Friedman Industries (NYSEAMERICAN:FRD) Share Price Crosses Above Two Hundred Day Moving Average of $0.00

Shares of Friedman Industries, Incorporated (NYSEAMERICAN:FRD) crossed 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 upgraded shares of Friedman Industries from a “hold” rating to a “buy” rating in a report on Friday, February 23rd.

Friedman Industries Stock Down 1.2 %

The company has a market capitalization of $131.01 million, a P/E ratio of 7.48 and a beta of 1.35.

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

Friedman Industries Increases Dividend

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

Hedge Funds Weigh In On Friedman Industries

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Dimensional Fund Advisors LP raised its holdings in shares of Friedman Industries by 0.3% during the fourth quarter. Dimensional Fund Advisors LP now owns 552,968 shares of the company’s stock valued at $8,549,000 after acquiring an additional 1,432 shares during the period. State Street Corp lifted 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 acquiring an additional 1,493 shares in the last quarter. Royal Bank of Canada boosted its position in Friedman Industries by 15.6% during the 3rd quarter. Royal Bank of Canada now owns 12,370 shares of the company’s stock worth $87,000 after acquiring an additional 1,670 shares during the period. Vanguard Group Inc. grew its stake in Friedman Industries by 0.6% during the 3rd quarter. Vanguard Group Inc. now owns 302,239 shares of the company’s stock valued at $4,050,000 after acquiring an additional 1,700 shares in the last quarter. Finally, BlackRock Inc. lifted its position in shares of Friedman Industries by 10.9% in the second quarter. BlackRock Inc. now owns 19,033 shares of the company’s stock worth $240,000 after purchasing an additional 1,877 shares in the last quarter. 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.