Friedman Industries (NYSEAMERICAN:FRD) Shares Cross Above 200 Day Moving Average of $9.99

Shares of Friedman Industries, Incorporated (NYSEAMERICAN:FRD – Get Rating) passed above its 200-day moving average during trading on Monday . The stock has a 200-day moving average of $9.99 and traded as high as $10.55. Friedman Industries shares last traded at $10.29, with a volume of 15,205 shares trading hands.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on FRD shares. StockNews.com cut Friedman Industries from a “buy” rating to a “hold” rating in a report on Monday, April 24th. TheStreet raised Friedman Industries from a “c” rating to a “b-” rating in a report on Friday, February 10th.

Friedman Industries Price Performance

The company has a market cap of $75.94 million, a P/E ratio of 10.61 and a beta of 1.05. The stock has a fifty day moving average price of $11.63 and a two-hundred day moving average price of $9.99.

Friedman Industries Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, May 26th. Investors of record on Friday, April 28th will be issued a dividend of $0.02 per share. The ex-dividend date is Thursday, April 27th. This represents a $0.08 annualized dividend and a yield of 0.78%. Friedman Industries’s payout ratio is 8.25%.

Institutional Investors Weigh In On Friedman Industries

Several hedge funds and other institutional investors have recently added to or reduced their stakes in FRD. Gendell Jeffrey L increased its holdings in shares of Friedman Industries by 38.6% in the third quarter. Gendell Jeffrey L now owns 46,010 shares of the company’s stock valued at $327,000 after buying an additional 12,809 shares in the last quarter. Renaissance Technologies LLC increased its holdings in shares of Friedman Industries by 5.3% in the first quarter. Renaissance Technologies LLC now owns 397,382 shares of the company’s stock valued at $4,506,000 after buying an additional 19,920 shares in the last quarter. Vanguard Group Inc. increased its holdings in shares of Friedman Industries by 6.7% in the third quarter. Vanguard Group Inc. now owns 295,183 shares of the company’s stock valued at $2,098,000 after buying an additional 18,500 shares in the last quarter. Geode Capital Management LLC increased its holdings in shares of Friedman Industries by 3.5% in the first quarter. Geode Capital Management LLC now owns 59,952 shares of the company’s stock valued at $680,000 after buying an additional 2,017 shares in the last quarter. Finally, State Street Corp increased its holdings in shares of Friedman Industries by 6.9% in the first quarter. State Street Corp now owns 23,247 shares of the company’s stock valued at $205,000 after buying an additional 1,493 shares in the last quarter. Institutional investors own 26.26% of the company’s stock.

About Friedman Industries

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Friedman Industries, Inc engages in the provision of manufacture and trade of steel products. It operates through the Coil and Tubular segments. The Coil segment produces and markets hot-rolled steel and coils. The Tubular segment focuses on the operation of two electric resistance welded pipe mills with a combined outside diameter.