Friedman Industries (NYSEAMERICAN:FRD) Shares Cross Above 200 Day Moving Average – Here’s What Happened

Shares of Friedman Industries, Incorporated (NYSEAMERICAN:FRD) crossed above its two hundred day moving average during trading on Monday . The stock has a two hundred day moving average of $0.00 and traded as high as $14.34. Friedman Industries shares last traded at $14.08, with a volume of 13,404 shares traded.

Analysts Set New Price Targets

Separately, StockNews.com raised shares of Friedman Industries from a “hold” rating to a “buy” rating in a research note on Monday, October 21st.

Friedman Industries Trading Up 2.5 %

The company has a market capitalization of $100.02 million, a PE ratio of 8.14 and a beta of 1.37.

Friedman Industries (NYSEAMERICAN:FRD) last released its quarterly earnings results on Thursday, August 8th. The company reported $0.37 earnings per share for the quarter. Friedman Industries had a net margin of 2.48% and a return on equity of 9.65%. The firm had revenue of $114.55 million during the quarter.

Friedman Industries Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, November 15th. Investors of record on Friday, October 25th will be given a dividend of $0.04 per share. The ex-dividend date is Friday, October 25th. This represents a $0.16 annualized dividend and a dividend yield of 1.11%. Friedman Industries’s dividend payout ratio (DPR) is presently 9.30%.

Insider Buying and Selling

In related news, Director Max Alan Reichenthal purchased 2,000 shares of Friedman Industries stock in a transaction that occurred on Wednesday, September 18th. The stock was purchased at an average price of $14.00 per share, for a total transaction of $28,000.00. Following the transaction, the director now directly owns 30,761 shares in the company, valued at approximately $430,654. This trade represents a 0.00 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is available through the SEC website. Insiders purchased a total of 6,365 shares of company stock worth $91,241 in the last 90 days. Insiders own 4.60% of the company’s stock.

Institutional Trading of Friedman Industries

A number of hedge funds have recently bought and sold shares of FRD. Gendell Jeffrey L raised its holdings in Friedman Industries by 16.4% in the 1st 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 during the last quarter. LSV Asset Management purchased a new stake in shares of Friedman Industries in the 2nd quarter valued at approximately $343,000. O Shaughnessy Asset Management LLC purchased a new stake in shares of Friedman Industries in the 1st quarter valued at approximately $425,000. Hillsdale Investment Management Inc. purchased a new stake in shares of Friedman Industries in the 1st quarter valued at approximately $131,000. Finally, Callahan Advisors LLC grew its stake in shares of Friedman Industries by 8.6% in the 2nd quarter. Callahan Advisors LLC now owns 54,131 shares of the company’s stock valued at $817,000 after buying an additional 4,293 shares during the period. Institutional investors and hedge funds own 33.26% of the company’s stock.

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.