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

Separately, Zacks Investment Research upgraded Synalloy Corp. from a “hold” rating to a “buy” rating and set a $8.75 target price for the company in a research note on Thursday, May 12th.

The company has a 50 day moving average price of $7.64 and a 200 day moving average price of $7.67. The stock’s market capitalization is $68.21 million.

Synalloy Corp. (NASDAQ:SYNL) last issued its quarterly earnings results on Monday, May 9th. The company reported ($0.16) EPS for the quarter, missing analysts’ consensus estimates of ($0.09) by $0.07. The firm earned $36.30 million during the quarter, compared to the consensus estimate of $36.90 million. Analysts expect that Synalloy Corp. will post $0.05 earnings per share for the current fiscal year.

A hedge fund recently raised its stake in Synalloy Corp. stock. Royce & Associates LLC boosted 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 Securities and Exchange Commission (SEC). 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 about 6.46% of Synalloy Corp. worth $3,875,000 as of its most recent SEC filing.

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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