Schmitt Industries (SMIT) Upgraded to Buy at ValuEngine

ValuEngine upgraded shares of Schmitt Industries (NASDAQ:SMIT) from a hold rating to a buy rating in a report issued on Thursday morning.

Shares of Schmitt Industries (SMIT) traded down $0.20 during midday trading on Thursday, hitting $2.25. The stock had a trading volume of 169,700 shares, compared to its average volume of 42,215. Schmitt Industries has a 1-year low of $1.48 and a 1-year high of $2.69.

Schmitt Industries (NASDAQ:SMIT) last issued its quarterly earnings results on Friday, October 6th. The scientific and technical instruments company reported ($0.04) earnings per share for the quarter. Schmitt Industries had a negative net margin of 8.59% and a negative return on equity of 15.15%. The firm had revenue of $3.08 million during the quarter.

A hedge fund recently raised its stake in Schmitt Industries stock. GRT Capital Partners L.L.C. boosted its stake in shares of Schmitt Industries, Inc. (NASDAQ:SMIT) by 48.8% in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 112,825 shares of the scientific and technical instruments company’s stock after purchasing an additional 37,000 shares during the quarter. GRT Capital Partners L.L.C. owned approximately 3.77% of Schmitt Industries worth $194,000 at the end of the most recent reporting period. 21.99% of the stock is owned by institutional investors and hedge funds.

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About Schmitt Industries

Schmitt Industries, Inc designs, manufactures and sells test and measurement products for two main business segments: the Balancer segment and the Measurement segment. The Company operates through two segments: the design and assembly of dynamic balancing systems and components for the machine tool industry (Balancer), and the design and assembly of laser-based test and measurement systems (Measurement).

To view ValuEngine’s full report, visit ValuEngine’s official website.

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