Bridgeway Capital Management Inc. trimmed its position in shares of Synalloy Co. (NASDAQ:SYNL) by 31.1% during the third quarter, HoldingsChannel reports. The firm owned 61,700 shares of the industrial products company’s stock after selling 27,900 shares during the quarter. Bridgeway Capital Management Inc.’s holdings in Synalloy were worth $1,410,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors have also recently made changes to their positions in the company. BlackRock Inc. boosted its position in shares of Synalloy by 1.5% during the third quarter. BlackRock Inc. now owns 513,455 shares of the industrial products company’s stock worth $11,733,000 after purchasing an additional 7,545 shares in the last quarter. Dimensional Fund Advisors LP raised its holdings in shares of Synalloy by 6.4% during the third quarter. Dimensional Fund Advisors LP now owns 448,745 shares of the industrial products company’s stock worth $10,254,000 after acquiring an additional 26,930 shares during the period. Renaissance Technologies LLC raised its holdings in shares of Synalloy by 23.8% during the second quarter. Renaissance Technologies LLC now owns 213,874 shares of the industrial products company’s stock worth $4,267,000 after acquiring an additional 41,080 shares during the period. Northern Trust Corp raised its holdings in shares of Synalloy by 320.4% during the second quarter. Northern Trust Corp now owns 88,721 shares of the industrial products company’s stock worth $1,770,000 after acquiring an additional 67,617 shares during the period. Finally, Bank of New York Mellon Corp raised its holdings in shares of Synalloy by 70.5% during the second quarter. Bank of New York Mellon Corp now owns 41,713 shares of the industrial products company’s stock worth $832,000 after acquiring an additional 17,242 shares during the period. 55.73% of the stock is currently owned by institutional investors.
In related news, CEO Craig C. Bram acquired 1,800 shares of the company’s stock in a transaction that occurred on Tuesday, September 18th. The shares were acquired at an average cost of $22.27 per share, for a total transaction of $40,086.00. Following the completion of the acquisition, the chief executive officer now directly owns 226,441 shares in the company, valued at approximately $5,042,841.07. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 7.57% of the company’s stock.
Shares of NASDAQ:SYNL opened at $15.08 on Thursday. Synalloy Co. has a 12 month low of $11.88 and a 12 month high of $24.80. The company has a current ratio of 2.91, a quick ratio of 1.04 and a debt-to-equity ratio of 0.62. The firm has a market cap of $141.80 million, a P/E ratio of 8.24 and a beta of 0.36.
Synalloy (NASDAQ:SYNL) last issued its quarterly earnings data on Tuesday, November 6th. The industrial products company reported $0.65 EPS for the quarter. Synalloy had a net margin of 5.20% and a return on equity of 18.26%. The business had revenue of $77.79 million for the quarter.
The business also recently disclosed an annual dividend, which will be paid on Wednesday, December 12th. Investors of record on Friday, November 30th will be issued a dividend of $0.25 per share. This represents a dividend yield of 1.48%. This is a positive change from Synalloy’s previous annual dividend of $0.13. The ex-dividend date is Thursday, November 29th.
Separately, TheStreet lowered shares of Synalloy from a “b” rating to a “c+” rating in a report on Wednesday, August 15th.
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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.
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