Synalloy (SYNL) Posts Quarterly Earnings Results

Synalloy (NASDAQ:SYNL) posted its earnings results on Tuesday. The industrial products company reported $0.65 EPS for the quarter, Morningstar.com reports. The company had revenue of $77.79 million for the quarter. Synalloy had a return on equity of 18.65% and a net margin of 5.20%. Synalloy updated its FY 2018 guidance to EPS.

NASDAQ:SYNL traded down $0.19 during trading hours on Thursday, reaching $17.44. 4,803 shares of the company were exchanged, compared to its average volume of 16,564. Synalloy has a 1-year low of $11.88 and a 1-year high of $24.80. The company has a debt-to-equity ratio of 0.55, a current ratio of 3.93 and a quick ratio of 1.57. The company has a market capitalization of $163.37 million, a P/E ratio of 9.47 and a beta of 0.39.

In other Synalloy news, CEO Craig C. Bram purchased 1,800 shares of Synalloy stock in a transaction dated Tuesday, September 18th. The stock was acquired at an average price of $22.27 per share, for a total transaction of $40,086.00. Following the acquisition, the chief executive officer now owns 226,441 shares in the company, valued at approximately $5,042,841.07. The purchase was disclosed in a filing with the SEC, which is available through the SEC website. Insiders own 7.57% of the company’s stock.

Several large investors have recently bought and sold shares of the company. BlackRock Inc. raised its holdings in shares of Synalloy by 277.3% in the 2nd quarter. BlackRock Inc. now owns 505,910 shares of the industrial products company’s stock valued at $10,093,000 after purchasing an additional 371,825 shares in the last quarter. Dimensional Fund Advisors LP grew its position in shares of Synalloy by 2.2% in the 2nd quarter. Dimensional Fund Advisors LP now owns 421,815 shares of the industrial products company’s stock worth $8,415,000 after buying an additional 9,195 shares during the last quarter. Renaissance Technologies LLC grew its position in shares of Synalloy by 23.8% in the 2nd quarter. Renaissance Technologies LLC now owns 213,874 shares of the industrial products company’s stock worth $4,267,000 after buying an additional 41,080 shares during the last quarter. Northern Trust Corp grew its position in shares of Synalloy by 320.4% in the 2nd quarter. Northern Trust Corp now owns 88,721 shares of the industrial products company’s stock worth $1,770,000 after buying an additional 67,617 shares during the last quarter. Finally, Bank of New York Mellon Corp grew its position in shares of Synalloy by 70.5% in the 2nd quarter. Bank of New York Mellon Corp now owns 41,713 shares of the industrial products company’s stock worth $832,000 after buying an additional 17,242 shares during the last quarter. Institutional investors and hedge funds own 54.96% of the company’s stock.

Separately, TheStreet downgraded Synalloy from a “b” rating to a “c+” rating in a research 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.

Further Reading: Fundamental Analysis and Individual Investors

Earnings History for Synalloy (NASDAQ:SYNL)

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