Friedman Industries (NYSEAMERICAN:FRD) Shares Pass Above 200-Day Moving Average – Time to Sell?

Friedman Industries, Incorporated (NYSEAMERICAN:FRD)’s share price passed above its 200-day moving average during trading on Monday . The stock has a 200-day moving average of $0.00 and traded as high as $16.48. Friedman Industries shares last traded at $15.93, with a volume of 9,420 shares changing hands.

Wall Street Analyst Weigh In

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

Friedman Industries Trading Down 0.5 %

The stock has a market capitalization of $110.47 million, a P/E ratio of 13.90 and a beta of 1.41.

Friedman Industries Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, February 14th. Investors of record on Friday, January 17th will be issued a $0.04 dividend. This represents a $0.16 dividend on an annualized basis and a yield of 1.01%. The ex-dividend date of this dividend is Friday, January 17th. Friedman Industries’s payout ratio is currently 14.04%.

Insiders Place Their Bets

In other Friedman Industries news, CEO Mike J. Taylor bought 2,000 shares of Friedman Industries stock in a transaction that occurred on Thursday, November 21st. The shares were acquired at an average price of $13.50 per share, for a total transaction of $27,000.00. Following the acquisition, the chief executive officer now owns 164,154 shares of the company’s stock, valued at $2,216,079. The trade was a 1.23 % increase in their position. The acquisition was disclosed in a filing with the SEC, which can be accessed through this link. 4.60% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Friedman Industries

A number of institutional investors have recently added to or reduced their stakes in the company. Dimensional Fund Advisors LP grew its position in shares of Friedman Industries by 0.3% during the second quarter. Dimensional Fund Advisors LP now owns 561,702 shares of the company’s stock worth $8,482,000 after buying an additional 1,591 shares in the last quarter. De Lisle Partners LLP raised its position in shares of Friedman Industries by 2.9% during the 3rd quarter. De Lisle Partners LLP now owns 419,816 shares of the company’s stock valued at $6,644,000 after acquiring an additional 11,689 shares in the last quarter. Renaissance Technologies LLC lifted its stake in Friedman Industries by 0.6% during the second 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. Acadian Asset Management LLC boosted its holdings in Friedman Industries by 1.0% in the second quarter. Acadian Asset Management LLC now owns 135,794 shares of the company’s stock worth $2,048,000 after purchasing an additional 1,337 shares during the period. Finally, Geode Capital Management LLC increased 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 valued at $1,133,000 after purchasing an additional 7,141 shares during the last quarter. Institutional investors and hedge funds 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.