Friedman Industries (NASDAQ:FRD) Trading Up 1.5% – Here’s What Happened

Shares of Friedman Industries Inc. (NASDAQ:FRD) rose 1.5% during trading on Tuesday . The company traded as high as $20.97 and last traded at $20.73. Approximately 15,060 shares changed hands during trading, a decline of 50% from the average daily volume of 29,951 shares. The stock had previously closed at $20.43.

Analyst Upgrades and Downgrades

FRD has been the topic of a number of recent research reports. Wall Street Zen cut shares of Friedman Industries from a “strong-buy” rating to a “buy” rating in a research note on Saturday, January 31st. Weiss Ratings cut shares of Friedman Industries from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Wednesday, March 11th. One equities research analyst has rated the stock with a Hold rating, Based on data from MarketBeat, the stock presently has a consensus rating of “Hold”.

Friedman Industries Stock Down 1.3%

The company has a market capitalization of $145.97 million, a PE ratio of 9.25 and a beta of 1.59. The company has a debt-to-equity ratio of 0.02, a quick ratio of 0.97 and a current ratio of 3.59. The stock’s 50 day moving average is $19.03 and its 200 day moving average is $19.59.

Friedman Industries Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, May 22nd. Investors of record on Friday, April 24th will be issued a dividend of $0.04 per share. This represents a $0.16 dividend on an annualized basis and a yield of 0.8%. The ex-dividend date of this dividend is Friday, April 24th. Friedman Industries’s dividend payout ratio is 7.21%.

Institutional Trading of Friedman Industries

Hedge funds and other institutional investors have recently bought and sold shares of the company. BNP Paribas Financial Markets increased its holdings in Friedman Industries by 50.7% during the 3rd quarter. BNP Paribas Financial Markets now owns 1,712 shares of the company’s stock worth $37,000 after acquiring an additional 576 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. bought a new stake in Friedman Industries during the 2nd quarter worth approximately $60,000. Hillsdale Investment Management Inc. bought a new stake in Friedman Industries during the 3rd quarter worth approximately $123,000. New York State Common Retirement Fund bought a new stake in Friedman Industries during the 2nd quarter worth approximately $103,000. Finally, JPMorgan Chase & Co. increased its holdings in Friedman Industries by 760.0% during the 2nd quarter. JPMorgan Chase & Co. now owns 6,364 shares of the company’s stock worth $105,000 after acquiring an additional 5,624 shares during the period. Institutional investors 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.