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

Friedman Industries, Incorporated (NYSEAMERICAN:FRD)’s stock price passed above its two hundred day moving average during trading on Thursday . The stock has a two hundred 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.

Wall Street Analysts Forecast Growth

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

Friedman Industries Stock Performance

The firm has a market cap of $131.01 million, a PE ratio of 7.48 and a beta of 1.35.

Friedman Industries (NYSEAMERICAN:FRD) last issued its quarterly earnings data on Wednesday, February 14th. The company reported $0.16 EPS for the quarter. Friedman Industries had a return on equity of 15.31% and a net margin of 3.68%. The business had revenue of $115.97 million for the quarter.

Friedman Industries Increases Dividend

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

Institutional Trading of Friedman Industries

Several hedge funds and other institutional investors have recently modified their holdings of the company. Denali Advisors LLC bought a new position in shares of Friedman Industries during the 3rd quarter worth approximately $27,000. AJOVista LLC acquired a new position in Friedman Industries during the fourth quarter valued at approximately $49,000. Royal Bank of Canada grew its holdings in shares of Friedman Industries by 15.6% during the 3rd quarter. Royal Bank of Canada now owns 12,370 shares of the company’s stock valued at $87,000 after purchasing an additional 1,670 shares during the last quarter. Citadel Advisors LLC acquired a new position in shares of Friedman Industries during the third quarter worth $99,000. Finally, BlackRock Inc. increased its stake in shares of Friedman Industries by 10.9% in the second quarter. BlackRock Inc. now owns 19,033 shares of the company’s stock valued at $240,000 after buying an additional 1,877 shares during the period. Institutional investors and hedge funds 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.