Bank of America Corp DE Makes New $2.39 Million Investment in Transcat, Inc. $TRNS

Key Points

• Bank of America acquired a new Transcat stake worth approximately $2.39 million, buying 25,724 shares for an estimated 0.27% ownership. Other institutions also initiated positions, bringing institutional ownership to 98.34%.
• Transcat exceeded quarterly expectations, reporting $0.51 in earnings per share and $92.95 million in revenue versus estimates of $0.38 EPS and $86.55 million in revenue.
• Analyst sentiment remains cautious: the consensus rating is “Reduce” with a $95 price target, while Transcat shares opened at $88.42 and have a reported P/E ratio of 238.97.

Bank of America Corp DE acquired a new position in Transcat, Inc. (NASDAQ:TRNS - Free Report) in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm acquired 25,724 shares of the scientific and technical instruments company's stock, valued at approximately $2,386,000. Bank of America Corp DE owned approximately 0.27% of Transcat at the end of the most recent quarter.

Several other hedge funds have also recently made changes to their positions in TRNS. Persistent Asset Partners Ltd acquired a new stake in Transcat during the second quarter worth approximately $52,000. Canada Pension Plan Investment Board acquired a new position in shares of Transcat during the 2nd quarter valued at $204,000. The Manufacturers Life Insurance Company acquired a new position in shares of Transcat during the 2nd quarter valued at $226,000. Hsbc Holdings PLC bought a new position in Transcat during the second quarter worth $289,000. Finally, CM Wealth Advisors LLC bought a new position in Transcat during the second quarter worth $339,000. 98.34% of the stock is owned by institutional investors.

Insider Buying and Selling

In related news, Director Christopher Gillette sold 504 shares of the company's stock in a transaction on Friday, August 7th. The stock was sold at an average price of $94.23, for a total transaction of $47,491.92. Following the completion of the sale, the director owned 200 shares in the company, valued at approximately $18,846. This represents a 71.59% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Craig D. Cairns acquired 1,050 shares of the company's stock in a transaction on Thursday, August 6th. The shares were bought at an average price of $93.97 per share, for a total transaction of $98,668.50. Following the completion of the purchase, the director owned 1,480 shares in the company, valued at approximately $139,075.60. This represents a 244.19% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. 1.80% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on TRNS shares. Northland Securities lowered shares of Transcat from an "outperform" rating to a "market perform" rating and set a $95.00 price objective on the stock. in a report on Wednesday, August 5th. Wall Street Zen raised Transcat from a "sell" rating to a "hold" rating in a research note on Sunday, June 28th. Finally, Weiss Ratings reiterated a "sell (d+)" rating on shares of Transcat in a report on Tuesday, August 25th. Two investment analysts have rated the stock with a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Reduce" and a consensus price target of $95.00.

Transcat Stock Up 1.0%

Shares of NASDAQ TRNS opened at $88.42 on Thursday. The company has a debt-to-equity ratio of 0.36, a current ratio of 2.49 and a quick ratio of 2.11. The company has a 50-day moving average price of $88.03 and a 200-day moving average price of $84.01. The stock has a market capitalization of $830.26 million, a P/E ratio of 238.97 and a beta of 0.68. Transcat, Inc. has a 1 year low of $50.23 and a 1 year high of $100.00.

Transcat (NASDAQ:TRNS - Get Free Report) last posted its earnings results on Tuesday, August 4th. The scientific and technical instruments company reported $0.51 earnings per share for the quarter, topping analysts' consensus estimates of $0.38 by $0.13. The company had revenue of $92.95 million for the quarter, compared to analyst estimates of $86.55 million. Transcat had a net margin of 0.99% and a return on equity of 5.56%. On average, equities research analysts forecast that Transcat, Inc. will post 1.74 EPS for the current fiscal year.

About Transcat

Transcat, Inc provides calibration, repair, inspection, and related services for test, measurement, and control instruments. Its offerings help customers maintain the accuracy, reliability, and compliance of equipment used in manufacturing, laboratories, utilities, aerospace and defense, pharmaceuticals, biotechnology, and other regulated or quality-sensitive industries.

The company operates calibration laboratories and service facilities that support a broad range of equipment, including electrical, temperature, pressure, dimensional, mechanical, and process-control instruments.

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