Taylor Devices (NASDAQ:TAYD) Stock Passes Below Two Hundred Day Moving Average – What’s Next?

Taylor Devices, Inc. (NASDAQ:TAYD) passed below its 200-day moving average during trading on Monday . The stock has a 200-day moving average of $62.98 and traded as low as $50.12. Taylor Devices shares last traded at $51.13, with a volume of 29,284 shares.

Analysts Set New Price Targets

TAYD has been the topic of several analyst reports. Wall Street Zen upgraded Taylor Devices from a “hold” rating to a “buy” rating in a report on Saturday, May 2nd. Freedom Capital lowered Taylor Devices from a “strong-buy” rating to a “hold” rating in a report on Monday, January 12th. Finally, Weiss Ratings lowered shares of Taylor Devices from a “buy (b-)” rating to a “hold (c+)” rating in a report on Monday, April 6th. Two analysts have rated the stock with a Hold rating, According to data from MarketBeat, the company has an average rating of “Hold”.

Taylor Devices Stock Performance

The company has a market capitalization of $164.64 million, a price-to-earnings ratio of 15.49 and a beta of 1.00. The firm has a 50-day simple moving average of $65.31 and a two-hundred day simple moving average of $62.98.

Taylor Devices (NASDAQ:TAYD) last released its earnings results on Tuesday, March 31st. The industrial products company reported $0.79 earnings per share for the quarter, beating the consensus estimate of $0.77 by $0.02. The company had revenue of $11.17 million during the quarter, compared to the consensus estimate of $13.18 million. Taylor Devices had a return on equity of 15.77% and a net margin of 21.52%.

Insider Activity at Taylor Devices

In other news, Director Robert Michael Carey sold 5,000 shares of the business’s stock in a transaction dated Tuesday, April 28th. The stock was sold at an average price of $56.73, for a total transaction of $283,650.00. Following the completion of the transaction, the director directly owned 7,721 shares of the company’s stock, valued at approximately $438,012.33. The trade was a 39.31% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Corporate insiders own 8.88% of the company’s stock.

Hedge Funds Weigh In On Taylor Devices

A number of institutional investors and hedge funds have recently made changes to their positions in TAYD. Rhumbline Advisers grew its position in shares of Taylor Devices by 24.8% during the first quarter. Rhumbline Advisers now owns 2,357 shares of the industrial products company’s stock worth $76,000 after buying an additional 468 shares in the last quarter. Arrowstreet Capital Limited Partnership grew its position in shares of Taylor Devices by 29.8% during the second 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 in the last quarter. First Trust Advisors LP grew its position in shares of Taylor Devices by 4.1% during the second 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 in the last quarter. Ameriprise Financial Inc. acquired a new position in shares of Taylor Devices during the second quarter worth about $4,361,000. Finally, Bank of America Corp DE grew its position in shares of Taylor Devices by 16.3% during the second 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.