Taylor Devices (NASDAQ:TAYD) Announces Quarterly Earnings Results

Taylor Devices (NASDAQ:TAYD) released its quarterly earnings results on Tuesday. The industrial products company reported $0.58 earnings per share for the quarter, missing analysts’ consensus estimates of $0.78 by ($0.20), Zacks reports. The company had revenue of $8.95 million during the quarter, compared to analyst estimates of $12.80 million. Taylor Devices had a return on equity of 15.77% and a net margin of 21.52%.

Taylor Devices Stock Up 1.0%

Shares of NASDAQ TAYD opened at $55.91 on Wednesday. The stock’s 50 day moving average price is $55.32 and its two-hundred day moving average price is $62.21. Taylor Devices has a 52-week low of $40.50 and a 52-week high of $90.37. The stock has a market capitalization of $180.03 million, a P/E ratio of 16.94 and a beta of 0.94.

Hedge Funds Weigh In On Taylor Devices

A number of large investors have recently bought and sold shares of the business. Royal Bank of Canada boosted its stake in Taylor Devices by 68.2% during the 4th quarter. Royal Bank of Canada now owns 740 shares of the industrial products company’s stock valued at $43,000 after purchasing an additional 300 shares during the period. Tower Research Capital LLC TRC boosted its stake in Taylor Devices by 253.3% during the second quarter. Tower Research Capital LLC TRC now owns 1,014 shares of the industrial products company’s stock valued at $44,000 after buying an additional 727 shares in the last quarter. Rhumbline Advisers grew its stake in shares of Taylor Devices by 24.8% in the 1st quarter. Rhumbline Advisers now owns 2,357 shares of the industrial products company’s stock worth $76,000 after purchasing an additional 468 shares during the last quarter. Bank of America Corp DE increased its holdings in shares of Taylor Devices by 16.3% in the second quarter. Bank of America Corp DE now owns 2,153 shares of the industrial products company’s stock valued at $93,000 after buying an additional 301 shares in the last quarter. Finally, Two Sigma Investments LP acquired a new position in shares of Taylor Devices in the 3rd quarter worth $205,000. Institutional investors own 17.62% of the company’s stock.

Wall Street Analyst Weigh In

TAYD has been the topic of a number of recent analyst reports. Weiss Ratings raised shares of Taylor Devices from a “hold (c)” rating to a “hold (c+)” rating in a research note on Wednesday, August 5th. Wall Street Zen downgraded Taylor Devices from a “buy” rating to a “hold” rating in a report on Monday, August 3rd. Two investment analysts have rated the stock with a Hold rating, According to MarketBeat, the company has an average rating of “Hold”.

About Taylor Devices

Taylor Devices, Inc is an engineering firm headquartered in North Tonawanda, New York, specializing in the design, development and manufacture of motion control products and engineered fluid-handling devices. The company’s core focus is on providing high-performance hydraulic dampers, fluid springs (also known as gas springs), shock absorbers and hydraulic accumulators that are used to manage energy and motion in a wide range of industrial and structural applications.

The company’s product portfolio includes industrial shock absorbers designed to cushion and decelerate moving parts in manufacturing and test-and-measurement systems, fluid viscous dampers for seismic protection of buildings and bridges, and fluid spring devices that combine the properties of a gas spring and a hydraulic damper.