Friedman Industries (NYSEAMERICAN:FRD) Shares Pass Above 200 Day Moving Average of $0.00

Friedman Industries, Incorporated (NYSEAMERICAN:FRD)’s share price passed above its 200-day moving average during trading on Wednesday . The stock has a 200-day moving average of $0.00 and traded as high as $18.10. Friedman Industries shares last traded at $18.02, with a volume of 29,193 shares.

Wall Street Analysts Forecast Growth

Separately, StockNews.com upgraded Friedman Industries from a “hold” rating to a “buy” rating in a research note on Friday, February 23rd.

Friedman Industries Price Performance

The stock has a market cap of $127.73 million, a price-to-earnings ratio of 7.31 and a beta of 1.34.

Friedman Industries Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, May 24th. Investors of record on Friday, April 26th were given a $0.04 dividend. The ex-dividend date was Thursday, April 25th. This represents a $0.16 annualized dividend and a yield of 0.87%. This is a positive change from Friedman Industries’s previous quarterly dividend of $0.02. Friedman Industries’s dividend payout ratio (DPR) is currently 6.30%.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Gendell Jeffrey L raised its stake in shares of Friedman Industries by 16.4% during the first quarter. Gendell Jeffrey L now owns 435,666 shares of the company’s stock valued at $8,164,000 after acquiring an additional 61,339 shares in the last quarter. Acadian Asset Management LLC grew its holdings in shares of Friedman Industries by 20.4% during the third quarter. Acadian Asset Management LLC now owns 137,027 shares of the company’s stock valued at $1,834,000 after buying an additional 23,250 shares during the last quarter. EAM Investors LLC purchased a new stake in Friedman Industries in the third quarter valued at $1,165,000. Janney Montgomery Scott LLC boosted its holdings in Friedman Industries by 9.6% in the first quarter. Janney Montgomery Scott LLC now owns 32,526 shares of the company’s stock valued at $610,000 after purchasing an additional 2,859 shares during the last quarter. Finally, Empowered Funds LLC boosted its holdings in Friedman Industries by 8.0% in the first quarter. Empowered Funds LLC now owns 30,796 shares of the company’s stock valued at $577,000 after purchasing an additional 2,275 shares during the last quarter. Hedge funds and other 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.