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Synalloy Co. (NASDAQ:SYNL - Get Rating) saw a large decrease in short interest in the month of June. As of June 15th, there was short interest totalling 11,700 shares, a decrease of 17.0% from the May 31st total of 14,100 shares. Based on an average daily volume of 36,200 shares, the short-interest ratio is currently 0.3 days. Approximately 0.1% of the company's stock are short sold.
In other Synalloy news, CEO Christopher Gerald Hutter bought 4,592 shares of the company's stock in a transaction dated Friday, May 13th. The shares were bought at an average price of $15.00 per share, for a total transaction of $68,880.00. Following the acquisition, the chief executive officer now directly owns 210,168 shares of the company's stock, valued at $3,152,520. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 11.99% of the stock is owned by corporate insiders.
A number of institutional investors have recently made changes to their positions in SYNL. Deltec Asset Management LLC boosted its position in Synalloy by 12.6% during the fourth quarter. Deltec Asset Management LLC now owns 12,895 shares of the industrial products company's stock worth $212,000 after purchasing an additional 1,439 shares during the period. Citadel Investment Advisory Inc. bought a new stake in Synalloy during the fourth quarter worth approximately $307,000. Hillsdale Investment Management Inc. bought a new stake in Synalloy during the fourth quarter worth approximately $80,000. Dimensional Fund Advisors LP boosted its position in Synalloy by 6.1% during the fourth quarter. Dimensional Fund Advisors LP now owns 441,807 shares of the industrial products company's stock worth $7,259,000 after purchasing an additional 25,320 shares during the period. Finally, HighTower Advisors LLC bought a new stake in Synalloy during the fourth quarter worth approximately $1,540,000. 37.88% of the stock is owned by hedge funds and other institutional investors.
NASDAQ:SYNL opened at $14.01 on Tuesday. The stock's 50 day moving average price is $15.62 and its 200 day moving average price is $16.40. Synalloy has a 52 week low of $9.50 and a 52 week high of $19.20. The company has a market capitalization of $143.46 million, a P/E ratio of 4.65 and a beta of 0.66. The company has a debt-to-equity ratio of 0.57, a quick ratio of 1.18 and a current ratio of 2.97.
Synalloy (NASDAQ:SYNL - Get Rating) last released its quarterly earnings data on Tuesday, May 10th. The industrial products company reported $0.99 EPS for the quarter. The firm had revenue of $116.22 million for the quarter. Synalloy had a return on equity of 28.56% and a net margin of 7.72%.
Separately, StockNews.com downgraded Synalloy from a "strong-buy" rating to a "buy" rating in a report on Tuesday, June 7th.
Synalloy Corporation, through its subsidiaries, manufactures and sells metals and specialty chemicals in the United States and internationally. The company's Metals segment manufactures welded pipes and tubes, primarily from stainless steel, duplex, and nickel alloys; and galvanized carbon tubes, as well as related stainless pipe products.
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