Friedman Industries (NYSEAMERICAN:FRD) Stock Crosses Above 200-Day Moving Average – Here’s What Happened

Friedman Industries, Incorporated (NYSEAMERICAN:FRD) shares crossed above its 200-day moving average during trading on Friday . The stock has a 200-day moving average of $0.00 and traded as high as $15.84. Friedman Industries shares last traded at $15.59, with a volume of 6,441 shares changing hands.

Wall Street Analyst Weigh In

Separately, StockNews.com raised shares of Friedman Industries from a “hold” rating to a “buy” rating in a research report on Tuesday, November 19th.

Friedman Industries Stock Performance

The firm has a market capitalization of $108.66 million, a P/E ratio of 19.25 and a beta of 1.40.

Insiders Place Their Bets

In other Friedman Industries news, CEO Mike J. Taylor purchased 2,500 shares of the firm’s stock in a transaction that occurred on Wednesday, January 15th. The stock was bought at an average cost of $14.10 per share, for a total transaction of $35,250.00. Following the purchase, the chief executive officer now directly owns 169,154 shares in the company, valued at $2,385,071.40. The trade was a 1.50 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Tim Scott Stevenson purchased 1,500 shares of the firm’s stock in a transaction that occurred on Tuesday, February 11th. The stock was acquired at an average price of $17.23 per share, with a total value of $25,845.00. Following the completion of the purchase, the director now owns 28,675 shares in the company, valued at $494,070.25. This represents a 5.52 % increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last ninety days, insiders purchased 7,180 shares of company stock worth $106,922. 4.60% of the stock is currently owned by corporate insiders.

Institutional Trading of Friedman Industries

Institutional investors have recently bought and sold shares of the company. Mink Brook Asset Management LLC purchased a new stake in shares of Friedman Industries during the 4th quarter valued at about $2,885,000. Bridgeway Capital Management LLC boosted its holdings in shares of Friedman Industries by 0.4% during the 4th quarter. Bridgeway Capital Management LLC now owns 157,850 shares of the company’s stock valued at $2,414,000 after acquiring an additional 651 shares during the last quarter. Northern Trust Corp boosted its holdings in shares of 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 acquiring an additional 7,320 shares during the last quarter. LSV Asset Management boosted its holdings in shares of Friedman Industries by 21.1% during the 4th quarter. LSV Asset Management now owns 72,700 shares of the company’s stock valued at $1,112,000 after acquiring an additional 12,663 shares during the last quarter. Finally, Corient Private Wealth LLC purchased a new stake in shares of Friedman Industries during the 4th quarter valued at about $401,000. 33.26% of the stock is owned by hedge funds and other institutional investors.

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.