Short Interest in Taylor Devices, Inc. (NASDAQ:TAYD) Grows By 237.5%

Taylor Devices, Inc. (NASDAQ:TAYD) was the recipient of a large growth in short interest in June. As of June 30th, there was short interest totaling 139,068 shares, a growth of 237.5% from the June 15th total of 41,203 shares. Approximately 4.7% of the company’s stock are short sold. Based on an average daily volume of 77,254 shares, the days-to-cover ratio is currently 1.8 days.

Insiders Place Their Bets

In related news, Director Robert Michael Carey sold 5,000 shares of the company’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 transaction, the director directly owned 7,721 shares of the company’s stock, valued at $438,012.33. This represents a 39.31% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. 8.88% of the stock is currently owned by company insiders.

Institutional Trading of Taylor Devices

Several institutional investors and hedge funds have recently bought and sold shares of TAYD. Ameriprise Financial Inc. acquired a new stake in shares of Taylor Devices in the second quarter worth $4,361,000. Arrowstreet Capital Limited Partnership boosted its holdings in Taylor Devices by 84.3% in the first quarter. Arrowstreet Capital Limited Partnership now owns 47,198 shares of the industrial products company’s stock valued at $2,690,000 after purchasing an additional 21,590 shares during the last quarter. Martin & Co. Inc. TN boosted its holdings in Taylor Devices by 64.8% in the fourth quarter. Martin & Co. Inc. TN now owns 45,382 shares of the industrial products company’s stock valued at $2,653,000 after purchasing an additional 17,846 shares during the last quarter. Sei Investments Co. acquired a new stake in Taylor Devices during the 1st quarter worth about $943,000. Finally, Susquehanna International Group LLP acquired a new stake in Taylor Devices during the 3rd quarter worth about $742,000. 17.62% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on the stock. Weiss Ratings downgraded shares of Taylor Devices from a “hold (c+)” rating to a “hold (c)” rating in a report on Tuesday, June 23rd. Wall Street Zen raised shares of 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, the stock presently has an average rating of “Hold”.

Taylor Devices Price Performance

Taylor Devices stock traded up $0.07 during trading hours on Tuesday, hitting $55.80. 24,946 shares of the stock traded hands, compared to its average volume of 44,143. The firm’s 50 day moving average price is $54.16 and its 200-day moving average price is $64.71. The stock has a market capitalization of $179.68 million, a price-to-earnings ratio of 16.91 and a beta of 0.92. Taylor Devices has a 1 year low of $40.50 and a 1 year high of $90.37.

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.