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

Friedman Industries, Incorporated (NYSEAMERICAN:FRD)’s share price crossed above its 200-day moving average during trading on Thursday . The stock has a 200-day moving average of $0.00 and traded as high as $15.75. Friedman Industries shares last traded at $15.70, with a volume of 16,482 shares traded.

Friedman Industries Stock Performance

The company has a market cap of $105.11 million, a P/E ratio of 18.62 and a beta of 1.40.

Friedman Industries Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, May 23rd. Shareholders of record on Friday, April 25th will be given a dividend of $0.04 per share. The ex-dividend date of this dividend is Friday, April 25th. This represents a $0.16 dividend on an annualized basis and a yield of 1.06%. Friedman Industries’s payout ratio is 19.75%.

Insider Transactions at Friedman Industries

In other news, Director Tim Scott Stevenson acquired 1,500 shares of Friedman Industries stock in a transaction that occurred on Tuesday, February 11th. The stock was purchased at an average price of $17.23 per share, for a total transaction of $25,845.00. Following the completion of the transaction, the director now directly owns 28,675 shares in the company, valued at approximately $494,070.25. This trade represents a 5.52 % increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Mike J. Taylor bought 1,980 shares of the company’s stock in a transaction on Monday, January 13th. The shares were acquired at an average price of $14.50 per share, for a total transaction of $28,710.00. Following the transaction, the chief executive officer now directly owns 166,134 shares in the company, valued at $2,408,943. This trade represents a 1.21 % increase in their position. The disclosure for this purchase can be found here. Insiders purchased 7,180 shares of company stock worth $106,922 over the last 90 days. 4.60% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Friedman Industries

A number of hedge funds and other institutional investors have recently bought and sold shares of FRD. Geode Capital Management LLC boosted its stake in shares of Friedman Industries by 11.2% during the 3rd quarter. Geode Capital Management LLC now owns 70,727 shares of the company’s stock worth $1,133,000 after acquiring an additional 7,141 shares in the last quarter. Empowered Funds LLC raised its holdings in Friedman Industries by 5.0% during the fourth quarter. Empowered Funds LLC now owns 36,629 shares of the company’s stock worth $560,000 after purchasing an additional 1,751 shares during the last quarter. Callahan Advisors LLC boosted its position in Friedman Industries by 3.3% during the fourth quarter. Callahan Advisors LLC now owns 53,846 shares of the company’s stock worth $823,000 after purchasing an additional 1,712 shares in the last quarter. Jones Financial Companies Lllp acquired a new position in shares of Friedman Industries during the 4th quarter worth $28,000. Finally, Inspire Advisors LLC purchased a new stake in shares of Friedman Industries in the 4th quarter worth about $422,000. 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.