Friedman Industries (NYSEAMERICAN:FRD) Shares Pass Above Two Hundred Day Moving Average – Time to Sell?

Friedman Industries, Incorporated (NYSEAMERICAN:FRD)’s share price crossed above its two hundred day moving average during trading on Friday . The stock has a two hundred 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 changing hands.

Analyst Upgrades and Downgrades

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

Friedman Industries Stock Performance

The firm has a market capitalization of $105.94 million, a price-to-earnings ratio of 13.33 and a beta of 1.41.

Friedman Industries Dividend Announcement

The firm also recently declared 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 of this dividend is Friday, January 17th. This represents a $0.16 annualized dividend and a yield of 1.05%. Friedman Industries’s payout ratio is 14.04%.

Insider Activity

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

Hedge Funds Weigh In On Friedman Industries

A number of hedge funds have recently modified their holdings of the company. LSV Asset Management bought a new position in Friedman Industries in the second quarter worth about $343,000. De Lisle Partners LLP grew its stake in shares of Friedman Industries by 2.9% in the third quarter. De Lisle Partners LLP now owns 419,816 shares of the company’s stock worth $6,644,000 after acquiring an additional 11,689 shares during the last quarter. Geode Capital Management LLC increased its holdings in shares of Friedman Industries by 11.2% during the third quarter. Geode Capital Management LLC now owns 70,727 shares of the company’s stock valued at $1,133,000 after acquiring an additional 7,141 shares in the last quarter. Renaissance Technologies LLC raised its position in shares of Friedman Industries by 0.6% in the 2nd quarter. Renaissance Technologies LLC now owns 361,882 shares of the company’s stock worth $5,464,000 after purchasing an additional 2,245 shares during the last quarter. Finally, Empowered Funds LLC boosted its stake in Friedman Industries by 5.3% in 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. Hedge funds and other institutional investors own 33.26% of the company’s stock.

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.