Friedman Industries (NASDAQ:FRD) Stock Price Up 1.2% – Time to Buy?

Friedman Industries Inc. (NASDAQ:FRD)’s stock price shot up 1.2% during trading on Wednesday . The company traded as high as $26.00 and last traded at $25.55. 61,994 shares traded hands during mid-day trading, an increase of 125% from the average session volume of 27,498 shares. The stock had previously closed at $25.24.

Wall Street Analyst Weigh In

Separately, Weiss Ratings upgraded Friedman Industries from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Thursday, June 4th. One equities research analyst has rated the stock with a Buy rating, According to MarketBeat, the company currently has an average rating of “Buy”.

Friedman Industries Trading Up 1.2%

The company has a market cap of $181.66 million, a PE ratio of 11.51 and a beta of 1.63. The stock’s 50 day moving average is $20.73 and its 200-day moving average is $19.83. The company has a quick ratio of 0.97, a current ratio of 3.59 and a debt-to-equity ratio of 0.02.

Friedman Industries Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, May 22nd. Shareholders of record on Friday, April 24th were given a dividend of $0.04 per share. The ex-dividend date was Friday, April 24th. This represents a $0.16 dividend on an annualized basis and a yield of 0.6%. Friedman Industries’s dividend payout ratio is 7.21%.

Institutional Investors Weigh In On Friedman Industries

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in FRD. Empowered Funds LLC raised its position in Friedman Industries by 6.8% during the first quarter. Empowered Funds LLC now owns 39,123 shares of the company’s stock valued at $583,000 after purchasing an additional 2,494 shares during the period. Jane Street Group LLC purchased a new stake in Friedman Industries during the first quarter valued at approximately $174,000. Geode Capital Management LLC raised its position in Friedman Industries by 110.4% during the second quarter. Geode Capital Management LLC now owns 157,246 shares of the company’s stock valued at $2,605,000 after purchasing an additional 82,504 shares during the period. JPMorgan Chase & Co. raised its position in Friedman Industries by 760.0% during the second quarter. JPMorgan Chase & Co. now owns 6,364 shares of the company’s stock valued at $105,000 after purchasing an additional 5,624 shares during the period. Finally, New York State Common Retirement Fund purchased a new stake in shares of Friedman Industries in the second quarter valued at $103,000. 33.26% of the stock is currently 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.