Synalloy Corp. (NASDAQ:SYNL) shares fell 2.1% during trading on Tuesday . The company traded as low as $7.34 and last traded at $7.60, with a volume of 73,411 shares trading hands. The stock had previously closed at $7.76.

Separately, Zacks Investment Research lowered Synalloy Corp. from a “strong-buy” rating to a “hold” rating in a research note on Tuesday.

The firm’s 50 day moving average price is $7.62 and its 200-day moving average price is $7.66. The company’s market capitalization is $65.71 million.

Synalloy Corp. (NASDAQ:SYNL) last posted its quarterly earnings data on Monday, May 9th. The company reported ($0.16) earnings per share for the quarter, missing the Zacks’ consensus estimate of ($0.09) by $0.07. The firm earned $36.30 million during the quarter, compared to analysts’ expectations of $36.90 million. On average, equities research analysts forecast that Synalloy Corp. will post $0.05 EPS for the current year.

A hedge fund recently raised its stake in Synalloy Corp. stock. Royce & Associates LLC increased its position in shares of Synalloy Corp. (NASDAQ:SYNL) by 2.7% during the fourth quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 563,233 shares of the company’s stock after buying an additional 15,000 shares during the period. Royce & Associates LLC owned about 6.46% of Synalloy Corp. worth $3,875,000 as of its most recent filing with the SEC.

Synalloy Corporation is a chemical manufacturing company. The Company operates in two segments: the Metals Segment and the Specialty Chemicals Segment. The Metals Segment operates as BRISMET, Palmer and Specialty. BRISMET manufactures stainless steel and other alloy pipe. Palmer manufactures liquid storage solutions and separation equipment, and Specialty is a distributor of carbon pipe and tube.

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