Friedman Industries (NYSEAMERICAN:FRD) Stock Price Passes Above 200-Day Moving Average – Time to Sell?

Friedman Industries, Incorporated (NYSEAMERICAN:FRD) passed above its 200-day moving average during trading on Monday . The stock has a 200-day moving average of $17.87 and traded as high as $22.06. Friedman Industries shares last traded at $20.87, with a volume of 13,639 shares trading hands.

Friedman Industries Trading Down 1.7%

The stock has a market capitalization of $145.46 million, a PE ratio of 25.77 and a beta of 1.40. The firm has a 50 day moving average of $20.65 and a two-hundred day moving average of $17.87.

Friedman Industries Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, November 14th. Shareholders of record on Friday, October 24th will be given a dividend of $0.04 per share. The ex-dividend date of this dividend is Friday, October 24th. This represents a $0.16 annualized dividend and a yield of 0.8%. Friedman Industries’s dividend payout ratio (DPR) is presently 19.75%.

Hedge Funds Weigh In On Friedman Industries

A hedge fund recently bought a new stake in Friedman Industries stock. Bank of New York Mellon Corp acquired a new stake in Friedman Industries, Incorporated (NYSEAMERICAN:FRD) in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 31,122 shares of the company’s stock, valued at approximately $463,000. Bank of New York Mellon Corp owned 0.45% of Friedman Industries as of its most recent SEC filing. Hedge funds and other institutional investors 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.