Schmitt Industries, Inc. (NASDAQ:SMIT) was upgraded by equities research analysts at ValuEngine from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Thursday.

Schmitt Industries (NASDAQ:SMIT) traded up 6.0669% during trading on Thursday, hitting $1.9039. 13,697 shares of the company’s stock traded hands. Schmitt Industries has a 12-month low of $1.37 and a 12-month high of $3.00. The firm’s 50-day moving average price is $1.70 and its 200 day moving average price is $1.69. The stock’s market cap is $5.70 million.

Schmitt Industries (NASDAQ:SMIT) last released its quarterly earnings data on Friday, July 14th. The scientific and technical instruments company reported ($0.14) earnings per share (EPS) for the quarter. Schmitt Industries had a negative return on equity of 14.53% and a negative net margin of 8.66%. The business had revenue of $3.65 million during the quarter.

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A hedge fund recently raised its stake in Schmitt Industries stock. GRT Capital Partners L.L.C. lifted its holdings in Schmitt Industries, Inc. (NASDAQ:SMIT) by 48.8% in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 112,825 shares of the scientific and technical instruments company’s stock after acquiring an additional 37,000 shares during the period. GRT Capital Partners L.L.C. owned approximately 3.77% of Schmitt Industries worth $194,000 as of its most recent SEC filing. Institutional investors and hedge funds own 21.96% of the company’s stock.

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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