Craig Bram (Insider Trades), CEO and president of Synalloy Corp. (SYNL), bought 4,080 shares on Nov. 13. The average price per share was $7.67, for a total transaction of $31,294. Synalloy produces stainless steel pipe, fiberglass and steel storage tanks, and specialty chemicals, while also distributing carbon pipe and tube. The company has a market cap of $72.80 million and a P/S ratio of 0.38.
Insider buys for the company increased in number from 2012 to 2015; there were only four insider buys of Synalloy in 2012, compared to 15 in 2015. The number of insider sells decreased from three to zero during the same period of time. When weighing the average volume per insider buys in these two years, the number decreased from 3,500 shares to 2,574.5 shares. Bram bought 47,237 shares of the company in 18 transactions since August 2011. Bram made eight of these 18 transactions in 2015 alone. 
Insider buy number and volume spiked in 2015, correlating to a decrease in month end price of the company. For more information about insider trades with SYNL, click here.
Net income for the company increased from $1.278 million, or 36 cents per share in the third quarter of 2014, to $1.355 million, or 16 cents per share in the third quarter of 2015. 
Annual net income decreased 5.69%, and annual revenue increased 7.23% since 2010. On Aug. 31, the company announced the authorization of a stock purchase program by the board of directors. Under this program, up to 1 million shares of SYNL outstanding common stock may be acquired until August 2018. Bram commented that the Board of Director’s approval “reflects [the company’s] confidence in Synalloy’s future,” and that repurchasing stock reinforces the company’s “commitment to enhancing stockholder value.”
In April, a fire in the storage tank facility shut down the fiberglass fabrication area, resulting in financial losses. The company reported that the losses were offset by business interruption insurance proceeds of $577,000 and $1,057,000 for the third quarter and 9 months of 2015, respectively. Nickel prices also continued to drop during 2015, causing inventory losses of $2.213 million for the third quarter of 2015. This is compared to inventory gains of $808,000 for the third quarter of 2014.
According to GuruFocus.com information, Synalloy Corp. has a business predictability rank of 1 out of 5 stars. For more information about business predictability rank, click here.
Two gurus reduced their stake in the company during the third quarter of 2015. Jim Simons (Trades, Portfolio) sold 2.97% of his holding with SYNL, at an average price of $11.12 per share. This transaction comes after Simons increased his stake in SYNL by 54.15% in the previous quarter. On the other hand, Chuck Royce (Trades, Portfolio) reduced his stake in the company by 2.24% after also reducing his stake in the second quarter of 2015. For more information about guru transactions with SYNL, click here.
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