Taylor Devices, Inc. (NASDAQ:TAYD) Sees Large Increase in Short Interest

Taylor Devices, Inc. (NASDAQ:TAYD) was the recipient of a large growth in short interest in the month of June. As of June 30th, there was short interest totaling 139,068 shares, a growth of 237.5% from the June 15th total of 41,203 shares. Currently, 4.7% of the company’s stock are sold short. Based on an average daily trading volume, of 77,254 shares, the short-interest ratio is currently 1.8 days.

Insiders Place Their Bets

In related news, Director Robert Michael Carey sold 5,000 shares of the business’s stock in a transaction on Tuesday, April 28th. The shares were sold at an average price of $56.73, for a total value of $283,650.00. Following the sale, the director directly owned 7,721 shares of the company’s stock, valued at approximately $438,012.33. The trade was a 39.31% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Insiders own 8.88% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the business. Royal Bank of Canada raised its stake in Taylor Devices by 68.2% in the 4th quarter. Royal Bank of Canada now owns 740 shares of the industrial products company’s stock valued at $43,000 after acquiring an additional 300 shares during the period. Tower Research Capital LLC TRC boosted its position 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 worth $44,000 after purchasing an additional 727 shares during the period. 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 purchasing an additional 301 shares during the last quarter. Rhumbline Advisers increased its holdings in shares of Taylor Devices by 24.8% in the first quarter. Rhumbline Advisers now owns 2,357 shares of the industrial products company’s stock valued at $76,000 after purchasing an additional 468 shares during the last quarter. Finally, Barclays PLC raised its position in shares of Taylor Devices by 621.0% in the fourth quarter. Barclays PLC now owns 3,533 shares of the industrial products company’s stock valued at $207,000 after purchasing an additional 3,043 shares during the period. 17.62% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several brokerages have recently weighed in on TAYD. Wall Street Zen upgraded Taylor Devices from a “hold” rating to a “buy” rating in a report on Saturday, May 2nd. Weiss Ratings lowered Taylor Devices from a “hold (c+)” rating to a “hold (c)” rating in a report on Tuesday, June 23rd. Two research analysts have rated the stock with a Hold rating, According to MarketBeat, the stock has a consensus rating of “Hold”.

Taylor Devices Stock Performance

Taylor Devices stock opened at $56.28 on Monday. The stock has a 50-day simple moving average of $54.15 and a 200 day simple moving average of $64.75. The stock has a market capitalization of $181.22 million, a P/E ratio of 17.05 and a beta of 0.92. Taylor Devices has a 52 week low of $40.50 and a 52 week high of $90.37.

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.