Friedman Industries (NYSEAMERICAN:FRD) Stock Crosses Above Two Hundred Day Moving Average – Here’s What Happened

Friedman Industries, Incorporated (NYSEAMERICAN:FRD) shares crossed above its two hundred day moving average during trading on Friday . The stock has a two hundred 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 traded.

Wall Street Analysts Forecast Growth

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

Friedman Industries Price Performance

The company has a market cap of $105.94 million, a price-to-earnings ratio of 13.33 and a beta of 1.41.

Friedman Industries Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, February 14th. Investors of record on Friday, January 17th will be paid a dividend of $0.04 per share. 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 payout ratio is 14.04%.

Insider Buying and Selling at Friedman Industries

In other Friedman Industries news, CEO Mike J. Taylor acquired 2,000 shares of the business’s stock in a transaction dated Thursday, November 21st. The shares were acquired at an average price of $13.50 per share, for a total transaction of $27,000.00. Following the acquisition, the chief executive officer now directly owns 164,154 shares of the company’s stock, valued at approximately $2,216,079. This trade represents a 1.23 % increase in their position. The acquisition was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders own 4.60% of the company’s stock.

Institutional Trading of Friedman Industries

A number of large investors have recently bought and sold shares of the business. LSV Asset Management bought a new position in Friedman Industries during the 2nd quarter worth about $343,000. Empowered Funds LLC boosted its position in shares of Friedman Industries by 5.3% during the third quarter. Empowered Funds LLC now owns 34,878 shares of the company’s stock worth $559,000 after buying an additional 1,742 shares during the period. Geode Capital Management LLC grew its holdings in shares of Friedman Industries by 11.2% during the third quarter. Geode Capital Management LLC now owns 70,727 shares of the company’s stock worth $1,133,000 after buying an additional 7,141 shares in the last quarter. Acadian Asset Management LLC raised 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. Finally, Renaissance Technologies LLC lifted its stake in Friedman Industries by 0.6% in the 2nd quarter. Renaissance Technologies LLC now owns 361,882 shares of the company’s stock valued at $5,464,000 after acquiring an additional 2,245 shares in the last quarter. 33.26% of the stock is owned by institutional investors.

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.