Friedman Industries (NYSEAMERICAN:FRD) Stock Crosses Above 200-Day Moving Average – Should You Sell?

Shares of Friedman Industries, Incorporated (NYSEAMERICAN:FRD) crossed above its two hundred day moving average during trading on Tuesday . The stock has a two hundred day moving average of $0.00 and traded as high as $17.00. Friedman Industries shares last traded at $16.64, with a volume of 16,228 shares.

Analysts Set New Price Targets

Separately, Wall Street Zen lowered shares of Friedman Industries from a “buy” rating to a “hold” rating in a research note on Tuesday, April 15th.

Friedman Industries Trading Up 1.3%

The firm has a 50 day moving average of $16.20. The company has a market cap of $115.98 million, a P/E ratio of 20.54 and a beta of 1.40.

Friedman Industries Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, May 23rd. Stockholders of record on Friday, April 25th were paid a dividend of $0.04 per share. The ex-dividend date of this dividend was Friday, April 25th. This represents a $0.16 annualized dividend and a dividend yield of 0.96%. Friedman Industries’s payout ratio is currently 19.75%.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the business. Mink Brook Asset Management LLC purchased a new position in Friedman Industries in the 4th quarter valued at approximately $2,885,000. Bridgeway Capital Management LLC grew its stake in Friedman Industries by 0.4% in the 4th quarter. Bridgeway Capital Management LLC now owns 157,850 shares of the company’s stock valued at $2,414,000 after buying an additional 651 shares in the last quarter. LSV Asset Management grew its stake in 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 buying an additional 12,663 shares in the last quarter. Callahan Advisors LLC grew its stake in Friedman Industries by 3.3% in the 4th quarter. Callahan Advisors LLC now owns 53,846 shares of the company’s stock valued at $823,000 after buying an additional 1,712 shares in the last quarter. Finally, Empowered Funds LLC grew its stake in Friedman Industries by 5.0% in the 4th quarter. Empowered Funds LLC now owns 36,629 shares of the company’s stock valued at $560,000 after buying an additional 1,751 shares in the last quarter. 33.26% of the stock is currently owned by hedge funds and other 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.