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Synalloy (NASDAQ:SYNL - Get Rating) was downgraded by StockNews.com from a "strong-buy" rating to a "buy" rating in a research note issued on Friday.
Shares of Synalloy stock traded down $0.69 during trading on Friday, reaching $18.06. 64,500 shares of the stock were exchanged, compared to its average volume of 47,451. 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 stock's fifty day moving average is $17.13 and its 200 day moving average is $14.32. The firm has a market cap of $169.26 million, a price-to-earnings ratio of 50.17 and a beta of 0.66. Synalloy has a 1 year low of $8.39 and a 1 year high of $19.20.
In related news, insider Privet Fund Management Llc purchased 219,523 shares of the firm's stock in a transaction that occurred on Wednesday, December 22nd. The stock was bought at an average cost of $12.75 per share, with a total value of $2,798,918.25. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 10.80% of the stock is owned by corporate insiders.
A number of hedge funds have recently added to or reduced their stakes in the stock. Bank of America Corp DE increased its stake in shares of Synalloy by 14,179.4% during the second quarter. Bank of America Corp DE now owns 4,855 shares of the industrial products company's stock valued at $48,000 after purchasing an additional 4,821 shares in the last quarter. Hillsdale Investment Management Inc. bought a new position in shares of Synalloy during the fourth quarter valued at approximately $80,000. Morgan Stanley increased its stake in shares of Synalloy by 45.3% during the first quarter. Morgan Stanley now owns 10,913 shares of the industrial products company's stock valued at $96,000 after purchasing an additional 3,400 shares in the last quarter. Deltec Asset Management LLC increased its stake in shares of Synalloy by 12.6% during the fourth quarter. Deltec Asset Management LLC now owns 12,895 shares of the industrial products company's stock valued at $212,000 after purchasing an additional 1,439 shares in the last quarter. Finally, Marshall Wace LLP bought a new position in shares of Synalloy during the fourth quarter valued at approximately $223,000. 38.95% of the stock is owned by institutional investors.
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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