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

Friedman Industries, Incorporated (NYSEAMERICAN:FRD)’s share price crossed above its 200-day moving average during trading on Tuesday . The stock has a 200-day moving average of $0.00 and traded as high as $14.03. Friedman Industries shares last traded at $13.81, with a volume of 6,926 shares trading hands.

Wall Street Analyst Weigh In

Separately, StockNews.com upgraded Friedman Industries from a “hold” rating to a “buy” rating in a research note on Tuesday.

Friedman Industries Stock Down 0.4 %

The firm has a market capitalization of $96.26 million, a price-to-earnings ratio of 12.11 and a beta of 1.38.

Friedman Industries Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, November 15th. Shareholders of record on Friday, October 25th were issued a dividend of $0.04 per share. The ex-dividend date was Friday, October 25th. This represents a $0.16 dividend on an annualized basis and a dividend yield of 1.16%. Friedman Industries’s payout ratio is currently 14.04%.

Insider Buying and Selling at Friedman Industries

In related news, Director Max Alan Reichenthal purchased 2,000 shares of the company’s stock in a transaction dated Wednesday, September 18th. The stock was acquired at an average cost of $14.00 per share, for a total transaction of $28,000.00. Following the completion of the transaction, the director now directly owns 30,761 shares of the company’s stock, valued at approximately $430,654. This trade represents a 6.95 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Insiders bought 4,365 shares of company stock valued at $61,461 over the last quarter. 4.60% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Friedman Industries

A number of large investors have recently made changes to their positions in FRD. O Shaughnessy Asset Management LLC purchased a new position in Friedman Industries in the first quarter worth approximately $425,000. Renaissance Technologies LLC grew its position in Friedman Industries by 0.6% in 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 during the period. Acadian Asset Management LLC grew its position in Friedman Industries by 1.0% in the second 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. Dimensional Fund Advisors LP grew its position 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 acquiring an additional 1,591 shares during the period. Finally, LSV Asset Management purchased a new position in Friedman Industries in the second quarter worth approximately $343,000. 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.