Wall Street Zen upgraded shares of Friedman Industries (NASDAQ:FRD - Free Report) from a hold rating to a buy rating in a research report report published on Monday morning.
Friedman Industries Stock Performance
NASDAQ:FRD traded up $0.17 during trading hours on Monday, reaching $16.67. The company had a trading volume of 9,662 shares, compared to its average volume of 24,536. Friedman Industries has a 1-year low of $12.24 and a 1-year high of $19.12. The stock has a 50 day moving average price of $16.47. The company has a market capitalization of $117.67 million, a price-to-earnings ratio of 19.38 and a beta of 1.48.
Friedman Industries (NASDAQ:FRD - Get Free Report) last posted its earnings results on Thursday, June 12th. The company reported $0.76 earnings per share for the quarter. Friedman Industries had a net margin of 1.37% and a return on equity of 4.70%. The firm had revenue of $129.22 million during the quarter.
Friedman Industries Announces Dividend
The company also recently announced a quarterly dividend, which will be paid on Friday, August 8th. Stockholders of record on Friday, July 18th will be paid a dividend of $0.04 per share. This represents a $0.16 annualized dividend and a dividend yield of 0.96%. The ex-dividend date of this dividend is Friday, July 18th. Friedman Industries's payout ratio is currently 18.60%.
Hedge Funds Weigh In On Friedman Industries
Institutional investors and hedge funds have recently modified their holdings of the business. Truffle Hound Capital LLC acquired a new position in Friedman Industries during the first quarter worth $1,562,000. Jane Street Group LLC purchased a new stake in shares of Friedman Industries during the first quarter worth about $174,000. State of Wyoming acquired a new position in shares of Friedman Industries during the 1st quarter worth about $45,000. Empowered Funds LLC lifted its stake in Friedman Industries by 6.8% in the 1st 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. Finally, Mink Brook Asset Management LLC boosted its holdings 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 buying an additional 952 shares during the last quarter. Hedge funds and other institutional investors own 33.26% of the company's stock.
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.
Featured Stories
Before you consider Friedman Industries, you'll want to hear this.
MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Friedman Industries wasn't on the list.
While Friedman Industries currently has a Hold rating among analysts, top-rated analysts believe these five stocks are better buys.
View The Five Stocks Here
Market downturns give many investors pause, and for good reason. Wondering how to offset this risk? Enter your email address to learn more about using beta to protect your portfolio.
Get This Free Report
Like this article? Share it with a colleague.
Link copied to clipboard.
