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

Friedman Industries, Incorporated (NYSEAMERICAN:FRD) passed above its two hundred day moving average during trading on Wednesday . The stock has a two hundred day moving average of $0.00 and traded as high as $16.85. Friedman Industries shares last traded at $16.85, with a volume of 30,992 shares trading hands.

Analyst Ratings Changes

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

Friedman Industries Stock Up 1.0 %

The stock has a market cap of $117.44 million, a price-to-earnings ratio of 20.80 and a beta of 1.40.

Friedman Industries Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, February 14th. Investors of record on Friday, January 17th were issued a dividend of $0.04 per share. The ex-dividend date of this dividend was Friday, January 17th. This represents a $0.16 dividend on an annualized basis and a dividend yield of 0.95%. Friedman Industries’s dividend payout ratio is 19.75%.

Insider Transactions at Friedman Industries

In other news, CEO Mike J. Taylor purchased 1,980 shares of the stock in a transaction on Monday, January 13th. The shares were acquired at an average price of $14.50 per share, with a total value of $28,710.00. Following the completion of the acquisition, the chief executive officer now directly owns 166,134 shares of the company’s stock, valued at $2,408,943. This trade represents a 1.21 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director Tim Scott Stevenson bought 1,500 shares of the firm’s stock in a transaction that occurred on Tuesday, February 11th. The shares were acquired at an average cost of $17.23 per share, for a total transaction of $25,845.00. Following the purchase, the director now directly owns 28,675 shares in the company, valued at $494,070.25. This trade represents a 5.52 % increase in their position. The disclosure for this purchase can be found here. Over the last quarter, insiders have purchased 7,180 shares of company stock worth $106,922. Company insiders own 4.60% of the company’s stock.

Institutional Trading of Friedman Industries

Large investors have recently made changes to their positions in the business. Mink Brook Asset Management LLC bought a new stake in shares of Friedman Industries in the 4th quarter worth about $2,885,000. Bridgeway Capital Management LLC grew its position in shares of Friedman Industries by 0.4% during the 4th quarter. Bridgeway Capital Management LLC now owns 157,850 shares of the company’s stock worth $2,414,000 after buying an additional 651 shares in the last quarter. Northern Trust Corp grew its holdings in Friedman Industries by 38.1% during the 4th quarter. Northern Trust Corp now owns 26,511 shares of the company’s stock worth $405,000 after acquiring an additional 7,320 shares in the last quarter. LSV Asset Management raised its stake in Friedman Industries by 21.1% in the fourth quarter. LSV Asset Management now owns 72,700 shares of the company’s stock worth $1,112,000 after buying an additional 12,663 shares in the last quarter. Finally, Corient Private Wealth LLC bought a new stake in Friedman Industries during the fourth quarter valued at about $401,000. 33.26% of the stock is currently owned by institutional investors.

Friedman Industries Company Profile

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.