Friedman Industries (NYSEAMERICAN:FRD) Share Price Passes Above 200 Day Moving Average – What’s Next?

Friedman Industries, Incorporated (NYSEAMERICAN:FRD)’s stock price passed above its 200-day moving average during trading on Thursday . The stock has a 200-day moving average of $0.00 and traded as high as $14.51. Friedman Industries shares last traded at $13.96, with a volume of 9,428 shares changing hands.

Wall Street Analysts Forecast Growth

Separately, StockNews.com upgraded shares of 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 cap of $97.30 million, a PE ratio of 12.25 and a beta of 1.41.

Friedman Industries (NYSEAMERICAN:FRD) last announced its quarterly earnings results on Tuesday, November 12th. The company reported ($0.10) earnings per share for the quarter. The business had revenue of $106.76 million for the quarter. Friedman Industries had a return on equity of 6.32% and a net margin of 1.71%.

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 issued a $0.04 dividend. The ex-dividend date is Friday, January 17th. This represents a $0.16 annualized dividend and a dividend yield of 1.15%. Friedman Industries’s dividend payout ratio is currently 14.04%.

Insider Transactions at Friedman Industries

In other Friedman Industries news, CEO Mike J. Taylor bought 2,500 shares of Friedman Industries stock in a transaction dated Wednesday, January 15th. The stock was bought at an average price of $14.10 per share, with a total value of $35,250.00. Following the completion of the transaction, the chief executive officer now owns 169,154 shares in the company, valued at $2,385,071.40. The trade was a 1.50 % increase in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. In the last 90 days, insiders purchased 7,180 shares of company stock worth $100,655. 4.60% of the stock is owned by insiders.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the business. Dimensional Fund Advisors LP lifted its position in shares of Friedman Industries by 0.3% during the 2nd quarter. Dimensional Fund Advisors LP now owns 561,702 shares of the company’s stock valued at $8,482,000 after acquiring an additional 1,591 shares during the period. Empowered Funds LLC lifted its position in Friedman Industries by 5.3% during the third quarter. Empowered Funds LLC now owns 34,878 shares of the company’s stock worth $559,000 after purchasing an additional 1,742 shares during the period. De Lisle Partners LLP grew its stake in Friedman Industries by 2.9% during the third quarter. De Lisle Partners LLP now owns 419,816 shares of the company’s stock worth $6,644,000 after buying an additional 11,689 shares in the last quarter. Finally, Geode Capital Management LLC grew its stake in Friedman Industries by 11.2% during the third quarter. Geode Capital Management LLC now owns 70,727 shares of the company’s stock worth $1,133,000 after buying an additional 7,141 shares in the last quarter. 33.26% of the stock is owned by institutional investors.

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.