Friedman Industries (NASDAQ:FRD) Cut to Buy at Wall Street Zen

Friedman Industries (NASDAQ:FRD) was downgraded by equities research analysts at Wall Street Zen from a “strong-buy” rating to a “buy” rating in a report issued on Saturday.

Separately, Weiss Ratings reissued a “buy (b-)” rating on shares of Friedman Industries in a research note on Monday, December 29th. One analyst has rated the stock with a Buy rating, According to MarketBeat, the company currently has an average rating of “Buy”.

Friedman Industries Price Performance

FRD stock opened at $19.63 on Friday. The firm has a market cap of $139.61 million, a P/E ratio of 12.12 and a beta of 1.54. The firm’s fifty day moving average is $19.90 and its 200 day moving average is $19.64. Friedman Industries has a 52 week low of $12.24 and a 52 week high of $23.50. The company has a debt-to-equity ratio of 0.03, a quick ratio of 0.98 and a current ratio of 3.24.

Friedman Industries (NASDAQ:FRD) last posted its quarterly earnings results on Monday, November 10th. The company reported $0.32 earnings per share for the quarter. Friedman Industries had a net margin of 2.25% and a return on equity of 8.55%. The business had revenue of $152.38 million during the quarter.

Hedge Funds Weigh In On Friedman Industries

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Ritholtz Wealth Management boosted its holdings in Friedman Industries by 14.2% in the fourth quarter. Ritholtz Wealth Management now owns 41,580 shares of the company’s stock valued at $852,000 after acquiring an additional 5,179 shares in the last quarter. JPMorgan Chase & Co. lifted its position in shares of Friedman Industries by 80.2% in the 3rd quarter. JPMorgan Chase & Co. now owns 11,465 shares of the company’s stock worth $251,000 after purchasing an additional 5,101 shares during the period. NewEdge Advisors LLC boosted its stake in shares of Friedman Industries by 14,241.1% during the 3rd quarter. NewEdge Advisors LLC now owns 10,469 shares of the company’s stock valued at $229,000 after purchasing an additional 10,396 shares in the last quarter. Squarepoint Ops LLC purchased a new position in shares of Friedman Industries during the third quarter valued at about $241,000. Finally, BNP Paribas Financial Markets increased its position in shares of Friedman Industries by 50.7% during the third quarter. BNP Paribas Financial Markets now owns 1,712 shares of the company’s stock valued at $37,000 after buying an additional 576 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.