Taylor Devices (NASDAQ:TAYD) Announces Quarterly Earnings Results, Misses Expectations By $0.20 EPS

Taylor Devices (NASDAQ:TAYD) announced 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), reports. The company had revenue of $8.95 million for the quarter, compared to analyst estimates of $12.80 million. Taylor Devices had a return on equity of 12.75% and a net margin of 20.56%.

Taylor Devices Price Performance

TAYD stock opened at $57.70 on Thursday. The firm has a market capitalization of $185.79 million, a P/E ratio of 21.29 and a beta of 0.94. Taylor Devices has a 52-week low of $40.50 and a 52-week high of $90.37. The company’s 50 day simple moving average is $55.37 and its 200-day simple moving average is $62.10.

Institutional Trading of Taylor Devices

Several hedge funds and other institutional investors have recently modified their holdings of the business. Rhumbline Advisers grew its holdings in shares of Taylor Devices by 24.8% during the first quarter. Rhumbline Advisers now owns 2,357 shares of the industrial products company’s stock valued at $76,000 after buying an additional 468 shares in the last quarter. Arrowstreet Capital Limited Partnership boosted its position in Taylor Devices by 29.8% during the 2nd quarter. Arrowstreet Capital Limited Partnership now owns 21,300 shares of the industrial products company’s stock worth $924,000 after acquiring an additional 4,888 shares during the period. First Trust Advisors LP boosted its position in Taylor Devices by 4.1% during the 2nd quarter. First Trust Advisors LP now owns 10,127 shares of the industrial products company’s stock worth $440,000 after acquiring an additional 399 shares during the period. Ameriprise Financial Inc. purchased a new position in Taylor Devices during the 2nd quarter valued at about $4,361,000. Finally, Bank of America Corp DE increased its holdings in shares of Taylor Devices by 16.3% in the 2nd quarter. Bank of America Corp DE now owns 2,153 shares of the industrial products company’s stock valued at $93,000 after purchasing an additional 301 shares during the period. Institutional investors and hedge funds own 17.62% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages recently weighed in on TAYD. Weiss Ratings upgraded shares of Taylor Devices from a “hold (c)” rating to a “hold (c+)” rating in a research report on Wednesday, August 5th. Wall Street Zen lowered Taylor Devices from a “buy” rating to a “hold” rating in a report on Monday, August 3rd. Two equities research analysts have rated the stock with a Hold rating, Based on data from MarketBeat.com, the company presently has an average rating of “Hold”.

Taylor Devices Company Profile

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.