Schmitt Industries, Inc. (NASDAQ:SMIT) was the recipient of a large increase in short interest during the month of September. As of September 30th, there was short interest totalling 126,200 shares, an increase of 222.8% from the September 15th total of 39,100 shares. Based on an average trading volume of 54,300 shares, the days-to-cover ratio is currently 2.3 days. Approximately 3.5% of the company’s stock are sold short.
Separately, TheStreet downgraded Schmitt Industries from a “c-” rating to a “d” rating in a research report on Friday, September 3rd.
A hedge fund recently raised its stake in Schmitt Industries stock. Vanguard Group Inc. lifted its stake in shares of Schmitt Industries, Inc. (NASDAQ:SMIT) by 20.1% during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 30,967 shares of the scientific and technical instruments company’s stock after purchasing an additional 5,191 shares during the period. Vanguard Group Inc. owned 0.82% of Schmitt Industries worth $170,000 at the end of the most recent quarter. Institutional investors and hedge funds own 21.17% of the company’s stock.
Schmitt Industries (NASDAQ:SMIT) last released its quarterly earnings results on Tuesday, August 31st. The scientific and technical instruments company reported ($0.72) earnings per share for the quarter. Schmitt Industries had a negative return on equity of 102.44% and a negative net margin of 102.86%. The firm had revenue of $2.66 million for the quarter.
About Schmitt Industries
Schmitt Industries, Inc designs, manufactures and markets measurement and process control systems. It operates through the following segments: Measurement and Ice Cream. The Measurement segment designs, manufactures and sells high precision test and measurement products The Ice Cream segment invests in creamery manufacturing and consumer retailing.
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