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

Key Points

• Friedman Industries' stock price recently crossed above its two hundred day moving average, trading at a high of $17.43 before settling at $17.13.
• The company has a market cap of $119.40 million and a price-to-earnings ratio of 21.15, indicating moderate valuation metrics.
• Several institutional investors actively increased their stakes in Friedman Industries, with notable purchases totaling over $2.8 million recently.

Friedman Industries, Incorporated (NYSEAMERICAN:FRD - Get Free Report)'s share price crossed above its 200-day moving average during trading on Tuesday . The stock has a 200-day moving average of $0.00 and traded as high as $17.43. Friedman Industries shares last traded at $17.13, with a volume of 23,878 shares changing hands.

Friedman Industries Stock Up 6.0%

The firm's 50 day moving average price is $16.34. The firm has a market cap of $129.50 million, a P/E ratio of 22.94 and a beta of 1.40.

Hedge Funds Weigh In On Friedman Industries

A number of large investors have recently bought and sold shares of FRD. Bridgeway Capital Management LLC raised its holdings in Friedman Industries by 0.4% during the fourth quarter. Bridgeway Capital Management LLC now owns 157,850 shares of the company's stock worth $2,414,000 after purchasing an additional 651 shares in the last quarter. Northern Trust Corp raised its stake in 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 during the period. Wealthedge Investment Advisors LLC acquired a new position in shares of Friedman Industries in the fourth quarter worth $204,000. Bank of New York Mellon Corp acquired a new position in shares of Friedman Industries in the first quarter worth $463,000. Finally, Mink Brook Asset Management LLC bought a new stake in Friedman Industries in the fourth quarter worth $2,885,000. 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.