Taylor Devices (NASDAQ:TAYD) Posts Quarterly Earnings Results, Beats Estimates By $0.50 EPS

Key Points

• Taylor Devices reported earnings of $1.17 per share for the recent quarter, along with a net margin of 19.16% and a return on equity of 14.99%.
• The company's stock is currently trading at $44.52, with a 52-week range between $29.50 and $64.50, and a market capitalization of $139.78 million.
• Several institutional investors have increased their positions in Taylor Devices, with Ameriprise Financial acquiring a new stake valued at approximately $4.36 million in the second quarter.

Taylor Devices (NASDAQ:TAYD - Get Free Report) announced its quarterly earnings data on Friday. The industrial products company reported $1.17 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.67 by $0.50, Zacks reports. The firm had revenue of $15.56 million for the quarter, compared to the consensus estimate of $13.73 million. Taylor Devices had a net margin of 20.33% and a return on equity of 16.40%.

Taylor Devices Price Performance

TAYD stock traded down $0.90 during mid-day trading on Wednesday, reaching $44.10. 5,118 shares of the company traded hands, compared to its average volume of 22,720. The company has a market capitalization of $138.92 million, a P/E ratio of 14.70 and a beta of 0.89. Taylor Devices has a 52-week low of $29.50 and a 52-week high of $64.50. The company has a fifty day moving average price of $43.62 and a 200-day moving average price of $36.94.

Analyst Upgrades and Downgrades

Separately, Wall Street Zen upgraded shares of Taylor Devices from a "hold" rating to a "strong-buy" rating in a research report on Saturday.

Institutional Trading of Taylor Devices

A number of hedge funds have recently made changes to their positions in the stock. Tower Research Capital LLC TRC lifted its position in Taylor Devices by 253.3% in the 2nd quarter. Tower Research Capital LLC TRC now owns 1,014 shares of the industrial products company's stock worth $44,000 after buying an additional 727 shares during the last quarter. Brevan Howard Capital Management LP bought a new stake in Taylor Devices in the 2nd quarter worth approximately $246,000. Bank of America Corp DE lifted its position in Taylor Devices by 16.3% in the 2nd quarter. Bank of America Corp DE now owns 2,153 shares of the industrial products company's stock worth $93,000 after buying an additional 301 shares during the last quarter. Ameriprise Financial Inc. bought a new stake in Taylor Devices in the 2nd quarter worth approximately $4,361,000. Finally, First Trust Advisors LP lifted its position in Taylor Devices by 4.1% in the 2nd quarter. First Trust Advisors LP now owns 10,127 shares of the industrial products company's stock worth $440,000 after buying an additional 399 shares during the last quarter. 17.62% of the stock is owned by institutional investors.

About Taylor Devices

Taylor Devices, Inc engages in design, development, manufacture, and marketing of shock absorption, rate control, and energy storage devices for use in machinery, equipment, and structures in the United States, Asia, and internationally. Its products include seismic dampers that are designed to mitigate the effects of earthquakes on structures; Fluidicshoks, which are compact shock absorbers primarily used in defense, aerospace, and commercial industries; and crane and industrial buffers, which are larger versions of the Fluidicshoks for industrial application on cranes and crane trolleys, truck docks, ladle and ingot cars, ore trolleys, and train car stops.