Friedman Industries (NASDAQ:FRD) Trading Down 1.3% – Time to Sell?

Friedman Industries Inc. (NASDAQ:FRD)’s share price traded down 1.3% during trading on Thursday . The stock traded as low as $34.27 and last traded at $35.02. Approximately 49,667 shares were traded during trading, a decline of 51% from the average daily volume of 101,817 shares. The stock had previously closed at $35.47.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings upgraded 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, the stock currently has an average rating of “Buy”.

Friedman Industries Price Performance

The company has a current ratio of 3.38, a quick ratio of 1.11 and a debt-to-equity ratio of 0.02. The company has a market cap of $248.99 million, a P/E ratio of 12.69 and a beta of 1.56. The business’s fifty day moving average is $28.63 and its 200 day moving average is $22.42.

Friedman Industries (NASDAQ:FRD) last announced its quarterly earnings data on Thursday, June 11th. The company reported $1.30 earnings per share for the quarter. The business had revenue of $191.78 million during the quarter. Friedman Industries had a return on equity of 13.70% and a net margin of 3.02%.

Friedman Industries Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, August 7th. Investors of record on Friday, July 17th will be paid a $0.04 dividend. This represents a $0.16 dividend on an annualized basis and a yield of 0.5%. The ex-dividend date is Friday, July 17th. Friedman Industries’s payout ratio is currently 5.80%.

Institutional Investors Weigh In On Friedman Industries

Several institutional investors have recently added to or reduced their stakes in the business. BNP Paribas Financial Markets increased its stake in shares of Friedman Industries by 50.7% in the third quarter. BNP Paribas Financial Markets now owns 1,712 shares of the company’s stock worth $37,000 after purchasing an additional 576 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. bought a new stake in shares of Friedman Industries in the second quarter valued at approximately $60,000. New York State Common Retirement Fund purchased a new stake in shares of Friedman Industries during the 2nd quarter valued at approximately $103,000. JPMorgan Chase & Co. lifted 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 valued at $105,000 after buying an additional 5,624 shares in the last quarter. Finally, Jane Street Group LLC bought a new position in Friedman Industries in the 1st quarter worth approximately $174,000. 33.26% of the stock is owned by hedge funds and other institutional investors.

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.