Friedman Industries (NYSEAMERICAN:FRD) Share Price Crosses Above Two Hundred Day Moving Average - Should You Sell?

Key Points

• Friedman Industries' stock price crossed above its 200-day moving average, reaching a high of $15.41 before closing at $15.22 with a trading volume of 13,907 shares.
• Wall Street Zen has downgraded Friedman Industries from a "buy" rating to a "hold" rating.
• Hedge funds and institutional investors have been active, with significant acquisitions and stakes changes, resulting in 33.26% of the stock being owned by these entities.

Friedman Industries, Incorporated (NYSEAMERICAN:FRD - Get Free Report)'s stock price crossed above its 200-day moving average during trading on Monday . The stock has a 200-day moving average of $0.00 and traded as high as $15.41. Friedman Industries shares last traded at $15.22, with a volume of 13,907 shares trading hands.

Analysts Set New Price Targets

Separately, Wall Street Zen lowered Friedman Industries from a "buy" rating to a "hold" rating in a research note on Tuesday, April 15th.

Friedman Industries Price Performance

The firm has a market cap of $106.08 million, a price-to-earnings ratio of 18.79 and a beta of 1.40. The company's 50-day moving average is $16.35.

Hedge Funds Weigh In On Friedman Industries

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Mink Brook Asset Management LLC acquired a new position in shares of Friedman Industries during the 4th quarter worth approximately $2,885,000. Bank of New York Mellon Corp acquired a new stake in shares of Friedman Industries in the first quarter valued at approximately $463,000. Wealthedge Investment Advisors LLC purchased a new position in Friedman Industries during the fourth quarter worth approximately $204,000. LSV Asset Management boosted its stake in Friedman Industries by 21.1% during the fourth quarter. LSV Asset Management now owns 72,700 shares of the company's stock worth $1,112,000 after buying an additional 12,663 shares during the last quarter. Finally, Northern Trust Corp grew its holdings in Friedman Industries by 38.1% in the 4th quarter. Northern Trust Corp now owns 26,511 shares of the company's stock valued at $405,000 after buying an additional 7,320 shares in the last quarter. 33.26% of the stock is 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.

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