Taylor Devices (NASDAQ:TAYD) received a significant rating upgrade from Wall Street Zen, moving from a “hold” to a “strong-buy” in a research report released on December 30, 2023. This revision reflects growing confidence in the company’s performance and future potential. In contrast, Weiss Ratings maintained a “hold (c)” rating for the stock in a separate note issued on January 1, 2024. Currently, according to MarketBeat, Taylor Devices holds an average rating of “hold” from analysts.
Taylor Devices recently announced its quarterly earnings results on December 31, 2023. The industrial products company reported earnings per share (EPS) of $0.64, surpassing the consensus estimate of $0.53 by $0.11. The company’s net margin stood at 20.75%, with a return on equity of 15.75%. Revenue for the quarter reached $11.60 million, exceeding analyst predictions of $10.40 million.
Institutional Investment Activity
Recent activity among institutional investors indicates a growing interest in Taylor Devices. Notably, Bank of America Corp DE increased its position in the company by 16.3% during the second quarter, now holding 2,153 shares valued at approximately $93,000. Additionally, First Trust Advisors LP raised its stake by 4.1%, acquiring 10,127 shares worth about $440,000.
Other significant movements include Rhumbline Advisers, which increased its investment by 24.8% and now owns 2,357 shares valued at around $76,000. De Lisle Partners LLP also lifted its holdings by 1.4% and currently owns 42,876 shares worth approximately $1.88 million. Tower Research Capital LLC TRC notably increased its stake by 253.3%, now owning 1,014 shares valued at about $44,000. Overall, institutional investors own 17.62% of Taylor Devices’ stock.
Overview of Taylor Devices
Headquartered in North Tonawanda, New York, Taylor Devices, Inc. specializes in the design, development, and manufacture of motion control products and engineered fluid-handling devices. The firm’s primary focus is on delivering high-performance hydraulic dampers, fluid springs—commonly known as gas springs—shock absorbers, and hydraulic accumulators. These products play a crucial role in managing energy and motion across various industrial and structural applications.
Taylor Devices offers an extensive product portfolio, which includes industrial shock absorbers designed to cushion and decelerate moving parts within manufacturing and test-and-measurement systems. The company also provides fluid viscous dampers aimed at seismic protection for buildings and bridges, as well as fluid spring devices that merge the benefits of both gas springs and hydraulic dampers.
As Taylor Devices continues to demonstrate strong financial performance and attract institutional investment, the recent upgrades in ratings reflect a positive outlook for both the company and its shareholders.
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