Friedman Industries (NYSEAMERICAN:FRD) Shares Pass Above 200-Day Moving Average - What's Next?

Shares of Friedman Industries, Incorporated (NYSEAMERICAN:FRD - Get Free Report) crossed 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 $15.84. Friedman Industries shares last traded at $15.59, with a volume of 6,441 shares traded.

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, November 19th.

Friedman Industries Trading Down 1.2 %

The stock has a market cap of $105.39 million, a P/E ratio of 18.67 and a beta of 1.40.

Insider Transactions at Friedman Industries

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

Remove Ads

Hedge Funds Weigh In On Friedman Industries

A number of large investors have recently bought and sold shares of FRD. Mink Brook Asset Management LLC purchased a new position in shares of Friedman Industries during the fourth quarter valued at $2,885,000. Inspire Advisors LLC bought a new position in Friedman Industries during the 4th quarter worth about $422,000. Corient Private Wealth LLC purchased a new position in Friedman Industries during the 4th quarter valued at about $401,000. LSV Asset Management raised its holdings in shares of Friedman Industries by 21.1% in the 4th quarter. LSV Asset Management now owns 72,700 shares of the company's stock valued at $1,112,000 after purchasing an additional 12,663 shares in the last quarter. Finally, De Lisle Partners LLP lifted its position in shares of Friedman Industries by 2.9% in the 3rd quarter. De Lisle Partners LLP now owns 419,816 shares of the company's stock worth $6,644,000 after purchasing an additional 11,689 shares during the period. 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.