Smith-Midland (NASDAQ:SMID) Shares Down 5.8% - Here's What Happened

Key Points

• Smith-Midland's shares fell by 5.8% to $39.60 after closing at $42.02, with trading volume down slightly from the average.
• Wall Street Zen downgraded Smith-Midland from a "buy" to a "hold" rating, contributing to investor uncertainty.
• Insiders have sold a total of 21,000 shares in the past 90 days, indicating potential concerns about the stock's performance.

Smith-Midland Corp. (NASDAQ:SMID - Get Free Report) shares traded down 5.8% during trading on Tuesday . The company traded as low as $39.07 and last traded at $39.60. 11,230 shares traded hands during mid-day trading, a decline of 1% from the average session volume of 11,332 shares. The stock had previously closed at $42.02.

Analyst Upgrades and Downgrades

Separately, Wall Street Zen downgraded Smith-Midland from a "buy" rating to a "hold" rating in a research note on Saturday, August 16th.

Smith-Midland Price Performance

The stock has a 50 day moving average of $38.56 and a two-hundred day moving average of $33.81. The stock has a market cap of $210.08 million, a PE ratio of 17.45 and a beta of 1.72. The company has a debt-to-equity ratio of 0.08, a quick ratio of 2.44 and a current ratio of 2.88.

Smith-Midland (NASDAQ:SMID - Get Free Report) last issued its quarterly earnings results on Thursday, August 14th. The company reported $0.79 earnings per share for the quarter. The firm had revenue of $26.20 million for the quarter. Smith-Midland had a return on equity of 27.32% and a net margin of 13.24%.

Insider Buying and Selling at Smith-Midland

In other news, Director James Russell Bruner sold 6,000 shares of the firm's stock in a transaction on Wednesday, August 20th. The stock was sold at an average price of $39.06, for a total value of $234,360.00. Following the completion of the sale, the director owned 6,594 shares of the company's stock, valued at $257,561.64. This trade represents a 47.64% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, major shareholder Rodney I. Smith sold 13,656 shares of the firm's stock in a transaction on Friday, August 22nd. The stock was sold at an average price of $41.36, for a total value of $564,812.16. Following the completion of the sale, the insider directly owned 534,499 shares of the company's stock, valued at approximately $22,106,878.64. This trade represents a 2.49% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 21,000 shares of company stock valued at $853,081. 3.90% of the stock is currently owned by insiders.

Institutional Trading of Smith-Midland

Several hedge funds and other institutional investors have recently modified their holdings of SMID. Rhumbline Advisers lifted its holdings in shares of Smith-Midland by 9.6% during the 1st quarter. Rhumbline Advisers now owns 4,265 shares of the company's stock valued at $133,000 after buying an additional 372 shares during the last quarter. Needham Investment Management LLC lifted its holdings in shares of Smith-Midland by 0.5% during the 4th quarter. Needham Investment Management LLC now owns 211,000 shares of the company's stock valued at $9,381,000 after buying an additional 1,000 shares during the last quarter. Bank of America Corp DE lifted its stake in shares of Smith-Midland by 9.3% in the 4th quarter. Bank of America Corp DE now owns 14,412 shares of the company's stock valued at $641,000 after purchasing an additional 1,230 shares during the last quarter. Tower Research Capital LLC TRC lifted its stake in shares of Smith-Midland by 495.7% in the 2nd quarter. Tower Research Capital LLC TRC now owns 1,787 shares of the company's stock valued at $60,000 after purchasing an additional 1,487 shares during the last quarter. Finally, BNP Paribas Financial Markets acquired a new stake in shares of Smith-Midland in the 4th quarter valued at $72,000. Institutional investors and hedge funds own 49.94% of the company's stock.

About Smith-Midland

Smith-Midland Corporation invents, develops, manufactures, markets, leases, licenses, sells, and installs precast concrete products and systems in the United States. It offers SlenderWall lightweight construction panel, lightweight exterior cladding used for the exterior walls of buildings; Sierra Wall that provides sound and sight barrier for use alongside highways around residential, industrial, and commercial properties; J-J Hooks highway safety barriers, used on roadways to separate lanes of traffic in construction work zone or traffic control purposes; Easi-Set precast building and Easi-Span expandable precast buildings, used in housing communications operations, traffic control systems, and mechanical and electrical stations; Easi-Set utility, vaults for house equipment, such as cable, telephone, or traffic signal equipment, and for underground storage, as well as custom-built utility vaults for special needs; SoftSound soundwall panels, it absorb highway noise; Beach Prisms erosion control modules for seawalls and jetties; and H2Out secondary drainage systems for panelized exterior cladding.

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