Friedman Industries (NYSEAMERICAN:FRD) Shares Pass Above Two Hundred Day Moving Average – What’s Next?

Friedman Industries, Incorporated (NYSEAMERICAN:FRD) passed above its 200-day moving average during trading on Monday . The stock has a 200-day moving average of $0.00 and traded as high as $16.48. Friedman Industries shares last traded at $15.93, with a volume of 9,420 shares traded.

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 Trading Down 0.5 %

The stock has a market capitalization of $110.47 million, a P/E ratio of 13.90 and a beta of 1.41.

Friedman Industries Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, February 14th. Investors of record on Friday, January 17th will be given a $0.04 dividend. This represents a $0.16 annualized dividend and a yield of 1.01%. The ex-dividend date is Friday, January 17th. Friedman Industries’s dividend payout ratio is currently 14.04%.

Insider Activity

In related news, CEO Mike J. Taylor purchased 2,000 shares of the firm’s stock in a transaction that occurred on Thursday, November 21st. The stock was acquired at an average price of $13.50 per share, for a total transaction of $27,000.00. Following the transaction, the chief executive officer now directly owns 164,154 shares of the company’s stock, valued at $2,216,079. This trade represents a 1.23 % increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available at the SEC website. Insiders own 4.60% of the company’s stock.

Institutional Trading of Friedman Industries

A number of hedge funds have recently bought and sold shares of FRD. Geode Capital Management LLC boosted its position in shares of Friedman Industries by 11.2% in 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 during the period. De Lisle Partners LLP lifted its stake in Friedman Industries by 2.9% in the 3rd quarter. De Lisle Partners LLP now owns 419,816 shares of the company’s stock worth $6,644,000 after acquiring an additional 11,689 shares in the last quarter. Empowered Funds LLC boosted its position in Friedman Industries by 5.3% during the 3rd quarter. Empowered Funds LLC now owns 34,878 shares of the company’s stock worth $559,000 after acquiring an additional 1,742 shares during the period. Renaissance Technologies LLC raised its holdings in shares of Friedman Industries by 0.6% during the second quarter. Renaissance Technologies LLC now owns 361,882 shares of the company’s stock worth $5,464,000 after acquiring an additional 2,245 shares in the last quarter. Finally, Dimensional Fund Advisors LP increased its holdings in Friedman Industries by 0.3% in the second quarter. Dimensional Fund Advisors LP now owns 561,702 shares of the company’s stock worth $8,482,000 after buying an additional 1,591 shares during the last quarter. 33.26% of the stock is owned by hedge funds and other 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.