Synalloy (NASDAQ:SYNL) Coverage Initiated at StockNews.com

StockNews.com initiated coverage on shares of Synalloy (NASDAQ:SYNL – Get Rating) in a research report issued on Tuesday. The firm set a “buy” rating on the industrial products company’s stock.

Synalloy Price Performance

Synalloy stock opened at $15.57 on Tuesday. The company has a current ratio of 2.84, a quick ratio of 1.18 and a debt-to-equity ratio of 0.50. The company has a market capitalization of $159.44 million, a PE ratio of 4.14 and a beta of 0.62. Synalloy has a 12 month low of $10.16 and a 12 month high of $19.20. The stock has a 50-day moving average price of $14.13 and a two-hundred day moving average price of $15.85.

Institutional Investors Weigh In On Synalloy

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Ritholtz Wealth Management grew its stake in Synalloy by 13.8% during the second quarter. Ritholtz Wealth Management now owns 13,397 shares of the industrial products company’s stock worth $188,000 after purchasing an additional 1,627 shares during the period. Deltec Asset Management LLC grew its stake in Synalloy by 19.4% during the first quarter. Deltec Asset Management LLC now owns 15,395 shares of the industrial products company’s stock worth $247,000 after purchasing an additional 2,500 shares during the period. Engineers Gate Manager LP acquired a new stake in Synalloy during the first quarter worth approximately $256,000. Raymond James & Associates acquired a new stake in Synalloy during the first quarter worth approximately $270,000. Finally, Bank of New York Mellon Corp acquired a new stake in Synalloy during the first quarter worth approximately $272,000. Institutional investors and hedge funds own 37.88% of the company’s stock.

About Synalloy

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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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