Friedman Industries (NYSEAMERICAN:FRD) Stock Passes Above 200 Day Moving Average of $0.00

Friedman Industries, Incorporated (NYSEAMERICAN:FRD)’s share price passed above its two hundred day moving average during trading on Wednesday . The stock has a two hundred day moving average of $0.00 and traded as high as $15.60. Friedman Industries shares last traded at $15.59, with a volume of 47,336 shares changing hands.

Analyst Upgrades and Downgrades

Separately, StockNews.com raised shares of Friedman Industries from a “buy” rating to a “strong-buy” rating in a research report on Wednesday, June 19th.

Friedman Industries Stock Up 8.3 %

The firm has a market capitalization of $108.66 million, a price-to-earnings ratio of 6.52 and a beta of 1.34.

Friedman Industries (NYSEAMERICAN:FRD) last issued its earnings results on Tuesday, June 11th. The company reported $0.71 earnings per share (EPS) for the quarter. The company had revenue of $132.23 million for the quarter. Friedman Industries had a return on equity of 13.86% and a net margin of 3.36%.

Insider Activity

In other news, CEO Mike J. Taylor bought 5,000 shares of the stock in a transaction on Thursday, June 13th. The shares were purchased at an average cost of $16.54 per share, for a total transaction of $82,700.00. Following the completion of the purchase, the chief executive officer now directly owns 147,154 shares in the company, valued at approximately $2,433,927.16. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other Friedman Industries news, CEO Mike J. Taylor purchased 1,908 shares of the company’s stock in a transaction dated Monday, June 17th. The stock was purchased at an average price of $16.33 per share, for a total transaction of $31,157.64. Following the transaction, the chief executive officer now owns 152,154 shares in the company, valued at approximately $2,484,674.82. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO Mike J. Taylor purchased 5,000 shares of the business’s stock in a transaction on Thursday, June 13th. The stock was bought at an average cost of $16.54 per share, with a total value of $82,700.00. Following the purchase, the chief executive officer now owns 147,154 shares in the company, valued at $2,433,927.16. The disclosure for this purchase can be found here. 3.80% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Friedman Industries

Several institutional investors and hedge funds have recently made changes to their positions in FRD. AJOVista LLC purchased a new position in shares of Friedman Industries in the fourth quarter worth $49,000. Hillsdale Investment Management Inc. purchased a new position in Friedman Industries during the 1st quarter valued at $131,000. Janney Montgomery Scott LLC purchased a new stake in Friedman Industries in the third quarter worth $339,000. O Shaughnessy Asset Management LLC bought a new stake in shares of Friedman Industries during the first quarter worth $425,000. Finally, Empowered Funds LLC grew its holdings in shares of Friedman Industries by 8.0% in the first quarter. Empowered Funds LLC now owns 30,796 shares of the company’s stock worth $577,000 after purchasing an additional 2,275 shares during the last quarter. 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.