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

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 - ) shares passed 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 trading hands.

Friedman Industries Stock Performance

The stock's 50 day simple moving average is $17.66. The company has a market cap of $155.22 million, a P/E ratio of 27.49 and a beta of 1.40.

Friedman Industries Announces Dividend

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

Hedge Funds Weigh In On Friedman Industries

A number of institutional investors have recently modified their holdings of FRD. Northern Trust Corp increased its holdings in shares of Friedman Industries by 38.1% in 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 during the period. Wealthedge Investment Advisors LLC acquired a new stake in shares of Friedman Industries during the fourth quarter worth $204,000. Finally, Bank of New York Mellon Corp purchased a new position in Friedman Industries in the 1st quarter valued at $463,000. 33.26% of the stock is owned by institutional investors and hedge funds.

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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