Friedman Industries (NYSEAMERICAN:FRD) Shares Cross Above 200-Day Moving Average - Time to Sell?

Key Points

• Friedman Industries shares have crossed above their 200-day moving average, peaking at $22.18 during trading, which may indicate a positive trend for investors.
• The company is set to pay a quarterly dividend of $0.04 on November 14th, representing a yield of 0.7% and a low payout ratio of 19.75%.
• Institutional investors hold 33.26% of Friedman Industries' stock, with Bank of New York Mellon Corp acquiring over 31,000 shares in the first quarter.

Shares of Friedman Industries, Incorporated (NYSEAMERICAN:FRD - ) passed above its 200-day moving average during trading on Wednesday . The stock has a 200-day moving average of $17.18 and traded as high as $22.18. Friedman Industries shares last traded at $22.13, with a volume of 12,571 shares traded.

Friedman Industries Stock Performance

The firm has a market capitalization of $154.25 million, a P/E ratio of 27.32 and a beta of 1.40. The stock's 50 day simple moving average is $19.07 and its 200 day simple moving average is $17.18.

Friedman Industries Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, November 14th. Shareholders of record on Friday, October 24th will be paid a $0.04 dividend. This represents a $0.16 dividend on an annualized basis and a yield of 0.7%. The ex-dividend date is Friday, October 24th. Friedman Industries's dividend payout ratio is currently 19.75%.

Hedge Funds Weigh In On Friedman Industries

An institutional investor recently bought a new position in Friedman Industries stock. Bank of New York Mellon Corp bought a new position in Friedman Industries, Incorporated (NYSEAMERICAN:FRD - Free Report) during the first quarter, according to its most recent 13F filing with the SEC. The institutional investor bought 31,122 shares of the company's stock, valued at approximately $463,000. Bank of New York Mellon Corp owned approximately 0.45% of Friedman Industries at the end of the most recent reporting period. 33.26% of the stock is owned by institutional investors.

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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