Friedman Industries (NYSEAMERICAN:FRD) Stock Passes Above 200-Day Moving Average – Should You Sell?

Friedman Industries, Incorporated (NYSEAMERICAN:FRD)’s share price crossed 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 changing hands.

Analyst Upgrades and Downgrades

Separately, StockNews.com upgraded shares of Friedman Industries from a “hold” rating to a “buy” rating in a research report on Tuesday, November 19th.

Friedman Industries Trading Down 3.3 %

The firm has a market capitalization of $111.03 million, a price-to-earnings ratio of 13.97 and a beta of 1.41.

Friedman Industries Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, February 14th. Stockholders of record on Friday, January 17th will be issued a dividend of $0.04 per share. The ex-dividend date is Friday, January 17th. This represents a $0.16 annualized dividend and a dividend yield of 1.00%. Friedman Industries’s payout ratio is 14.04%.

Insider Activity

In related news, CEO Mike J. Taylor bought 2,000 shares of the stock in a transaction that occurred on Thursday, November 21st. The shares were bought at an average cost of $13.50 per share, for a total transaction of $27,000.00. Following the completion of the transaction, the chief executive officer now owns 164,154 shares of the company’s stock, valued at approximately $2,216,079. This trade represents a 1.23 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 4.60% of the company’s stock.

Institutional Trading of Friedman Industries

Several institutional investors and hedge funds have recently modified their holdings of the company. LSV Asset Management purchased a new stake in Friedman Industries during the 2nd quarter valued at approximately $343,000. Empowered Funds LLC boosted its holdings in shares of Friedman Industries by 5.3% during the 3rd quarter. Empowered Funds LLC now owns 34,878 shares of the company’s stock valued at $559,000 after purchasing an additional 1,742 shares during the last quarter. Callahan Advisors LLC grew its position in shares of Friedman Industries by 8.6% during the second quarter. Callahan Advisors LLC now owns 54,131 shares of the company’s stock valued at $817,000 after purchasing an additional 4,293 shares in the last quarter. Geode Capital Management LLC lifted 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 in the last quarter. Finally, Acadian Asset Management LLC raised its holdings in shares of 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 in the last quarter. 33.26% of the stock is currently owned by 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.