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

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 $14.60. Friedman Industries shares last traded at $14.25, with a volume of 16,736 shares.

Wall Street Analyst Weigh In

Separately, StockNews.com assumed coverage on Friedman Industries in a report on Wednesday, August 23rd. They issued a “buy” rating for the company.

Friedman Industries Trading Up 2.4 %

The company has a market capitalization of $105.17 million, a price-to-earnings ratio of 5.86 and a beta of 1.15. The stock’s fifty day moving average price is $11.28.

Friedman Industries (NYSEAMERICAN:FRD) last released its quarterly earnings data on Thursday, June 29th. The company reported $0.86 earnings per share for the quarter. The firm had revenue of $124.19 million during the quarter. Friedman Industries had a return on equity of 15.72% and a net margin of 3.41%.

Friedman Industries Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, August 11th. Investors of record on Friday, July 21st were given a $0.02 dividend. The ex-dividend date was Thursday, July 20th. This represents a $0.08 dividend on an annualized basis and a dividend yield of 0.56%. Friedman Industries’s dividend payout ratio is currently 3.29%.

Insider Buying and Selling

In other news, CEO Mike J. Taylor bought 6,000 shares of the firm’s stock in a transaction that occurred on Thursday, August 17th. The shares were bought at an average cost of $14.60 per share, for a total transaction of $87,600.00. Following the completion of the transaction, the chief executive officer now owns 137,832 shares of the company’s stock, valued at $2,012,347.20. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Friedman Industries news, CFO Alex Larue sold 4,000 shares of the company’s stock in a transaction that occurred on Thursday, August 17th. The stock was sold at an average price of $14.36, for a total transaction of $57,440.00. Following the sale, the chief financial officer now directly owns 22,907 shares in the company, valued at $328,944.52. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO Mike J. Taylor acquired 6,000 shares of the firm’s stock in a transaction on Thursday, August 17th. The shares were bought at an average price of $14.60 per share, for a total transaction of $87,600.00. Following the completion of the transaction, the chief executive officer now owns 137,832 shares of the company’s stock, valued at $2,012,347.20. The disclosure for this purchase can be found here. Over the last three months, insiders have bought 13,000 shares of company stock worth $197,190. Corporate insiders own 3.80% of the company’s stock.

Institutional Investors Weigh In On Friedman Industries

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Royal Bank of Canada raised its holdings in shares of Friedman Industries by 15.6% in the third quarter. Royal Bank of Canada now owns 12,370 shares of the company’s stock worth $87,000 after buying an additional 1,670 shares during the period. Citadel Advisors LLC bought a new stake in shares of Friedman Industries during the 3rd quarter worth approximately $99,000. Tower Bridge Advisors bought a new stake in shares of Friedman Industries during the 2nd quarter worth approximately $143,000. State Street Corp lifted its stake in shares of Friedman Industries by 6.9% during the 1st quarter. State Street Corp now owns 23,247 shares of the company’s stock worth $205,000 after acquiring an additional 1,493 shares during the last quarter. Finally, BlackRock Inc. lifted its stake in shares of Friedman Industries by 10.9% during the 2nd quarter. BlackRock Inc. now owns 19,033 shares of the company’s stock worth $240,000 after acquiring an additional 1,877 shares during the last quarter. 30.57% of the stock is currently owned by hedge funds and other institutional investors.

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.