Synalloy (NASDAQ:SYNL) Shares Pass Below 200 Day Moving Average of $16.37

Synalloy Co. (NASDAQ:SYNL – Get Rating) crossed below its two hundred day moving average during trading on Tuesday . The stock has a two hundred day moving average of $16.37 and traded as low as $14.29. Synalloy shares last traded at $14.29, with a volume of 6,907 shares changing hands.

Separately, StockNews.com downgraded shares of Synalloy from a “strong-buy” rating to a “buy” rating in a research note on Tuesday, June 7th.

The company has a market cap of $143.97 million, a P/E ratio of 4.67 and a beta of 0.61. The company has a debt-to-equity ratio of 0.57, a current ratio of 2.97 and a quick ratio of 1.18. The company’s 50-day moving average is $15.77 and its two-hundred day moving average is $16.35.

Synalloy (NASDAQ:SYNL – Get Rating) last announced its quarterly earnings results on Tuesday, May 10th. The industrial products company reported $0.99 earnings per share for the quarter. The company had revenue of $116.22 million during the quarter. Synalloy had a net margin of 7.72% and a return on equity of 28.56%.

In other news, CEO Christopher Gerald Hutter purchased 4,592 shares of Synalloy stock in a transaction that occurred on Friday, May 13th. The stock was bought at an average price of $15.00 per share, with a total value of $68,880.00. Following the completion of the transaction, the chief executive officer now directly owns 210,168 shares of the company’s stock, valued at $3,152,520. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 11.99% of the stock is owned by company insiders.

Institutional investors and hedge funds have recently made changes to their positions in the stock. Deltec Asset Management LLC grew its position in Synalloy by 12.6% in the 4th quarter. Deltec Asset Management LLC now owns 12,895 shares of the industrial products company’s stock worth $212,000 after purchasing an additional 1,439 shares during the period. State Street Corp grew its position in Synalloy by 5.2% in the 1st quarter. State Street Corp now owns 31,028 shares of the industrial products company’s stock worth $498,000 after purchasing an additional 1,546 shares during the period. Hillsdale Investment Management Inc. bought a new stake in Synalloy in the 4th quarter worth approximately $80,000. Minerva Advisors LLC grew its position in Synalloy by 10.0% in the 4th quarter. Minerva Advisors LLC now owns 61,453 shares of the industrial products company’s stock worth $995,000 after purchasing an additional 5,603 shares during the period. Finally, Ritholtz Wealth Management bought a new stake in Synalloy in the 1st quarter worth approximately $189,000. 37.88% of the stock is owned by institutional investors.

About Synalloy (NASDAQ:SYNL)

Synalloy Corporation, through its subsidiaries, manufactures and sells metals and specialty chemicals in the United States and internationally. The company's Metals segment manufactures welded pipes and tubes, primarily from stainless steel, duplex, and nickel alloys; and galvanized carbon tubes, as well as related stainless pipe products.

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