Synalloy Co. (NASDAQ:SYNL) Short Interest Update

Synalloy Co. (NASDAQ:SYNLGet Rating) was the target of a significant increase in short interest in March. As of March 31st, there was short interest totalling 39,500 shares, an increase of 73.2% from the March 15th total of 22,800 shares. Based on an average daily volume of 51,400 shares, the days-to-cover ratio is presently 0.8 days. Currently, 0.5% of the company’s stock are short sold.

Separately, StockNews.com began coverage on Synalloy in a report on Thursday, March 31st. They issued a “buy” rating for the company.

SYNL opened at $16.15 on Friday. The stock has a fifty day simple moving average of $17.16 and a two-hundred day simple moving average of $15.16. The company has a current ratio of 3.17, a quick ratio of 1.12 and a debt-to-equity ratio of 0.62. The company has a market cap of $165.05 million, a price-to-earnings ratio of 7.55 and a beta of 0.67. Synalloy has a 12-month low of $8.97 and a 12-month high of $19.20.

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Hillsdale Investment Management Inc. bought a new position in shares of Synalloy during the fourth quarter valued at $80,000. Bank of America Corp DE increased its holdings in shares of Synalloy by 14,179.4% during the second quarter. Bank of America Corp DE now owns 4,855 shares of the industrial products company’s stock valued at $48,000 after acquiring an additional 4,821 shares in the last quarter. Morgan Stanley increased its holdings in shares of Synalloy by 45.3% during the first quarter. Morgan Stanley now owns 10,913 shares of the industrial products company’s stock valued at $96,000 after acquiring an additional 3,400 shares in the last quarter. Ritholtz Wealth Management bought a new position in shares of Synalloy during the first quarter valued at $189,000. Finally, Deltec Asset Management LLC increased its holdings in shares of Synalloy by 12.6% during the fourth quarter. Deltec Asset Management LLC now owns 12,895 shares of the industrial products company’s stock valued at $212,000 after acquiring an additional 1,439 shares in the last quarter. Institutional investors and hedge funds own 38.95% of the company’s stock.

About Synalloy (Get Rating)

Synalloy Corporation, through its subsidiaries, manufactures and sells metals and specialty chemicals in the United States and internationally. The company's Metals segment manufactures welded pipes and tubes, primarily from stainless steel, duplex, and nickel alloys; and galvanized carbon tubes, as well as related stainless pipe products.

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