Friedman Industries (NYSEAMERICAN:FRD) Share Price Crosses Above 200 Day Moving Average – Here’s Why

Shares of Friedman Industries, Incorporated (NYSEAMERICAN:FRD) passed above its 200-day moving average during trading on Friday . The stock has a 200-day moving average of $0.00 and traded as high as $21.77. Friedman Industries shares last traded at $21.72, with a volume of 26,749 shares.

Friedman Industries Stock Up 2.7%

The firm has a market capitalization of $151.39 million, a P/E ratio of 26.82 and a beta of 1.40. The business has a 50-day moving average of $17.01.

Friedman Industries Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, August 8th. Shareholders of record on Friday, July 18th were issued a $0.04 dividend. The ex-dividend date of this dividend was Friday, July 18th. This represents a $0.16 dividend on an annualized basis and a yield of 0.7%. Friedman Industries’s dividend payout ratio is 19.75%.

Institutional Trading of Friedman Industries

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Wealthedge Investment Advisors LLC bought a new position in shares of Friedman Industries during the 4th quarter worth about $204,000. Northern Trust Corp lifted its holdings in shares of Friedman Industries by 38.1% during the 4th quarter. Northern Trust Corp now owns 26,511 shares of the company’s stock worth $405,000 after acquiring an additional 7,320 shares during the period. Bank of New York Mellon Corp bought a new position in shares of Friedman Industries during the 1st quarter worth about $463,000. Bridgeway Capital Management LLC lifted its holdings in shares of Friedman Industries by 0.4% during the 4th quarter. Bridgeway Capital Management LLC now owns 157,850 shares of the company’s stock worth $2,414,000 after acquiring an additional 651 shares during the period. Finally, Mink Brook Asset Management LLC bought a new position in shares of Friedman Industries during the 4th quarter worth about $2,885,000. 33.26% of the stock is currently owned by institutional investors and hedge funds.

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.