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 200-day moving average during trading on Friday . The stock has a 200-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 trading hands.

Analyst Ratings Changes

Separately, StockNews.com raised 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 stock has a market cap of $108.66 million, a P/E ratio of 19.25 and a beta of 1.40.

Insider Activity at Friedman Industries

In related news, CEO Mike J. Taylor purchased 1,980 shares of the firm’s stock in a transaction on Monday, January 13th. The stock was 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 owns 166,134 shares in the company, valued at approximately $2,408,943. This represents a 1.21 % increase in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Tim Scott Stevenson purchased 1,500 shares of the firm’s stock in a transaction on Tuesday, February 11th. The stock was bought at an average cost of $17.23 per share, with a total value of $25,845.00. Following the acquisition, the director now owns 28,675 shares of the company’s stock, valued at approximately $494,070.25. The trade was a 5.52 % increase in their position. The disclosure for this purchase can be found here. Insiders bought 7,180 shares of company stock valued at $106,922 over the last 90 days. Insiders own 4.60% of the company’s stock.

Institutional Trading of Friedman Industries

A number of hedge funds and other institutional investors have recently made changes to their positions in FRD. Mink Brook Asset Management LLC acquired a new stake in shares of Friedman Industries in the fourth quarter worth $2,885,000. Inspire Advisors LLC acquired a new stake in shares of Friedman Industries in the fourth quarter worth $422,000. Corient Private Wealth LLC acquired a new stake in shares of Friedman Industries in the fourth quarter worth $401,000. LSV Asset Management increased its stake in shares of 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 acquiring an additional 12,663 shares during the period. Finally, De Lisle Partners LLP increased its stake in shares of Friedman Industries by 2.9% in the third 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 during the period. 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.