The short-term stake in Taro Pharmaceutical Industries Ltd. (NYSE: TARO) down 30.2%

Taro Pharmaceutical Industries Ltd. (NYSE: TARO – Get a rating) benefited from a sharp drop in short-term interest rates in June. As of June 15, there was short interest totaling 65,500 shares, a decrease of 30.2% from the total of 93,800 shares as of May 31. Currently, 0.7% of the company’s shares are sold short. Based on an average trading volume of 30,900 shares, the day-to-cover ratio is currently 2.1 days.

Shares of Taro Pharmaceutical Industries were up $0.57 midday Friday, hitting $36.73. The company’s shares had a trading volume of 13,395 shares, compared to an average volume of 30,844. The company has a market capitalization of $1.38 billion, a P/E ratio of 23.70 and a beta of 0.69. The stock has a 50-day simple moving average of $37.21 and a 200-day simple moving average of $42.97. Taro Pharmaceutical Industries has a 1-year low of $33.58 and a 1-year high of $74.29.

Taro Pharmaceutical Industries (NYSE: TARO – Get a rating) last reported quarterly earnings data on Thursday, May 26. The company reported earnings per share (EPS) of $0.73 for the quarter, missing the consensus estimate of $0.88 per ($0.15). Taro Pharmaceutical Industries achieved a return on equity of 7.10% and a net margin of 10.38%. The company posted revenue of $143.26 million for the quarter, compared to $147.00 million expected by analysts. In the same quarter a year earlier, the company posted earnings of $0.81 per share. On average, analysts expect Taro Pharmaceutical Industries to post an EPS of 3.86 for the current year.

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. US Bancorp DE increased its stake in Taro Pharmaceutical Industries by 4.4% during the first quarter. US Bancorp DE now owns 10,487 shares of the company valued at $453,000 after buying an additional 444 shares last quarter. Quadrant Capital Group LLC increased its stake in shares of Taro Pharmaceutical Industries by 362.5% in the fourth quarter. Quadrant Capital Group LLC now owns 629 shares of the company worth $32,000 after purchasing an additional 493 shares during the period. American Century Companies Inc. increased its stake in shares of Taro Pharmaceutical Industries by 11.0% in the fourth quarter. American Century Companies Inc. now owns 5,005 shares of the company worth $251,000 after purchasing an additional 494 shares during the period. Goldman Sachs Group Inc. increased its stake in shares of Taro Pharmaceutical Industries by 9.6% in the first quarter. Goldman Sachs Group Inc. now owns 8,962 shares of the company worth $388,000 after purchasing an additional 788 shares during the period. Finally, Harel Insurance Investments & Financial Services Ltd. bought a new position in shares of Taro Pharmaceutical Industries in the fourth quarter worth about $45,000. Institutional investors hold 12.28% of the company’s shares.

Separately, upgraded Taro Pharmaceutical Industries from a “Strong Buy” rating to a “Buy” rating in a Tuesday, June 7 research report.

Taro Pharmaceutical Industries Company Profile (Get a rating)

Taro Pharmaceutical Industries Ltd., a science-based pharmaceutical company, develops, manufactures and markets prescription and over-the-counter pharmaceutical products in the United States, Canada, Israel and around the world. The Company also develops and manufactures active pharmaceutical ingredients primarily for use in its finished products in dosage form.

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