Synalloy Corp. (NASDAQ:SYNL) shares shot up 3.7% during mid-day trading on Wednesday . The company traded as high as $7.98 and last traded at $7.91, with a volume of 66,460 shares changing hands. The stock had previously closed at $7.63.

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

The firm’s market capitalization is $67.86 million. The stock’s 50-day moving average price is $7.64 and its 200-day moving average price is $7.67.

Synalloy Corp. (NASDAQ:SYNL) last issued its earnings results 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 business earned $36.30 million during the quarter, compared to analysts’ expectations of $36.90 million. Equities analysts predict 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 boosted its stake in shares of Synalloy Corp. (NASDAQ:SYNL) by 2.7% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 563,233 shares of the company’s stock after buying an additional 15,000 shares during the period. Royce & Associates LLC owned 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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