Synalloy Corp. (SYNL) Shares Gap Up to $6.64
Synalloy Corp. (NASDAQ:SYNL) gapped up prior to trading 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 trading hands.
Separately, Zacks Investment Research cut shares of Synalloy Corp. from a “buy” rating to a “hold” rating in a research report on Saturday, July 23rd.
The firm’s market capitalization is $59.16 million. The stock’s 50 day moving average price is $7.49 and its 200 day moving average price is $7.75.
Synalloy Corp. (NASDAQ:SYNL) last issued its earnings results on Tuesday, August 9th. The company reported ($0.18) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.01) by $0.17. The company earned $34.90 million during the quarter, compared to the consensus estimate of $39.50 million. Equities 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 boosted its position in Synalloy Corp. (NASDAQ:SYNL) by 2.7% during the fourth quarter, according to its most recent 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 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 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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