Friedman Industries (NYSEAMERICAN:FRD) Share Price Crosses Above 200 Day Moving Average - Here's Why

Key Points

• The share price of Friedman Industries (NYSEAMERICAN:FRD) has recently crossed above its 200-day moving average, reaching a high of $21.77.
• The company declared a quarterly dividend of $0.04 per share, which represents a 0.7% dividend yield and an annualized basis of $0.16.
• Institutional investors own 33.26% of Friedman Industries, with major players increasing their stakes in recent quarters.

Shares of Friedman Industries, Incorporated (NYSEAMERICAN:FRD - ) crossed 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 $21.77. Friedman Industries shares last traded at $21.72, with a volume of 26,749 shares traded.

Friedman Industries Price Performance

The company has a market cap of $151.39 million, a P/E ratio of 26.82 and a beta of 1.40. The company has a 50-day moving average price of $17.01.

Friedman Industries Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, August 8th. Stockholders of record on Friday, July 18th were issued a dividend of $0.04 per share. The ex-dividend date was Friday, July 18th. This represents a $0.16 dividend on an annualized basis and a dividend yield of 0.7%. Friedman Industries's payout ratio is currently 19.75%.

Institutional Investors Weigh In On Friedman Industries

Large investors have recently made changes to their positions in the company. Northern Trust Corp grew its position in Friedman Industries by 38.1% during the fourth quarter. Northern Trust Corp now owns 26,511 shares of the company's stock valued at $405,000 after purchasing an additional 7,320 shares in the last quarter. Bridgeway Capital Management LLC grew its position in Friedman Industries by 0.4% during the fourth quarter. Bridgeway Capital Management LLC now owns 157,850 shares of the company's stock valued at $2,414,000 after purchasing an additional 651 shares in the last quarter. Mink Brook Asset Management LLC purchased a new position in Friedman Industries during the fourth quarter valued at approximately $2,885,000. Wealthedge Investment Advisors LLC purchased a new position in Friedman Industries during the fourth quarter valued at approximately $204,000. Finally, Bank of New York Mellon Corp purchased a new position in Friedman Industries during the first quarter valued at approximately $463,000. 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.

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