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Synalloy Co. (NASDAQ:SYNL) insider Privet Fund Management Llc purchased 219,523 shares of the business's stock in a transaction dated Wednesday, December 22nd. The shares were purchased at an average cost of $12.75 per share, with a total value of $2,798,918.25. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website.
Shares of SYNL traded up $0.19 during midday trading on Thursday, reaching $15.19. 26,482 shares of the stock were exchanged, compared to its average volume of 26,547. Synalloy Co. has a 12-month low of $6.75 and a 12-month high of $15.37. The firm has a 50 day simple moving average of $13.14 and a 200-day simple moving average of $11.48. The company has a quick ratio of 1.08, a current ratio of 3.05 and a debt-to-equity ratio of 0.51. The company has a market cap of $142.36 million, a price-to-earnings ratio of 42.19 and a beta of 0.61.
Synalloy (NASDAQ:SYNL) last posted its quarterly earnings results on Tuesday, November 9th. The industrial products company reported $0.87 earnings per share for the quarter. The company had revenue of $86.18 million during the quarter. Synalloy had a return on equity of 14.43% and a net margin of 1.22%.
Separately, TheStreet raised Synalloy from a "d+" rating to a "c" rating in a research note on Thursday, November 11th.
Several hedge funds and other institutional investors have recently modified their holdings of SYNL. Morgan Stanley increased its holdings in shares of Synalloy by 45.3% during the 1st quarter. Morgan Stanley now owns 10,913 shares of the industrial products company's stock valued at $96,000 after acquiring an additional 3,400 shares during the last quarter. Globeflex Capital L P acquired a new position in shares of Synalloy during the 2nd quarter valued at about $335,000. Gabelli Funds LLC acquired a new position in shares of Synalloy during the 2nd quarter valued at about $110,000. State Street Corp acquired a new position in shares of Synalloy during the 2nd quarter valued at about $290,000. Finally, Bank of America Corp DE increased its holdings in shares of Synalloy by 14,179.4% during the 2nd quarter. Bank of America Corp DE now owns 4,855 shares of the industrial products company's stock valued at $48,000 after acquiring an additional 4,821 shares during the last quarter. 19.27% of the stock is currently owned by institutional investors and hedge funds.
Synalloy Corp. engages in the production of stainless steel pipe, fabricator of stainless and carbon steel piping systems, and specialty chemicals. It operates through Metals and Specialty Chemicals segments. The Metals segment operates as Bristol Metals LLC (BRISMET), Palmer of Texas Tanks, Inc (Palmer), and Specialty Pipe & Tube, Inc (Specialty).
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