Taylor Devices (NASDAQ:TAYD) Stock Rating Lowered by Wall Street Zen

Key Points

• Wall Street Zen downgraded Taylor Devices from “Buy” to “Hold,” while Weiss Ratings also lowered its rating to “Hold (c).” MarketBeat reports a consensus “Hold” rating from two analysts.
• Taylor Devices shares opened at $51.33, with a 52-week range of $40.50 to $90.37, a market capitalization of about $165.3 million, and a P/E ratio of 15.55.
• Institutional investors own 17.62% of the company; several funds increased their positions recently, including Ameriprise Financial, which bought a stake valued at approximately $4.36 million.

Taylor Devices (NASDAQ:TAYD - Get Free Report) was downgraded by research analysts at Wall Street Zen from a "buy" rating to a "hold" rating in a note issued to investors on Monday.

Separately, Weiss Ratings downgraded shares of Taylor Devices from a "hold (c+)" rating to a "hold (c)" rating in a research note on Tuesday, June 23rd. Two analysts have rated the stock with a Hold rating, According to MarketBeat, the stock currently has a consensus rating of "Hold".

Taylor Devices Price Performance

Shares of NASDAQ:TAYD opened at $51.33 on Monday. Taylor Devices has a 52-week low of $40.50 and a 52-week high of $90.37. The business's 50 day moving average is $55.15 and its 200 day moving average is $63.81. The stock has a market cap of $165.28 million, a P/E ratio of 15.55 and a beta of 0.94.

Institutional Investors Weigh In On Taylor Devices

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Rhumbline Advisers grew its position in shares of Taylor Devices by 24.8% during the 1st quarter. Rhumbline Advisers now owns 2,357 shares of the industrial products company's stock valued at $76,000 after acquiring an additional 468 shares during the period. Arrowstreet Capital Limited Partnership boosted its holdings in Taylor Devices by 29.8% in the 2nd quarter. Arrowstreet Capital Limited Partnership now owns 21,300 shares of the industrial products company's stock worth $924,000 after buying an additional 4,888 shares during the last quarter. First Trust Advisors LP boosted its holdings 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. Ameriprise Financial Inc. purchased a new stake in Taylor Devices during the 2nd quarter worth approximately $4,361,000. Finally, Bank of America Corp DE increased its stake in Taylor Devices by 16.3% during 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 in the last quarter. 17.62% of the stock is owned by institutional investors and hedge funds.

About Taylor Devices

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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