Wells Fargo & Company MN lessened its stake in Synalloy Co. (NASDAQ:SYNL) by 7.3% in the fourth quarter, Holdings Channel.com reports. The institutional investor owned 146,675 shares of the industrial products company’s stock after selling 11,540 shares during the quarter. Wells Fargo & Company MN’s holdings in Synalloy were worth $1,144,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Deltec Asset Management LLC bought a new position in shares of Synalloy during the 4th quarter valued at $108,000. Cambridge Investment Research Advisors Inc. lifted its stake in shares of Synalloy by 43.2% in the 4th quarter. Cambridge Investment Research Advisors Inc. now owns 80,305 shares of the industrial products company’s stock valued at $626,000 after acquiring an additional 24,215 shares during the last quarter. Finally, BlackRock Inc. boosted its holdings in Synalloy by 0.7% during the 4th quarter. BlackRock Inc. now owns 178,717 shares of the industrial products company’s stock valued at $1,394,000 after acquiring an additional 1,287 shares during the period. Institutional investors and hedge funds own 32.71% of the company’s stock.
In other Synalloy news, VP Sarah M. Cunningham sold 8,431 shares of the business’s stock in a transaction on Monday, March 15th. The shares were sold at an average price of $10.05, for a total transaction of $84,731.55. Following the transaction, the vice president now directly owns 13,887 shares of the company’s stock, valued at approximately $139,564.35. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 8.23% of the stock is owned by corporate insiders.
Synalloy (NASDAQ:SYNL) last released its quarterly earnings data on Tuesday, March 9th. The industrial products company reported $0.01 earnings per share (EPS) for the quarter. The firm had revenue of $55.90 million for the quarter. Synalloy had a negative net margin of 7.30% and a negative return on equity of 3.74%.
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; liquid storage solutions and separation equipment; and ornamental stainless steel tubes under the ASTI trade name, as well as distributes seamless carbon pipes and tubes.
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