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

Transcat, Inc. (NASDAQ:TRNS) shares 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 changing hands.

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 return on equity of 8.48% and a net margin of 5.69%. The firm had revenue of $67.83 million during the quarter, compared to the consensus estimate of $70.30 million. During the same period in the previous year, the company posted $0.41 earnings per share. The company’s revenue for the quarter was up 8.0% on a year-over-year basis.

Wall Street Analyst Weigh In

Several research analysts have weighed in on the company. Craig Hallum cut 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 reissued a “buy” rating and issued a $156.00 price target on shares of Transcat in a report on Tuesday. Two research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $151.33.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the company. Conestoga Capital Advisors LLC increased its holdings in Transcat by 17.9% in the 3rd quarter. Conestoga Capital Advisors LLC now owns 907,191 shares of the scientific and technical instruments company’s stock worth $109,561,000 after acquiring an additional 137,830 shares during the last quarter. Hood River Capital Management LLC increased its stake in shares of Transcat by 21.6% in the second quarter. Hood River Capital Management LLC now owns 196,838 shares of the scientific and technical instruments company’s stock worth $23,558,000 after purchasing an additional 34,947 shares in the last quarter. Wealth Enhancement Advisory Services LLC raised its position in shares of Transcat by 28.8% in the third 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 period. Silvercrest Asset Management Group LLC lifted its stake in shares of Transcat by 4.6% during the 1st quarter. Silvercrest Asset Management Group LLC now owns 58,381 shares of the scientific and technical instruments company’s stock valued at $6,505,000 after buying an additional 2,542 shares in the last quarter. Finally, Essex Investment Management Co. LLC boosted its holdings in Transcat by 0.4% in the 3rd 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 buying an additional 171 shares during the period. Hedge funds and other institutional investors own 98.34% of the company’s stock.

Transcat Stock Performance

The firm has a market capitalization of $953.25 million, a PE ratio of 62.06 and a beta of 0.67. The business’s 50 day moving average is $123.75 and its two-hundred day moving average is $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.