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

Friedman Industries, Incorporated (NYSEAMERICAN:FRD)’s stock price 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.

Analyst Ratings Changes

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 Performance

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

Insiders Place Their Bets

In other news, CEO Mike J. Taylor purchased 2,000 shares of the company’s stock in a transaction dated Thursday, November 21st. The shares were purchased at an average price of $13.50 per share, with a total value of $27,000.00. Following the transaction, the chief executive officer now directly owns 164,154 shares of the company’s stock, valued at approximately $2,216,079. This represents a 1.23 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 4.60% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the business. LSV Asset Management purchased a new position in Friedman Industries during the 2nd quarter valued at about $343,000. Empowered Funds LLC boosted its position in shares of 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 period. Geode Capital Management LLC grew its stake in Friedman Industries by 11.2% during the third quarter. Geode Capital Management LLC now owns 70,727 shares of the company’s stock valued at $1,133,000 after acquiring an additional 7,141 shares in the last quarter. Acadian Asset Management LLC increased its holdings in Friedman Industries by 1.0% during the 2nd quarter. Acadian Asset Management LLC now owns 135,794 shares of the company’s stock worth $2,048,000 after acquiring an additional 1,337 shares during the period. 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 worth $5,464,000 after purchasing an additional 2,245 shares in the last quarter. 33.26% of the stock is currently 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.