Friedman Industries (NYSEAMERICAN:FRD) Stock Price Crosses Above 200-Day Moving Average – Here’s What Happened

Shares of Friedman Industries, Incorporated (NYSEAMERICAN:FRD) 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 $15.84. Friedman Industries shares last traded at $15.59, with a volume of 6,441 shares changing hands.

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 Stock Performance

The firm has a market cap of $108.66 million, a PE ratio of 19.25 and a beta of 1.40.

Insider Buying and Selling at Friedman Industries

In other Friedman Industries news, Director Tim Scott Stevenson purchased 1,500 shares of the firm’s stock in a transaction dated Tuesday, February 11th. The shares were purchased at an average cost of $17.23 per share, with a total value of $25,845.00. Following the completion of the purchase, the director now owns 28,675 shares in the company, valued at approximately $494,070.25. This represents a 5.52 % increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available through this link. Also, CEO Mike J. Taylor purchased 1,980 shares of the firm’s stock in a transaction dated Monday, January 13th. The stock was acquired at an average cost of $14.50 per share, for a total transaction of $28,710.00. Following the completion of the purchase, the chief executive officer now owns 166,134 shares of the company’s stock, valued at approximately $2,408,943. This represents a 1.21 % increase in their position. The disclosure for this purchase can be found here. Insiders have purchased a total of 7,180 shares of company stock valued at $106,922 over the last ninety days. Corporate insiders own 4.60% of the company’s stock.

Hedge Funds Weigh In On Friedman Industries

Hedge funds and other institutional investors have recently modified their holdings of the business. Jones Financial Companies Lllp purchased a new position in Friedman Industries during the fourth quarter worth about $28,000. Corient Private Wealth LLC purchased a new position in Friedman Industries during the fourth quarter worth about $401,000. Northern Trust Corp raised its stake in Friedman Industries by 38.1% during the fourth quarter. Northern Trust Corp now owns 26,511 shares of the company’s stock worth $405,000 after purchasing an additional 7,320 shares during the period. Inspire Advisors LLC purchased a new position in Friedman Industries during the fourth quarter worth about $422,000. Finally, Empowered Funds LLC raised its stake in 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 purchasing an additional 1,742 shares during the period. 33.26% of the stock is owned by hedge funds and other 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.