Synalloy Corp. (NASDAQ:SYNL) gapped up before the market opened on Friday . The stock had previously closed at $6.58, but opened at $6.64. Synalloy Corp. shares last traded at $6.85, with a volume of 13,106 shares.

Separately, Zacks Investment Research lowered shares of Synalloy Corp. from a “buy” rating to a “hold” rating in a research note on Saturday, July 23rd.

The stock has a 50 day moving average of $7.49 and a 200 day moving average of $7.75. The company’s market capitalization is $59.16 million.

Synalloy Corp. (NASDAQ:SYNL) last announced its earnings results on Tuesday, August 9th. The company reported ($0.18) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.01) by $0.17. The firm had revenue of $34.90 million for the quarter, compared to analysts’ expectations of $39.50 million. Equities research analysts expect that Synalloy Corp. will post $0.05 earnings per share for the current year.

A hedge fund recently raised its stake in Synalloy Corp. stock. Royce & Associates LLC raised its stake in Synalloy Corp. (NASDAQ:SYNL) by 2.7% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (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 at the end of the most recent reporting period.

Synalloy Corporation is a chemical manufacturing company. The Company operates through two segments: the Metals Segment and the Specialty Chemicals Segment. The Company’s Metals Segment comprises three subsidiaries: Synalloy Metals, Inc, which owns Bristol Metals, LLC (BRISMET), located in Bristol, Tennessee; Palmer of Texas Tanks, Inc (Palmer), located in Andrews, Texas; and Specialty Pipe & Tube, Inc (Specialty), located in Mineral Ridge, Ohio and Houston, Texas.

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