Friedman Industries (NYSEAMERICAN:FRD) Stock Crosses Above 200 Day Moving Average – Here’s Why

Friedman Industries, Incorporated (NYSEAMERICAN:FRD)’s share price crossed above its 200-day moving average during trading on Friday . The stock has a 200-day moving average of $0.00 and traded as high as $15.50. Friedman Industries shares last traded at $15.20, with a volume of 12,197 shares changing hands.

Wall Street Analyst Weigh In

Separately, StockNews.com upgraded shares of Friedman Industries from a “hold” rating to a “buy” rating in a report on Tuesday, November 19th.

Friedman Industries Stock Up 2.0 %

The company has a market cap of $105.94 million, a PE ratio of 13.33 and a beta of 1.41.

Friedman Industries Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, February 14th. Investors of record on Friday, January 17th will be paid a $0.04 dividend. This represents a $0.16 annualized dividend and a yield of 1.05%. The ex-dividend date of this dividend is Friday, January 17th. Friedman Industries’s dividend payout ratio is 14.04%.

Insider Buying and Selling at Friedman Industries

In other news, CEO Mike J. Taylor acquired 2,000 shares of the company’s stock in a transaction dated Thursday, November 21st. The stock was bought at an average price of $13.50 per share, with a total value of $27,000.00. Following the completion of the acquisition, the chief executive officer now owns 164,154 shares in the company, valued at approximately $2,216,079. This represents a 1.23 % increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available through this hyperlink. Company insiders own 4.60% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Acadian Asset Management LLC boosted its position in Friedman Industries by 1.0% in the 2nd quarter. Acadian Asset Management LLC now owns 135,794 shares of the company’s stock valued at $2,048,000 after buying an additional 1,337 shares during the last quarter. Dimensional Fund Advisors LP lifted its stake in shares of Friedman Industries by 0.3% during the second quarter. Dimensional Fund Advisors LP now owns 561,702 shares of the company’s stock valued at $8,482,000 after acquiring an additional 1,591 shares during the period. Empowered Funds LLC boosted its holdings in Friedman Industries by 5.3% in the third quarter. Empowered Funds LLC now owns 34,878 shares of the company’s stock valued at $559,000 after acquiring an additional 1,742 shares during the last quarter. Renaissance Technologies LLC increased its position in Friedman Industries by 0.6% in the second quarter. Renaissance Technologies LLC now owns 361,882 shares of the company’s stock worth $5,464,000 after purchasing an additional 2,245 shares during the period. Finally, Geode Capital Management LLC raised its holdings in Friedman Industries by 11.2% during the 3rd quarter. Geode Capital Management LLC now owns 70,727 shares of the company’s stock worth $1,133,000 after purchasing an additional 7,141 shares during the last quarter. Institutional investors and hedge funds 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.