Synalloy Co. (NASDAQ:SYNL) was the target of a large decrease in short interest during the month of July. As of July 15th, there was short interest totalling 168,200 shares, a decrease of 21.2% from the June 30th total of 213,500 shares. Currently, 2.3% of the shares of the stock are sold short. Based on an average trading volume of 48,200 shares, the short-interest ratio is currently 3.5 days.
Several hedge funds have recently bought and sold shares of SYNL. UBS Group AG lifted its holdings in Synalloy by 41.8% during the 4th quarter. UBS Group AG now owns 10,543 shares of the industrial products company’s stock valued at $136,000 after purchasing an additional 3,110 shares during the last quarter. Goldman Sachs Group Inc. bought a new position in shares of Synalloy in the fourth quarter valued at about $169,000. Bank of New York Mellon Corp lifted its stake in shares of Synalloy by 5.2% during the 1st quarter. Bank of New York Mellon Corp now owns 27,672 shares of the industrial products company’s stock worth $242,000 after buying an additional 1,357 shares during the last quarter. Cambridge Investment Research Advisors Inc. bought a new stake in shares of Synalloy during the 2nd quarter worth about $373,000. Finally, Farr Miller & Washington LLC DC boosted its holdings in shares of Synalloy by 12.3% during the 1st quarter. Farr Miller & Washington LLC DC now owns 102,002 shares of the industrial products company’s stock worth $890,000 after buying an additional 11,143 shares during the period. 40.89% of the stock is currently owned by institutional investors and hedge funds.
Synalloy stock opened at $7.10 on Friday. The company has a debt-to-equity ratio of 1.06, a quick ratio of 1.35 and a current ratio of 3.64. Synalloy has a 1 year low of $6.51 and a 1 year high of $17.17. The company’s 50-day moving average is $7.70 and its two-hundred day moving average is $9.86.
Separately, TheStreet cut shares of Synalloy from a “c-” rating to a “d+” rating in a research report on Tuesday, April 21st.
Synalloy Corporation manufactures and sells metals and specialty chemicals in the United States and internationally. The company's Metals segment offers stainless steel, galvanized, and other alloy pipes and tubes under the BRISMET trade name through authorized stocking distributors; liquid storage solutions and separation equipment; and ornamental stainless steel tubing, as well as distributes seamless carbon pipes and tubes.
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