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

Key Points

• Short interest in Taylor Devices surged in June, rising 237.5% to 139,068 shares by June 30. That represents 4.7% of the float and about 1.8 days of trading volume to cover.
• Insider activity included a notable sale by Director Robert Michael Carey, who sold 5,000 shares at $56.73 each in late April, reducing his holdings by 39.31%.
• Wall Street sentiment remains cautious overall, with two analysts assigning Hold ratings and a consensus rating of Hold, despite one recent upgrade from Wall Street Zen.

Taylor Devices, Inc. (NASDAQ:TAYD - Get Free Report) was the target of a significant increase in short interest in June. As of June 30th, there was short interest totaling 139,068 shares, an increase of 237.5% from the June 15th total of 41,203 shares. Currently, 4.7% of the shares of the stock are sold short. Based on an average daily volume of 77,254 shares, the short-interest ratio is presently 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 that occurred 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 completion of the transaction, the director owned 7,721 shares in the company, valued at $438,012.33. The trade was a 39.31% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. 8.88% of the stock is owned by company insiders.

Hedge Funds Weigh In On Taylor Devices

Hedge funds have recently added to or reduced their stakes in the stock. Ameriprise Financial Inc. bought a new stake in shares of Taylor Devices in the 2nd quarter valued at about $4,361,000. Arrowstreet Capital Limited Partnership boosted its position in shares of Taylor Devices by 84.3% during the first quarter. Arrowstreet Capital Limited Partnership now owns 47,198 shares of the industrial products company's stock worth $2,690,000 after purchasing an additional 21,590 shares in the last quarter. Martin & Co. Inc. TN boosted its position in shares of Taylor Devices by 64.8% during the fourth quarter. Martin & Co. Inc. TN now owns 45,382 shares of the industrial products company's stock worth $2,653,000 after purchasing an additional 17,846 shares in the last quarter. Sei Investments Co. acquired a new position in shares of Taylor Devices in the 1st quarter valued at $943,000. Finally, Susquehanna International Group LLP bought a new stake in shares of Taylor Devices in the 3rd quarter valued at $742,000. Institutional investors and hedge funds own 17.62% of the company's stock.

Wall Street Analyst Weigh In

TAYD has been the subject of a number of recent research reports. Weiss Ratings downgraded Taylor Devices from a "hold (c+)" rating to a "hold (c)" rating in a research report on Tuesday, June 23rd. Wall Street Zen upgraded Taylor Devices from a "hold" rating to a "buy" rating in a research report on Saturday, May 2nd. Two equities research analysts have rated the stock with a Hold rating, According to data from MarketBeat.com, Taylor Devices has a consensus rating of "Hold".

Taylor Devices Stock Performance

TAYD opened at $56.28 on Monday. The company has a fifty day moving average price of $54.15 and a two-hundred day moving average price of $64.75. The firm has a market capitalization of $181.22 million, a PE 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.

Taylor Devices Company Profile

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.

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