Schmitt Industries, Inc. (NASDAQ:SMIT) Closed 10.5% Above Its 50 Day Average


Shares are trading at $1.90 much higher than the 50 day moving average of $1.72 and which is significantly above the 200 day moving average of $1.70. The 50 day moving average went up $0.18 or +10.36% whereas the 200 day average was up by +11.45%. Schmitt Industries, Inc. shares had a trading volume of 8,747 by the end of trading on Wednesday. Trading volume was down 37.05% under the stocks average daily volume.

Investors are more bullish on shares of the company lately if you consider the fall in short interest. The firm experienced a fall in short interest of -23.51% as of the latest report on August 31, 2017. Short interest decreased 1,360 over that timeframe. Days to cover decreased from 1.0 to 1.0 and the percentage of shorted shares was 0.00% on August 31.

Schmitt Industries, Inc. (NASDAQ:SMIT) has been the object of insider buying activity recently. CEO David Hudson purchased 2,000 shares at an average price of $1.60 on Wed the 16th. That brings the CEO’s holdings to $8,000 per an SEC filing yesterday.

A few notable investment firms have updated their holdings. Rodgers Brothers Inc. trimmed its position by selling 30,500 shares a decrease of 9.7% in the quarter. Rodgers Brothers Inc. claims 284,184 shares worth $489,000. The total value of its holdings decreased 2.8%. As of the end of the quarter Renaissance Technologies LLC had acquired a total of 2,600 shares growing its position 2.0%. The value of the company’s investment in Schmitt Industries, Inc. increased from $208,000 to $228,000 a change of 9.6% since the last quarter.

As of quarter end Grt Capital Partners L.l.c. had bought 37,000 shares growing its holdings by 48.8%. The value of the investment in SMIT went from $121,000 to $194,000 increasing 60.3% for the reporting period.

Schmitt Industries, Inc., launched on December 7, 1993, 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). For the Balancer segment, the Company designs, manufactures and sells computer-controlled vibration detection, balancing and process control systems for the machine tool industry across the world, particularly for grinding machines. Under the Measurement segment, the Company, through its subsidiary, Schmitt Measurement Systems, Inc., designs, manufactures and sells laser and white light sensors for distance, dimensional and area measurement for a range of commercial applications, laser-based microroughness measurement products for the semiconductor wafer and hard disk drive industries and for other industrial applications, laser-based surface analysis and measurement products for a range of scientific applications, and ultrasonic measurement products that measure the fill levels of tanks holding propane, diesel and other tank-based liquids and transmit that data via satellite to a secure Website for display..