Friedman Industries (NYSEAMERICAN:FRD) Stock Price Passes Above 200-Day Moving Average of $0.00

Friedman Industries, Incorporated (NYSEAMERICAN:FRD) shares 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 $15.60. Friedman Industries shares last traded at $15.59, with a volume of 47,336 shares traded.

Analyst Upgrades and Downgrades

Separately, StockNews.com upgraded shares of Friedman Industries from a “buy” rating to a “strong-buy” rating in a report on Wednesday, June 19th.

Friedman Industries Stock Performance

The stock has a market cap of $105.25 million, a price-to-earnings ratio of 6.32 and a beta of 1.34.

Friedman Industries (NYSEAMERICAN:FRD) last issued its earnings results on Tuesday, June 11th. The company reported $0.71 earnings per share for the quarter. Friedman Industries had a net margin of 3.36% and a return on equity of 13.86%. The business had revenue of $132.23 million for the quarter.

Friedman Industries Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, August 16th. Shareholders of record on Friday, July 26th will be paid a $0.04 dividend. This represents a $0.16 annualized dividend and a yield of 1.06%. The ex-dividend date of this dividend is Friday, July 26th. Friedman Industries’s payout ratio is presently 6.69%.

Insider Buying and Selling at Friedman Industries

In other news, CEO Mike J. Taylor bought 5,000 shares of the stock in a transaction on Thursday, June 13th. The stock was purchased at an average price of $16.54 per share, with a total value of $82,700.00. Following the completion of the purchase, the chief executive officer now owns 147,154 shares of the company’s stock, valued at $2,433,927.16. The purchase was disclosed in a filing with the SEC, which is accessible through this hyperlink. In related news, Director Joel Spira purchased 2,000 shares of Friedman Industries stock in a transaction dated Tuesday, June 25th. The stock was bought at an average price of $14.27 per share, for a total transaction of $28,540.00. Following the completion of the acquisition, the director now directly owns 16,504 shares of the company’s stock, valued at $235,512.08. The acquisition was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CEO Mike J. Taylor purchased 5,000 shares of Friedman Industries stock in a transaction dated Thursday, June 13th. The stock was bought at an average price of $16.54 per share, with a total value of $82,700.00. Following the acquisition, the chief executive officer now directly owns 147,154 shares of the company’s stock, valued at $2,433,927.16. The disclosure for this purchase can be found here. Over the last 90 days, insiders bought 8,908 shares of company stock valued at $142,398. Corporate insiders own 3.80% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the stock. AJOVista LLC acquired a new position in shares of Friedman Industries in the fourth quarter valued at approximately $49,000. Hillsdale Investment Management Inc. acquired a new position in Friedman Industries during the first quarter worth $131,000. O Shaughnessy Asset Management LLC acquired a new position in Friedman Industries during the first quarter worth $425,000. Janney Montgomery Scott LLC boosted its holdings in Friedman Industries by 17.3% during the fourth quarter. Janney Montgomery Scott LLC now owns 29,667 shares of the company’s stock worth $459,000 after purchasing an additional 4,377 shares during the last quarter. Finally, Empowered Funds LLC boosted its holdings in Friedman Industries by 8.0% during the first quarter. Empowered Funds LLC now owns 30,796 shares of the company’s stock worth $577,000 after purchasing an additional 2,275 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.