Transcat (NASDAQ:TRNS) Shares Gap Down on Disappointing Earnings

Shares of Transcat, Inc. (NASDAQ:TRNS) gapped down prior to trading on Tuesday following a weaker than expected earnings announcement. The stock had previously closed at $119.51, but opened at $111.13. Transcat shares last traded at $104.88, with a volume of 18,955 shares traded.

The scientific and technical instruments company reported $0.35 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.47 by ($0.12). The firm had revenue of $67.83 million during the quarter, compared to analysts’ expectations of $70.30 million. Transcat had a return on equity of 8.48% and a net margin of 5.69%. The company’s quarterly revenue was up 8.0% compared to the same quarter last year. During the same period in the previous year, the company posted $0.41 earnings per share.

Analysts Set New Price Targets

A number of equities research analysts recently issued reports on the company. Craig Hallum lowered their price objective on Transcat from $150.00 to $138.00 and set a “buy” rating on the stock in a research report on Wednesday, July 31st. HC Wainwright reaffirmed a “buy” rating and issued a $156.00 price target on shares of Transcat in a report on Tuesday. Two analysts have rated the stock with a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $151.33.

Institutional Investors Weigh In On Transcat

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Arkadios Wealth Advisors grew its holdings in shares of Transcat by 1.8% during the 2nd quarter. Arkadios Wealth Advisors now owns 4,411 shares of the scientific and technical instruments company’s stock worth $528,000 after acquiring an additional 76 shares during the period. First Horizon Advisors Inc. boosted its holdings in shares of Transcat by 26.4% during the 2nd quarter. First Horizon Advisors Inc. now owns 599 shares of the scientific and technical instruments company’s stock valued at $72,000 after buying an additional 125 shares in the last quarter. Arizona State Retirement System increased its stake in shares of Transcat by 5.3% in the 2nd quarter. Arizona State Retirement System now owns 2,555 shares of the scientific and technical instruments company’s stock worth $306,000 after acquiring an additional 129 shares in the last quarter. Oppenheimer Asset Management Inc. lifted its position in Transcat by 1.6% during the 2nd quarter. Oppenheimer Asset Management Inc. now owns 10,562 shares of the scientific and technical instruments company’s stock valued at $1,264,000 after acquiring an additional 171 shares during the period. Finally, Essex Investment Management Co. LLC boosted its stake in Transcat by 0.4% during the third quarter. Essex Investment Management Co. LLC now owns 43,444 shares of the scientific and technical instruments company’s stock worth $5,247,000 after acquiring an additional 171 shares in the last quarter. 98.34% of the stock is currently owned by institutional investors.

Transcat Stock Performance

The company has a market cap of $953.25 million, a P/E ratio of 62.06 and a beta of 0.67. The stock has a 50-day moving average of $123.75 and a two-hundred day moving average of $122.42.

Transcat Company Profile

Transcat, Inc provides calibration and laboratory instrument services in the United States, Canada, and internationally. It operates through two segments: Service and Distribution. The Service segment offers calibration, repair, inspection, analytical qualification, preventative maintenance, consulting, and other related services.