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 note issued on Tuesday.

SYNL opened at $17.23 on Tuesday. Synalloy has a 52-week low of $9.21 and a 52-week high of $19.20. The company has a quick ratio of 1.18, a current ratio of 2.97 and a debt-to-equity ratio of 0.57. The company has a market cap of $176.44 million, a P/E ratio of 5.72 and a beta of 0.61. The firm’s 50-day moving average price is $16.15 and its 200-day moving average price is $16.27.

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

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

Large investors have recently modified their holdings of the stock. Bank of America Corp DE grew its position in Synalloy by 14,179.4% in the 2nd 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. Hillsdale Investment Management Inc. purchased a new position in shares of Synalloy in the 4th quarter valued at about $80,000. Morgan Stanley boosted its stake in shares of Synalloy by 45.3% in the 1st quarter. Morgan Stanley now owns 10,913 shares of the industrial products company’s stock valued at $96,000 after buying an additional 3,400 shares during the period. Ritholtz Wealth Management purchased a new position in shares of Synalloy in the 1st quarter valued at about $189,000. Finally, Deltec Asset Management LLC boosted its stake in shares of Synalloy by 12.6% in the 4th quarter. Deltec Asset Management LLC now owns 12,895 shares of the industrial products company’s stock valued at $212,000 after buying an additional 1,439 shares during the period. 37.88% of the stock is owned by hedge funds and other institutional investors.

Synalloy Company Profile (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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