StockNews.com Downgrades Synalloy (NASDAQ:SYNL) to Buy

Synalloy (NASDAQ:SYNLGet Rating) was downgraded by StockNews.com from a “strong-buy” rating to a “buy” rating in a research report issued on Tuesday.

SYNL stock opened at $17.23 on Tuesday. The company has a quick ratio of 1.18, a current ratio of 2.97 and a debt-to-equity ratio of 0.57. Synalloy has a fifty-two week low of $9.21 and a fifty-two week high of $19.20. The business has a 50 day moving average price of $16.15 and a 200 day moving average price of $16.27. The stock has a market cap of $176.44 million, a price-to-earnings ratio of 5.72 and a beta of 0.61.

Synalloy (NASDAQ:SYNLGet Rating) last issued its quarterly earnings data on Tuesday, May 10th. The industrial products company reported $0.99 earnings per share for the quarter. Synalloy had a return on equity of 28.56% and a net margin of 7.72%. The company had revenue of $116.22 million during the quarter.

In other news, CEO Christopher Gerald Hutter acquired 4,592 shares of Synalloy stock in a transaction on Friday, May 13th. The stock was bought at an average price of $15.00 per share, for a total transaction of $68,880.00. Following the completion of the purchase, the chief executive officer now owns 210,168 shares in the company, valued at $3,152,520. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 11.99% of the stock is currently owned by insiders.

Large investors have recently added to or reduced their stakes in the company. Dimensional Fund Advisors LP increased its holdings in shares of Synalloy by 6.1% in the fourth quarter. Dimensional Fund Advisors LP now owns 441,807 shares of the industrial products company’s stock valued at $7,259,000 after purchasing an additional 25,320 shares during the period. Deltec Asset Management LLC increased its holdings in shares of Synalloy by 12.6% in the fourth quarter. Deltec Asset Management LLC now owns 12,895 shares of the industrial products company’s stock valued at $212,000 after purchasing an additional 1,439 shares during the period. Minerva Advisors LLC increased its holdings in shares of Synalloy by 10.0% in the fourth quarter. Minerva Advisors LLC now owns 61,453 shares of the industrial products company’s stock valued at $995,000 after purchasing an additional 5,603 shares during the period. BlackRock Inc. increased its holdings in shares of Synalloy by 11.7% in the third quarter. BlackRock Inc. now owns 146,129 shares of the industrial products company’s stock valued at $1,606,000 after purchasing an additional 15,249 shares during the period. Finally, Hillsdale Investment Management Inc. acquired a new position in shares of Synalloy in the fourth quarter valued at approximately $80,000. 37.88% of the stock is currently owned by institutional investors and hedge funds.

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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