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

Friedman Industries, Incorporated (NYSEAMERICAN:FRD) shares passed 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.

Analyst Upgrades and Downgrades

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

Friedman Industries Trading Down 1.3 %

The company 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 related news, Director Tim Scott Stevenson acquired 1,500 shares of Friedman Industries stock in a transaction dated Tuesday, February 11th. The shares were purchased at an average price of $17.23 per share, for a total transaction of $25,845.00. Following the completion of the transaction, the director now directly owns 28,675 shares in the company, valued at approximately $494,070.25. This represents a 5.52 % increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Mike J. Taylor acquired 1,980 shares of Friedman Industries stock in a transaction dated Monday, January 13th. The shares were bought at an average price of $14.50 per share, for a total transaction of $28,710.00. Following the transaction, the chief executive officer now owns 166,134 shares of the company’s stock, valued at approximately $2,408,943. The trade was a 1.21 % increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last 90 days, insiders have bought 7,180 shares of company stock worth $106,922. Company insiders own 4.60% of the company’s stock.

Institutional Investors Weigh In On Friedman Industries

Several large investors have recently bought and sold shares of the business. Bridgeway Capital Management LLC increased its position in Friedman Industries by 0.4% in 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 during the last quarter. Callahan Advisors LLC boosted its stake in Friedman Industries by 3.3% during the fourth quarter. Callahan Advisors LLC now owns 53,846 shares of the company’s stock worth $823,000 after buying an additional 1,712 shares during the period. Empowered Funds LLC boosted its stake in Friedman Industries by 5.3% during the third quarter. Empowered Funds LLC now owns 34,878 shares of the company’s stock worth $559,000 after buying an additional 1,742 shares during the period. Jones Financial Companies Lllp purchased a new position in Friedman Industries during the fourth quarter worth $28,000. Finally, Geode Capital Management LLC boosted its stake in Friedman Industries by 11.2% during the third quarter. Geode Capital Management LLC now owns 70,727 shares of the company’s stock worth $1,133,000 after buying an additional 7,141 shares during the period. Institutional investors 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.