Friedman Industries (NYSEAMERICAN:FRD) Shares Pass Above 200 Day Moving Average of $0.00

Friedman Industries, Incorporated (NYSEAMERICAN:FRD - Get Free Report)'s share price passed above its 200-day moving average during trading on Thursday . The stock has a 200-day moving average of $0.00 and traded as high as $19.34. Friedman Industries shares last traded at $19.00, with a volume of 9,906 shares traded.

Analyst Upgrades and Downgrades

Separately, StockNews.com raised Friedman Industries from a "hold" rating to a "buy" rating in a research report on Friday, February 23rd.

Friedman Industries Price Performance

The stock has a market capitalization of $131.01 million, a price-to-earnings ratio of 7.39 and a beta of 1.35.

Friedman Industries (NYSEAMERICAN:FRD - Get Free Report) last released its quarterly earnings results on Wednesday, February 14th. The company reported $0.16 EPS for the quarter. Friedman Industries had a net margin of 3.68% and a return on equity of 15.31%. The firm had revenue of $115.97 million during the quarter.

Friedman Industries Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, May 24th. Investors of record on Friday, April 26th will be paid a dividend of $0.04 per share. The ex-dividend date is Thursday, April 25th. This is an increase from Friedman Industries's previous quarterly dividend of $0.02. This represents a $0.16 dividend on an annualized basis and a dividend yield of 0.85%. Friedman Industries's payout ratio is 3.15%.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the stock. Denali Advisors LLC bought a new position in Friedman Industries in the 3rd quarter worth approximately $27,000. AJOVista LLC bought a new position in Friedman Industries in the 4th quarter worth approximately $49,000. Royal Bank of Canada boosted its stake in Friedman Industries by 15.6% in the 3rd quarter. Royal Bank of Canada now owns 12,370 shares of the company's stock worth $87,000 after purchasing an additional 1,670 shares during the period. Citadel Advisors LLC bought a new position in Friedman Industries in the 3rd quarter worth approximately $99,000. Finally, State Street Corp boosted its stake in Friedman Industries by 6.9% in the 1st quarter. State Street Corp now owns 23,247 shares of the company's stock worth $205,000 after purchasing an additional 1,493 shares during the period. 33.26% of the stock is currently owned by institutional investors.

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.