Minerva Advisors LLC boosted its stake in Synalloy Corp. (NASDAQ:SYNL) by 93.4% during the second quarter, Holdings Channel reports. The firm owned 68,255 shares of the company’s stock after buying an additional 32,955 shares during the period. Minerva Advisors LLC’s holdings in Synalloy Corp. were worth $523,000 as of its most recent filing with the SEC.
Separately, Renaissance Technologies LLC raised its position in Synalloy Corp. by 12.5% in the first quarter. Renaissance Technologies LLC now owns 114,500 shares of the company’s stock valued at $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.
Synalloy Corp. (NASDAQ:SYNL) traded down 0.80% during mid-day trading on Monday, reaching $9.98. 5,769 shares of the company’s stock traded hands. The stock’s 50 day moving average is $8.36 and its 200-day moving average is $7.85. Synalloy Corp. has a 52 week low of $6.20 and a 52 week high of $10.55. The stock’s market capitalization is $86.41 million.
Synalloy Corp. (NASDAQ:SYNL) last announced its earnings results on Tuesday, August 9th. The company reported ($0.18) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.01) by $0.17. The company had revenue of $34.90 million for the quarter, compared to analysts’ expectations of $39.50 million. Synalloy Corp. had a positive return on equity of 1.29% and a negative net margin of 13.40%. On average, equities analysts anticipate that Synalloy Corp. will post $0.05 EPS for the current year.
Separately, Zacks Investment Research downgraded shares of Synalloy Corp. from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, July 12th.
In other Synalloy Corp. news, CEO Craig C. Bram acquired 26,500 shares of the stock in a transaction dated Tuesday, September 6th. The stock was acquired at an average price of $7.46 per share, with a total value of $197,690.00. Following the completion of the purchase, the chief executive officer now owns 161,552 shares in the company, valued at approximately $1,205,177.92. The purchase was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, VP Sarah M. Cunningham acquired 4,000 shares of the stock in a transaction dated Wednesday, September 7th. The stock was acquired at an average cost of $7.32 per share, with a total value of $29,280.00. Following the purchase, the vice president now owns 11,458 shares of the company’s stock, valued at approximately $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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