Friedman Industries (NYSEAMERICAN:FRD) Share Price Passes Above 200-Day Moving Average - Here's What Happened

Shares of Friedman Industries, Incorporated (NYSEAMERICAN:FRD - Get Free Report) passed 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 $15.50. Friedman Industries shares last traded at $15.20, with a volume of 12,197 shares trading hands.

Analyst Upgrades and Downgrades

Separately, StockNews.com upgraded Friedman Industries from a "hold" rating to a "buy" rating in a report on Tuesday, November 19th.

Friedman Industries Stock Up 2.0 %

The company has a market capitalization of $105.94 million, a PE ratio of 13.33 and a beta of 1.41.

Friedman Industries Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, February 14th. Shareholders of record on Friday, January 17th will be given a dividend of $0.04 per share. The ex-dividend date is Friday, January 17th. This represents a $0.16 dividend on an annualized basis and a yield of 1.05%. Friedman Industries's payout ratio is 14.04%.

Insider Activity at Friedman Industries

In related news, CEO Mike J. Taylor bought 2,000 shares of the firm's stock in a transaction 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 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 purchase was disclosed in a legal filing with the SEC, which is available through this link. 4.60% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Friedman Industries

Institutional investors and hedge funds have recently modified their holdings of the company. LSV Asset Management purchased a new position in Friedman Industries during the 2nd quarter valued at about $343,000. Empowered Funds LLC increased its stake 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 worth $559,000 after purchasing an additional 1,742 shares in the last quarter. Geode Capital Management LLC raised its position 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 purchasing an additional 7,141 shares during the last quarter. Acadian Asset Management LLC lifted its stake in Friedman Industries by 1.0% in the 2nd quarter. Acadian Asset Management LLC now owns 135,794 shares of the company's stock valued at $2,048,000 after buying an additional 1,337 shares in the last quarter. Finally, Renaissance Technologies LLC grew its holdings in Friedman Industries by 0.6% during the 2nd quarter. Renaissance Technologies LLC now owns 361,882 shares of the company's stock valued at $5,464,000 after buying an additional 2,245 shares during the last quarter. 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.