L S Starrett Co (NYSE:SCX) was the target of a significant increase in short interest in the month of August. As of August 31st, there was short interest totalling 3,700 shares, an increase of 23.3% from the July 31st total of 3,000 shares. Currently, 0.1% of the company’s stock are short sold. Based on an average daily volume of 10,600 shares, the days-to-cover ratio is presently 0.3 days.
Institutional investors and hedge funds have recently made changes to their positions in the business. Alambic Investment Management L.P. purchased a new stake in L S Starrett in the first quarter worth about $138,000. Teton Advisors Inc. grew its holdings in L S Starrett by 0.8% in the second quarter. Teton Advisors Inc. now owns 357,083 shares of the company’s stock worth $2,364,000 after purchasing an additional 3,000 shares during the period. Vanguard Group Inc. grew its holdings in L S Starrett by 9.4% in the second quarter. Vanguard Group Inc. now owns 147,707 shares of the company’s stock worth $978,000 after purchasing an additional 12,732 shares during the period. Morgan Stanley grew its holdings in L S Starrett by 1.8% in the second quarter. Morgan Stanley now owns 379,451 shares of the company’s stock worth $2,512,000 after purchasing an additional 6,674 shares during the period. Finally, Renaissance Technologies LLC grew its holdings in L S Starrett by 3.8% in the second quarter. Renaissance Technologies LLC now owns 431,145 shares of the company’s stock worth $2,854,000 after purchasing an additional 15,900 shares during the period. Institutional investors and hedge funds own 42.52% of the company’s stock.
SCX traded up $0.10 during midday trading on Friday, reaching $5.66. The company’s stock had a trading volume of 20,100 shares, compared to its average volume of 14,304. The company has a debt-to-equity ratio of 0.21, a current ratio of 3.67 and a quick ratio of 1.78. L S Starrett has a 1 year low of $4.62 and a 1 year high of $9.33. The stock’s 50-day moving average is $5.70 and its 200-day moving average is $6.90.
About L S Starrett
The L.S. Starrett Company, together with its subsidiaries, manufactures and sells industrial, professional, and consumer measuring and cutting tools, and related products primarily in North America, Brazil, China, the United Kingdom, Australia, and New Zealand. The company's products include precision tools, electronic gages, gage blocks, optical vision and laser measuring equipment, custom engineered granite solutions, squares, band saw blades, hole saws, hacksaw blades, jig saw blades, and reciprocating saw blades, as well as M1 lubricant and precision ground flat stock products.
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