Today’s Stock On Watch: Is Selling Synalloy Corporation Here a Winning Strategy?

Today's Stock On Watch: Is Selling Synalloy Corporation Here a Winning Strategy?

The stock of Synalloy Corporation (NASDAQ:SYNL) is a huge mover today! The stock decreased 4.48% or $0.42 on October 3, hitting $8.95. About 92,956 shares traded hands or 202.41% up from the average. Synalloy Corporation (NASDAQ:SYNL) has risen 19.32% since February 29, 2016 and is uptrending. It has outperformed by 7.11% the S&P500.
The move comes after 8 months negative chart setup for the $80.81 million company. It was reported on Oct, 4 by Barchart.com. We have $7.79 PT which if reached, will make NASDAQ:SYNL worth $10.51 million less.

Analysts await Synalloy Corporation (NASDAQ:SYNL) to report earnings on November, 14.

According to Zacks Investment Research, “SYNALLOY CORP. operates in 2 principal industry segments: chemical & metal. The chemical segment manufactures dyes, pigments & auxiliaries for the textile industry & a variety of specialty chemicals for the chemical, petroleum & pharmaceutical industries. The metals segment manufactures welded stainless steel pipe & highly specialized products, most of which are custom-produced to individual orders. Products include piping systems, fittings, tanks, pressure vessels and a variety of other components.”

Insitutional Activity: The institutional sentiment decreased to 1.15 in Q2 2016. Its down 0.02, from 1.17 in 2016Q1. The ratio fall, as 2 funds sold all Synalloy Corporation shares owned while 11 reduced positions. 3 funds bought stakes while 12 increased positions. They now own 4.00 million shares or 6.24% less from 4.26 million shares in 2016Q1.
The Pennsylvania-based Nationwide Fund Advsr has invested 0% in Synalloy Corporation (NASDAQ:SYNL). Minerva Advsrs Limited Liability last reported 68,255 shares in the company. Deutsche Bancorp Ag has invested 0% of its portfolio in Synalloy Corporation (NASDAQ:SYNL). Vanguard has invested 0% of its portfolio in Synalloy Corporation (NASDAQ:SYNL). Morgan Stanley accumulated 0% or 8,965 shares. Gam Hldg Ag holds 0.02% or 150,000 shares in its portfolio. Dimensional Fund Lp holds 394,641 shares or 0% of its portfolio. Lsv Asset Mngmt accumulated 0% or 24,287 shares. Blackrock Institutional Com Na holds 0% or 117,973 shares in its portfolio. California Public Employees Retirement owns 44,857 shares or 0% of their US portfolio. Bridgeway Cap Mgmt has 105,800 shares for 0.01% of their US portfolio. Geode Capital Mngmt Lc, a Massachusetts-based fund reported 36,285 shares. Moreover, Wells Fargo & Mn has 0% invested in Synalloy Corporation (NASDAQ:SYNL) for 1,200 shares. Markel Corporation has 414,804 shares for 0.08% of their US portfolio. The Illinois-based Northern Tru has invested 0% in Synalloy Corporation (NASDAQ:SYNL).

Insider Transactions: Since September 6, 2016, the stock had 6 insider buys, and 0 sales for $554,573 net activity. 10,000 shares were bought by Loughran Dennis M, worth $75,149 on Tuesday, September 6. $197,690 worth of shares were bought by BRAM CRAIG C on Tuesday, September 6. The insider Guy Henry L bought 20,000 shares worth $149,098. $28,376 worth of Synalloy Corporation (NASDAQ:SYNL) was bought by J. Kyle Pennington on Tuesday, September 6. The insider White Vincent W bought 10,000 shares worth $74,980. On Wednesday, September 7 the insider Cunningham Sarah M bought $29,280.

More recent Synalloy Corporation (NASDAQ:SYNL) news were published by: Globenewswire.com which released: “Synalloy Closes on ABL Credit Facility for $45.0 Million and Signs Purchase …” on September 01, 2016. Also Globenewswire.com published the news titled: “Synalloy Corporation Delivers Non-Binding Preliminary Indication of Interest …” on January 09, 2015. Equitiesfocus.com‘s news article titled: “Synalloy Corporation (NASDAQ:SYNL) Reported Basic Consolidated EPS Of $-1.3227” with publication date: October 02, 2016 was also an interesting one.

SYNL Company Profile

Synalloy Corporation, incorporated on March 15, 1988, is a chemical manufacturing company. The Firm operates through two divisions: the Metals Segment and the Specialty Chemicals Segment. The Metals Segment makes stainless steel, other alloy pipe, storage solutions and separation equipment. The Specialty Chemicals Segment makes lubricants, surfactants, reaction intermediaries, sulfated fats and oils, and chemical tolling manufacturing resources.

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