Freedom Broker Reaffirms Hold Rating for Taylor Devices (NASDAQ:TAYD)

Key Points

• Freedom Broker maintained a “hold” rating on Taylor Devices but lowered its price target from $70 to $65, implying approximately 14.22% upside from the prior close.
• Taylor Devices reported weak quarterly results, with earnings per share of $0.14 versus the $0.92 consensus estimate and revenue of $7.30 million versus $13.10 million expected.
• The stock traded at $56.91, with a market capitalization of roughly $183.8 million; institutional investors own 17.62% of the company, including new stakes from BlackRock and other investment firms.

Taylor Devices (NASDAQ:TAYD - Get Free Report)'s stock had its "hold" rating restated by equities research analysts at Freedom Broker in a note issued to investors on Tuesday, Benzinga reports. They presently have a $65.00 price objective on the industrial products company's stock, down from their prior price objective of $70.00. Freedom Broker's target price points to a potential upside of 14.22% from the company's previous close.

A number of other research analysts have also recently issued reports on TAYD. Weiss Ratings cut shares of Taylor Devices from a "hold (c+)" rating to a "hold (c)" rating in a research report on Wednesday, August 19th. Wall Street Zen lowered shares of Taylor Devices from a "buy" rating to a "hold" rating in a research note on Monday, August 3rd. Freedom Capital upgraded shares of Taylor Devices from a "hold" rating to a "strong-buy" rating in a report on Thursday, August 20th. Finally, Zacks Research raised shares of Taylor Devices to a "hold" rating in a research note on Thursday, October 1st. One research analyst has rated the stock with a Strong Buy rating and three have given a Hold rating to the company's stock. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $65.00.

Taylor Devices Price Performance

TAYD traded down $3.02 on Tuesday, hitting $56.91. The company had a trading volume of 63,064 shares, compared to its average volume of 44,108. Taylor Devices has a 52-week low of $40.50 and a 52-week high of $90.37. The stock has a fifty day simple moving average of $58.79 and a 200-day simple moving average of $56.60. The firm has a market capitalization of $183.82 million, a P/E ratio of 27.49 and a beta of 0.94.

Taylor Devices (NASDAQ:TAYD - Get Free Report) last posted its quarterly earnings data on Friday, October 2nd. The industrial products company reported $0.14 earnings per share for the quarter, missing the consensus estimate of $0.92 by ($0.78). Taylor Devices had a net margin of 17.50% and a return on equity of 9.64%. The firm had revenue of $7.30 million for the quarter, compared to the consensus estimate of $13.10 million. Equities research analysts expect that Taylor Devices will post 3.51 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Taylor Devices

A number of institutional investors have recently bought and sold shares of the stock. BlackRock Inc. bought a new stake in shares of Taylor Devices in the 2nd quarter worth about $10,438,000. Arrowstreet Capital Limited Partnership lifted its holdings in shares of Taylor Devices by 84.3% in the 1st quarter. Arrowstreet Capital Limited Partnership now owns 47,198 shares of the industrial products company's stock valued at $2,690,000 after acquiring an additional 21,590 shares during the last quarter. Punch & Associates Investment Management Inc. purchased a new position in Taylor Devices in the second quarter worth about $1,895,000. De Lisle Partners LLP purchased a new position in Taylor Devices in the second quarter worth about $2,699,000. Finally, Navellier & Associates Inc. purchased a new position in Taylor Devices in the second quarter worth about $517,000. 17.62% of the stock is owned by institutional investors.

Taylor Devices Company Profile

Taylor Devices, Inc NASDAQ: TAYD designs and manufactures shock absorption, vibration isolation and energy storage products for specialized engineering applications. Its products are used to control motion, manage impact forces and protect structures, equipment and personnel in demanding operating environments.

The company's offerings include seismic dampers and restraints, fluid viscous dampers, structural protection systems, shock absorbers, vibration isolation systems, custom actuators and mechanical and fluid-based energy storage devices.

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