Morgan Dempsey Capital Management LLC decreased its stake in Synalloy Corp. (NASDAQ:SYNL) by 3.5% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 147,419 shares of the company’s stock after selling 5,317 shares during the period. Morgan Dempsey Capital Management LLC’s holdings in Synalloy Corp. were worth $1,129,000 at the end of the most recent quarter.
Separately, Renaissance Technologies LLC increased its stake in shares of Synalloy Corp. by 12.5% in the first quarter. Renaissance Technologies LLC now owns 114,500 shares of the company’s stock worth $907,000 after buying an additional 12,696 shares during the period. Institutional investors and hedge funds own 46.29% of the company’s stock.
Shares of Synalloy Corp. (NASDAQ:SYNL) traded up 4.34% during trading on Thursday, hitting $9.37. 58,760 shares of the stock were exchanged. The firm’s 50-day moving average is $8.21 and its 200 day moving average is $7.83. The company’s market cap is $81.13 million. Synalloy Corp. has a 1-year low of $6.20 and a 1-year high of $10.55.
Synalloy Corp. (NASDAQ:SYNL) last released its quarterly earnings data on Tuesday, August 9th. The company reported ($0.18) EPS for the quarter, missing the Zacks’ consensus estimate of ($0.01) by $0.17. Synalloy Corp. had a positive return on equity of 1.29% and a negative net margin of 13.40%. The company had revenue of $34.90 million for the quarter, compared to the consensus estimate of $39.50 million. Equities analysts forecast that Synalloy Corp. will post $0.05 earnings per share for the current fiscal year.
Separately, Zacks Investment Research downgraded shares of Synalloy Corp. from a “strong-buy” rating to a “hold” rating in a report on Tuesday, July 12th.
In related news, insider Dennis M. Loughran acquired 10,000 shares of Synalloy Corp. stock in a transaction on Tuesday, September 6th. The stock was purchased at an average cost of $7.51 per share, with a total value of $75,100.00. Following the completion of the transaction, the insider now directly owns 43,345 shares in the company, valued at approximately $325,520.95. The purchase was disclosed in a document filed with the SEC, which is available through this link. Also, VP Sarah M. Cunningham acquired 4,000 shares of Synalloy Corp. stock in a transaction on Wednesday, September 7th. The shares were bought at an average cost of $7.32 per share, with a total value of $29,280.00. Following the completion of the transaction, the vice president now owns 11,458 shares of the company’s stock, valued at $83,872.56. The disclosure for this purchase can be found here. Company insiders own 7.93% of the company’s stock.
Synalloy Corp. Company Profile
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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