Taylor Devices (NASDAQ:TAYD) Downgraded by Freedom Broker to Hold

Taylor Devices (NASDAQ:TAYD) was downgraded by equities researchers at Freedom Broker from a “buy” rating to a “hold” rating in a research note issued on Tuesday, Marketbeat.com reports. They presently have a $65.00 price objective on the industrial products company’s stock, down from their prior price objective of $70.00. Freedom Broker’s target price suggests a potential upside of 15.39% from the company’s current price.

A number of other equities analysts have also weighed in on TAYD. Wall Street Zen lowered shares of Taylor Devices from a “buy” rating to a “hold” rating in a research report on Monday, August 3rd. Freedom Capital upgraded shares of Taylor Devices from a “hold” rating to a “strong-buy” rating in a research report on Thursday, August 20th. Zacks Research upgraded shares of Taylor Devices to a “hold” rating in a research note on Thursday, October 1st. Finally, Weiss Ratings downgraded shares of Taylor Devices from a “hold (c+)” rating to a “hold (c)” rating in a report on Wednesday, August 19th. One equities research analyst has rated the stock with a Strong Buy rating and three have assigned a Hold rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $65.00.

Taylor Devices Stock Down 6.0%

Shares of Taylor Devices stock opened at $56.33 on Tuesday. The firm has a market capitalization of $181.95 million, a P/E ratio of 28.95 and a beta of 0.94. Taylor Devices has a 52 week low of $40.50 and a 52 week high of $90.37. The firm’s 50 day moving average is $58.84 and its two-hundred day moving average is $56.44.

Taylor Devices (NASDAQ:TAYD) last posted its earnings results on Friday, October 2nd. The industrial products company reported $0.14 EPS for the quarter, missing analysts’ consensus estimates of $0.92 by ($0.78). Taylor Devices had a return on equity of 9.64% and a net margin of 17.50%. The firm had revenue of $7.30 million for the quarter, compared to analyst estimates of $13.10 million. As a group, research analysts expect that Taylor Devices will post 3.51 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Taylor Devices

Several institutional investors and hedge funds have recently modified their holdings of the stock. BlackRock Inc. bought a new position in Taylor Devices in the 2nd quarter worth approximately $10,438,000. Martin & Co. Inc. TN acquired a new position in shares of Taylor Devices during the second quarter valued at $3,415,000. De Lisle Partners LLP acquired a new stake in Taylor Devices in the second quarter worth about $2,699,000. Punch & Associates Investment Management Inc. acquired a new position in Taylor Devices during the 2nd quarter valued at about $1,895,000. Finally, Arrowstreet Capital Limited Partnership increased its stake in Taylor Devices by 84.3% during the 1st quarter. Arrowstreet Capital Limited Partnership now owns 47,198 shares of the industrial products company’s stock valued at $2,690,000 after buying an additional 21,590 shares during the period. Hedge funds and other institutional investors own 17.62% of the company’s stock.

About Taylor Devices

Taylor Devices, Inc (NASDAQ:TAYD) designs and manufactures shock absorption, vibration isolation and energy storage products for specialized engineering applications. Its products are used to control motion, manage impact forces and protect structures, equipment and personnel in demanding operating environments.

The company’s offerings include seismic dampers and restraints, fluid viscous dampers, structural protection systems, shock absorbers, vibration isolation systems, custom actuators and mechanical and fluid-based energy storage devices.