Friedman Industries (NYSEAMERICAN:FRD) Shares Pass Above 200-Day Moving Average - Here's Why

Friedman Industries, Incorporated (NYSEAMERICAN:FRD - Get Free Report) 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 $16.19. Friedman Industries shares last traded at $15.33, with a volume of 20,190 shares traded.

Wall Street Analyst Weigh In

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

Friedman Industries Stock Down 1.2%

The firm has a 50-day moving average of $16.40. The stock has a market capitalization of $106.85 million, a P/E ratio of 18.93 and a beta of 1.40.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in the stock. Mink Brook Asset Management LLC bought a new position in Friedman Industries in the 4th quarter worth about $2,885,000. Bridgeway Capital Management LLC boosted its position in shares of Friedman Industries by 0.4% during the 4th quarter. Bridgeway Capital Management LLC now owns 157,850 shares of the company's stock valued at $2,414,000 after acquiring an additional 651 shares during the last quarter. LSV Asset Management boosted its position in shares of Friedman Industries by 21.1% during the 4th quarter. LSV Asset Management now owns 72,700 shares of the company's stock valued at $1,112,000 after acquiring an additional 12,663 shares during the last quarter. Bank of New York Mellon Corp bought a new stake in shares of Friedman Industries during the 1st quarter valued at about $463,000. Finally, Northern Trust Corp boosted its position in shares of Friedman Industries by 38.1% during the 4th quarter. Northern Trust Corp now owns 26,511 shares of the company's stock valued at $405,000 after acquiring an additional 7,320 shares during the last quarter. Institutional investors 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.