Friedman Industries (NASDAQ:FRD) Raised to “Strong-Buy” at Wall Street Zen

Friedman Industries (NASDAQ:FRD) was upgraded by investment analysts at 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 Performance

Shares of NASDAQ FRD opened at $16.89 on Friday. The firm has a market capitalization of $119.24 million, a PE ratio of 14.08 and a beta of 1.51. Friedman Industries has a 12-month low of $12.24 and a 12-month high of $18.48. The company has a fifty day moving average of $16.24.

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

Institutional Investors Weigh In On Friedman Industries

A number of institutional investors have recently added to or reduced their stakes in the business. Police & Firemen s Retirement System of New Jersey purchased a new stake in shares of Friedman Industries during the 2nd quarter worth approximately $29,000. State of Wyoming purchased a new stake in shares of Friedman Industries during the 1st quarter worth approximately $45,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. purchased a new stake in shares of Friedman Industries during the 2nd quarter worth approximately $60,000. New York State Common Retirement Fund purchased a new stake in shares of Friedman Industries during the 2nd quarter worth approximately $103,000. Finally, JPMorgan Chase & Co. boosted its stake in shares of 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 in the last quarter. Hedge funds and other institutional investors own 33.26% of the company’s stock.

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.