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

Key Points

• Friedman Industries' stock has recently traded above its 200-day moving average, reaching a high of $21.18, and currently sits at $20.99 with a market cap of $146.30 million.
• The company announced a quarterly dividend of $0.04 per share, set to be paid on November 14th, representing an annualized payout of $0.16 and a yield of 0.8%.
• Institutional ownership of Friedman Industries is notable, with Bank of New York Mellon acquiring over 31,000 shares, bringing total institutional ownership to approximately 33.26% of the company.

Friedman Industries, Incorporated (NYSEAMERICAN:FRD - )'s share price passed above its two hundred day moving average during trading on Thursday . The stock has a two hundred day moving average of $17.35 and traded as high as $21.18. Friedman Industries shares last traded at $20.99, with a volume of 21,064 shares changing hands.

Friedman Industries Trading Down 0.7%

The company has a market cap of $146.30 million, a PE ratio of 25.91 and a beta of 1.40. The firm's 50-day simple moving average is $19.72 and its two-hundred day simple moving average is $17.35.

Friedman Industries Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, November 14th. Investors of record on Friday, October 24th will be paid a $0.04 dividend. The ex-dividend date is Friday, October 24th. This represents a $0.16 dividend on an annualized basis and a yield of 0.8%. Friedman Industries's dividend payout ratio (DPR) is 19.75%.

Institutional Trading of Friedman Industries

An institutional investor recently bought a new position in Friedman Industries stock. Bank of New York Mellon Corp acquired a new position in Friedman Industries, Incorporated (NYSEAMERICAN:FRD - Free Report) in the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm acquired 31,122 shares of the company's stock, valued at approximately $463,000. Bank of New York Mellon Corp owned about 0.45% of Friedman Industries as of its most recent SEC filing. 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.

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