Taylor Devices (NASDAQ:TAYD) Share Price Crosses Above 50-Day Moving Average - Here's What Happened

Key Points

• Taylor Devices shares crossed above their 50-day moving average, trading at $58.72 after reaching $58.81; the 50-day average was $58.68.
• Analyst opinions are mixed, but MarketBeat reports a “Moderate Buy” consensus and a $65 price target. Ratings range from one Strong Buy to three Holds.
• The company’s latest quarter fell short of expectations: earnings were $0.14 per share versus a $0.92 estimate, while revenue was $7.3 million compared with $13.1 million expected.

Taylor Devices, Inc. (NASDAQ:TAYD - Get Free Report) passed above its fifty day moving average during trading on Thursday. The stock has a fifty day moving average of $58.68 and traded as high as $58.81. Taylor Devices shares last traded at $58.72, with a volume of 12,650 shares trading hands.

Wall Street Analyst Weigh In

Several equities analysts have issued reports on the company. Weiss Ratings lowered Taylor Devices from a "hold (c+)" rating to a "hold (c)" rating in a report on Wednesday, August 19th. Freedom Capital upgraded Taylor Devices from a "hold" rating to a "strong-buy" rating in a research report on Thursday, August 20th. Wall Street Zen downgraded Taylor Devices from a "buy" rating to a "hold" rating in a report on Monday, August 3rd. Zacks Research raised Taylor Devices to a "hold" rating in a research report on Thursday, October 1st. Finally, Freedom Broker downgraded Taylor Devices from a "buy" rating to a "hold" rating and dropped their price target for the stock from $70.00 to $65.00 in a research note on Tuesday, October 13th. One research analyst has rated the stock with a Strong Buy rating and three have issued a Hold rating to the company's stock. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $65.00.

Taylor Devices Stock Performance

The company has a market cap of $189.67 million, a PE ratio of 28.37 and a beta of 0.97. The stock's 50-day simple moving average is $58.68 and its 200 day simple moving average is $61.30.

Taylor Devices (NASDAQ:TAYD - Get Free Report) last issued its earnings results 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). The firm had revenue of $7.30 million during the quarter, compared to analysts' expectations of $13.10 million. Taylor Devices had a net margin of 17.50% and a return on equity of 9.64%. On average, sell-side analysts predict that Taylor Devices, Inc. will post 3.51 EPS for the current fiscal year.

Institutional Investors Weigh In On Taylor Devices

Hedge funds have recently added to or reduced their stakes in the company. Russell Investments Group Ltd. boosted its holdings in Taylor Devices by 74.3% in the 3rd quarter. Russell Investments Group Ltd. now owns 530 shares of the industrial products company's stock valued at $32,000 after purchasing an additional 226 shares in the last quarter. State of Wyoming acquired a new position in Taylor Devices during the 3rd quarter worth approximately $156,000. Deutsche Bank AG purchased a new position in shares of Taylor Devices during the 2nd quarter worth approximately $189,000. Lazard Asset Management LLC purchased a new position in shares of Taylor Devices during the 1st quarter worth approximately $230,000. Finally, Hillsdale Investment Management Inc. purchased a new position in shares of Taylor Devices during the 1st quarter worth approximately $251,000. Institutional investors and hedge funds own 17.62% of the company's stock.

Taylor Devices Company Profile

Taylor Devices designs and manufactures products that control shock, vibration and motion. Its offerings include fluid viscous dampers, shock absorbers, vibration isolation systems and rate-control devices for applications that require protection from impact or unwanted movement. The company's products serve a range of markets, including aerospace, defense, industrial equipment and construction. In the building and infrastructure sector, Taylor Devices supplies damping systems designed to help structures such as buildings and bridges withstand forces from earthquakes and wind.

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