Synalloy (SYNL) Announces Quarterly Earnings Results

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Synalloy (NASDAQ:SYNL) issued its quarterly earnings data on Tuesday. The industrial products company reported $0.65 earnings per share (EPS) for the quarter, Morningstar.com reports. The company had revenue of $77.79 million for the quarter. Synalloy had a net margin of 3.08% and a return on equity of 13.49%. Synalloy updated its FY 2018 guidance to EPS.

NASDAQ SYNL traded down $0.86 on Wednesday, hitting $17.70. The stock had a trading volume of 700 shares, compared to its average volume of 14,798. The company has a current ratio of 3.93, a quick ratio of 1.57 and a debt-to-equity ratio of 0.55. Synalloy has a 52-week low of $11.88 and a 52-week high of $24.80. The firm has a market capitalization of $174.81 million, a P/E ratio of 14.09 and a beta of 0.39.

In other news, CEO Craig C. Bram purchased 1,800 shares of the business’s stock in a transaction on Tuesday, September 18th. The shares were acquired at an average cost of $22.27 per share, with a total value of $40,086.00. Following the completion of the acquisition, the chief executive officer now owns 226,441 shares of the company’s stock, valued at $5,042,841.07. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. 7.57% of the stock is currently owned by insiders.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. JPMorgan Chase & Co. grew its holdings in Synalloy by 103.6% in the third quarter. JPMorgan Chase & Co. now owns 8,678 shares of the industrial products company’s stock worth $199,000 after purchasing an additional 4,415 shares during the last quarter. O Shaughnessy Asset Management LLC purchased a new position in Synalloy in the third quarter worth $224,000. First Trust Advisors LP purchased a new position in Synalloy in the third quarter worth $284,000. Northern Trust Corp grew its holdings in Synalloy by 320.4% in the second quarter. Northern Trust Corp now owns 88,721 shares of the industrial products company’s stock worth $1,770,000 after purchasing an additional 67,617 shares during the last quarter. Finally, Bank of New York Mellon Corp grew its holdings in Synalloy by 70.5% in the second quarter. Bank of New York Mellon Corp now owns 41,713 shares of the industrial products company’s stock worth $832,000 after purchasing an additional 17,242 shares during the last quarter. 54.96% of the stock is currently owned by institutional investors and hedge funds.

Separately, TheStreet lowered shares of Synalloy from a “b” rating to a “c+” rating in a report on Wednesday, August 15th.

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About Synalloy

Synalloy Corporation engages in production and sale of stainless steel pipes, fiberglass, steel storage tanks, and specialty chemicals in the United States and internationally. The company operates in two segments, Metals and Specialty Chemicals. The Metals segment manufactures and sells stainless steel and other alloy pipes under the BRISMET trade name through authorized stocking distributors; and liquid storage solutions and separation equipment, as well as distributes seamless carbon pipes and tubes.

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Earnings History for Synalloy (NASDAQ:SYNL)

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