traded up 16.4% during trading on Friday . The stock traded as high as $45.88 and last traded at $43.91. Approximately 288,399 shares traded hands during trading, an increase of 240% from the average daily volume of 84,762 shares. The stock had previously closed at $37.72.

Wall Street Analyst Weigh In

Separately, Weiss Ratings upgraded shares of Friedman Industries from a "hold (c+)" rating to a "buy (b-)" rating in a research note on Thursday, June 4th. One research analyst has rated the stock with a Buy rating, Based on data from MarketBeat.com, Friedman Industries currently has an average rating of "Buy".

Friedman Industries Stock Up 16.4%

The company has a quick ratio of 1.11, a current ratio of 3.38 and a debt-to-equity ratio of 0.02. The business has a 50-day simple moving average of $33.04 and a two-hundred day simple moving average of $24.12. The stock has a market capitalization of $316.59 million, a P/E ratio of 11.43 and a beta of 1.57.

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 (EPS) for the quarter. Friedman Industries had a return on equity of 18.92% and a net margin of 3.63%.The company had revenue of $239.97 million during the quarter.

Friedman Industries Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, August 7th. Shareholders of record on Friday, July 17th were given 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 dividend payout ratio (DPR) is presently 5.80%.

Institutional Trading of Friedman Industries

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. BlackRock Inc. acquired a new stake in shares of Friedman Industries during the second quarter worth $12,708,000. Geode Capital Management LLC boosted its stake in Friedman Industries by 110.4% in the 2nd quarter. Geode Capital Management LLC now owns 157,246 shares of the company's stock worth $2,605,000 after purchasing an additional 82,504 shares during the period. Bank of New York Mellon Corp bought a new position in Friedman Industries during the 2nd quarter worth about $1,990,000. Bank of America Corp DE increased its holdings in Friedman Industries by 21,620.0% during the 2nd quarter. Bank of America Corp DE now owns 13,032 shares of the company's stock worth $216,000 after purchasing an additional 12,972 shares in the last quarter. Finally, Goldman Sachs Group Inc. acquired a new stake in shares of Friedman Industries in the 4th quarter valued at about $264,000. Institutional investors and hedge funds own 33.26% of the company's stock.

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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