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

Transcat, Inc. (NASDAQ:TRNS) shares gapped down prior to trading on Tuesday following a dissappointing 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.

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). Transcat had a net margin of 5.69% and a return on equity of 8.48%. The firm had revenue of $67.83 million during the quarter, compared to analyst estimates of $70.30 million. During the same period in the prior year, the business posted $0.41 EPS. The firm’s quarterly revenue was up 8.0% compared to the same quarter last year.

Analyst Ratings Changes

Several brokerages have commented on TRNS. HC Wainwright reissued a “buy” rating and set a $156.00 price target on shares of Transcat in a research report on Tuesday. StockNews.com downgraded Transcat from a “hold” rating to a “sell” rating in a research note on Tuesday. Finally, Craig Hallum dropped their price objective on Transcat from $150.00 to $138.00 and set a “buy” rating on the stock in a research note on Wednesday, July 31st. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and three have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Transcat has a consensus rating of “Hold” and an average price target of $151.33.

Hedge Funds Weigh In On Transcat

A number of institutional investors have recently bought and sold shares of TRNS. Conestoga Capital Advisors LLC lifted its position in shares of Transcat by 17.9% in the third quarter. Conestoga Capital Advisors LLC now owns 907,191 shares of the scientific and technical instruments company’s stock valued at $109,561,000 after buying an additional 137,830 shares during the last quarter. US Bancorp DE raised its stake in Transcat by 15.6% in the 3rd quarter. US Bancorp DE now owns 1,547 shares of the scientific and technical instruments company’s stock valued at $187,000 after acquiring an additional 209 shares during the period. Wealth Enhancement Advisory Services LLC lifted its holdings in Transcat by 28.8% during the 3rd quarter. Wealth Enhancement Advisory Services LLC now owns 79,303 shares of the scientific and technical instruments company’s stock valued at $9,577,000 after purchasing an additional 17,743 shares during the last quarter. Arkadios Wealth Advisors boosted its position in Transcat by 38.7% during the third quarter. Arkadios Wealth Advisors now owns 6,118 shares of the scientific and technical instruments company’s stock worth $739,000 after purchasing an additional 1,707 shares during the period. Finally, International Assets Investment Management LLC increased its holdings in shares of Transcat by 16,241.2% in the third quarter. International Assets Investment Management LLC now owns 2,778 shares of the scientific and technical instruments company’s stock valued at $335,000 after purchasing an additional 2,761 shares during the last quarter. Institutional investors and hedge funds own 98.34% of the company’s stock.

Transcat Price Performance

The company has a market capitalization of $909.97 million, a P/E ratio of 58.85 and a beta of 0.67. The company’s 50-day moving average price is $123.33 and its two-hundred day moving average price is $122.34.

About Transcat

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.