Friedman Industries (NYSEAMERICAN:FRD) Stock 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 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 upgraded Friedman Industries from a “hold” rating to a “buy” rating in a research report on Tuesday, November 19th.

Friedman Industries Stock Performance

The stock has a market cap of $117.44 million, a P/E 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 given a dividend of $0.04 per share. This represents a $0.16 annualized dividend and a yield of 0.95%. The ex-dividend date was Friday, January 17th. Friedman Industries’s payout ratio is currently 19.75%.

Insider Buying and Selling

In other news, CEO Mike J. Taylor acquired 2,500 shares of Friedman Industries stock in a transaction dated Wednesday, January 15th. The shares were acquired at an average cost of $14.10 per share, for a total transaction of $35,250.00. Following the acquisition, the chief executive officer now owns 169,154 shares of the company’s stock, valued at $2,385,071.40. This trade represents a 1.50 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Tim Scott Stevenson purchased 1,500 shares of the company’s stock in a transaction that occurred on Tuesday, February 11th. The shares were purchased at an average price 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. The trade was a 5.52 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last three months, insiders acquired 7,180 shares of company stock worth $106,922. Company insiders own 4.60% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of FRD. Mink Brook Asset Management LLC acquired a new stake in Friedman Industries during the fourth quarter valued at approximately $2,885,000. Bridgeway Capital Management LLC increased its position in Friedman Industries by 0.4% in 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 during the period. Northern Trust Corp boosted its holdings in Friedman Industries by 38.1% in the 4th quarter. Northern Trust Corp now owns 26,511 shares of the company’s stock valued at $405,000 after purchasing an additional 7,320 shares during the period. LSV Asset Management grew its position in Friedman Industries by 21.1% during 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 acquired a new position in shares of Friedman Industries in the 4th quarter valued at $401,000. Institutional investors and hedge funds own 33.26% of the company’s stock.

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.