Friedman Industries (NYSEAMERICAN:FRD) Stock Passes Above 200 Day Moving Average - What's Next?

Key Points

• Friedman Industries shares recently crossed above their 200-day moving average, reaching a high of $22.49 before last trading at $22.27.
• The company declared a quarterly dividend of $0.04 per share, reflecting a 0.7% yield with a payout ratio of 19.75%.
• Institutional investors significantly increased their holdings in Friedman Industries, with Northern Trust Corp alone increasing its stake by 38.1%.

Friedman Industries, Incorporated (NYSEAMERICAN:FRD - Get Free Report) shares 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 $22.49. Friedman Industries shares last traded at $22.27, with a volume of 27,494 shares traded.

Friedman Industries Stock Up 3.6%

The stock has a market cap of $158.22 million, a P/E ratio of 28.03 and a beta of 1.40. The stock has a fifty day simple moving average of $18.07 and a 200-day simple moving average of $16.85.

Friedman Industries Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, November 14th. Stockholders of record on Friday, October 24th will be issued a dividend of $0.04 per share. This represents a $0.16 annualized dividend and a dividend yield of 0.7%. The ex-dividend date is Friday, October 24th. Friedman Industries's payout ratio is 19.75%.

Hedge Funds Weigh In On Friedman Industries

Several institutional investors have recently modified their holdings of FRD. Wealthedge Investment Advisors LLC bought a new position in shares of Friedman Industries during the 4th quarter valued at about $204,000. Northern Trust Corp lifted its holdings 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 purchasing an additional 7,320 shares in the last quarter. Finally, Bank of New York Mellon Corp bought a new position in shares of Friedman Industries during the 1st quarter valued at about $463,000. Institutional investors 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.