Taylor Devices (NASDAQ:TAYD) Posts Earnings Results

Key Points

• Taylor Devices reported earnings of $0.70 per share for the quarter, with a return on equity of 16.40% and a net margin of 20.33%.
• Following its earnings results, shares of Taylor Devices increased by 0.4%, trading at around $49.06 with a 12-month high of $53.73.
• Wall Street analysts upgraded Taylor Devices from a "hold" rating to a "strong-buy" rating, indicating positive future expectations for the company.

Taylor Devices (NASDAQ:TAYD - Get Free Report) issued its earnings results on Wednesday. The industrial products company reported $0.70 earnings per share for the quarter, Zacks reports. Taylor Devices had a return on equity of 16.40% and a net margin of 20.33%.

Taylor Devices Stock Up 0.4%

Shares of Taylor Devices stock opened at $49.06 on Wednesday. Taylor Devices has a 12 month low of $29.50 and a 12 month high of $53.73. The stock has a market cap of $154.39 million, a PE ratio of 16.35 and a beta of 0.97. The business has a fifty day simple moving average of $46.74 and a 200-day simple moving average of $40.20.

Hedge Funds Weigh In On Taylor Devices

Several institutional investors and hedge funds have recently bought and sold shares of the business. Ameriprise Financial Inc. purchased a new stake in shares of Taylor Devices in the second quarter worth approximately $4,361,000. Arrowstreet Capital Limited Partnership grew its holdings in shares of Taylor Devices by 29.8% during the 2nd quarter. Arrowstreet Capital Limited Partnership now owns 21,300 shares of the industrial products company's stock valued at $924,000 after acquiring an additional 4,888 shares in the last quarter. First Trust Advisors LP increased its stake in shares of Taylor Devices by 4.1% in the second quarter. First Trust Advisors LP now owns 10,127 shares of the industrial products company's stock worth $440,000 after acquiring an additional 399 shares during the last quarter. Brevan Howard Capital Management LP purchased a new stake in shares of Taylor Devices during the second quarter worth $246,000. Finally, Bank of America Corp DE increased 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 purchasing an additional 301 shares during the last quarter. Hedge funds and other institutional investors own 17.62% of the company's stock.

Wall Street Analysts Forecast Growth

Separately, Wall Street Zen upgraded Taylor Devices from a "hold" rating to a "strong-buy" rating in a research report on Saturday, August 16th.

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.

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