Shimmick Corporation $SHIM Stock Position Lowered by Sanders Morris Harris LLC

Key Points

• Sanders Morris Harris cut its Shimmick stake by 51.4% in the second quarter, selling 390,097 shares and retaining 368,300 shares valued at approximately $1.68 million.
• Other institutional investors increased their holdings, including Sei Investments, which expanded its position by 896.8%. Institutional investors collectively owned 6.94% of Shimmick.
• Shimmick reported a quarterly loss of $0.07 per share, slightly better than estimates, but revenue of $88.03 million fell short of the $116.80 million forecast. Analysts maintain a consensus “Hold” rating with a $5.50 price target.

Sanders Morris Harris LLC decreased its position in Shimmick Corporation (NASDAQ:SHIM - Free Report) by 51.4% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 368,300 shares of the company's stock after selling 390,097 shares during the quarter. Shimmick comprises approximately 1.0% of Sanders Morris Harris LLC's holdings, making the stock its 21st largest position. Sanders Morris Harris LLC owned approximately 1.00% of Shimmick worth $1,683,000 at the end of the most recent quarter.

Several other large investors have also bought and sold shares of the company. Renaissance Technologies LLC bought a new stake in Shimmick in the first quarter worth about $131,000. 1492 Capital Management LLC boosted its position in shares of Shimmick by 46.0% during the 1st quarter. 1492 Capital Management LLC now owns 149,812 shares of the company's stock valued at $550,000 after purchasing an additional 47,180 shares in the last quarter. Finally, Sei Investments Co. grew its stake in shares of Shimmick by 896.8% in the 1st quarter. Sei Investments Co. now owns 246,816 shares of the company's stock worth $906,000 after purchasing an additional 222,055 shares during the last quarter. Institutional investors own 6.94% of the company's stock.

Shimmick Trading Down 1.9%

SHIM opened at $4.18 on Thursday. The stock has a fifty day moving average price of $3.82 and a 200 day moving average price of $3.98. Shimmick Corporation has a 1 year low of $1.68 and a 1 year high of $6.76. The stock has a market cap of $153.39 million, a price-to-earnings ratio of -7.21 and a beta of 0.78.

Shimmick (NASDAQ:SHIM - Get Free Report) last issued its earnings results on Thursday, May 14th. The company reported ($0.07) earnings per share for the quarter, topping the consensus estimate of ($0.08) by $0.01. The firm had revenue of $88.03 million during the quarter, compared to analyst estimates of $116.80 million. As a group, sell-side analysts forecast that Shimmick Corporation will post -0.08 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of analysts recently weighed in on SHIM shares. Weiss Ratings restated a "sell (d-)" rating on shares of Shimmick in a report on Wednesday, June 24th. Wall Street Zen raised Shimmick to a "hold" rating in a report on Saturday, April 25th. Two analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company. According to MarketBeat, Shimmick has a consensus rating of "Hold" and an average price target of $5.50.

About Shimmick

Shimmick Corporation provides water and other critical infrastructure solutions in the United States. The company undertakes water and wastewater treatment infrastructure; water storage and conveyance, including dams, levees, flood control systems, pump stations, and coastal protection infrastructure; and mass transit, bridges, and military infrastructure projects. It serves federal, state, and local governments. The company was formerly known as SCCI National Holdings, Inc and changed its name to Shimmick Corporation in September 2023.

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