Bank of New York Mellon Corp Acquires New Holdings in Transcat, Inc. $TRNS

Key Points

• Bank of New York Mellon initiated a Transcat position, buying 29,561 shares valued at approximately $2.74 million. Institutional investors and hedge funds collectively own 98.34% of TRNS.
• Transcat reported quarterly EPS of $0.51, beating estimates of $0.38, while revenue reached $92.95 million versus the $86.55 million consensus forecast.
• Analyst sentiment remains cautious: the stock has a consensus rating of “Reduce” and an average price target of $95, despite recent rating upgrades from “sell” or “strong sell” to “hold.”

Bank of New York Mellon Corp bought a new position in shares of Transcat, Inc. (NASDAQ:TRNS - Free Report) in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor bought 29,561 shares of the scientific and technical instruments company's stock, valued at approximately $2,742,000. Bank of New York Mellon Corp owned approximately 0.32% of Transcat as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also recently bought and sold shares of the stock. Oppenheimer Asset Management Inc. acquired a new position in Transcat in the 2nd quarter worth $956,000. Central Pacific Bank Trust Division grew its position in Transcat by 45.0% in the second quarter. Central Pacific Bank Trust Division now owns 3,817 shares of the scientific and technical instruments company's stock valued at $354,000 after purchasing an additional 1,184 shares in the last quarter. Bank of America Corp DE grew its position in Transcat by 2.9% in the first quarter. Bank of America Corp DE now owns 29,342 shares of the scientific and technical instruments company's stock valued at $2,155,000 after purchasing an additional 838 shares in the last quarter. Arkadios Wealth Advisors increased its stake in Transcat by 22.2% in the 1st quarter. Arkadios Wealth Advisors now owns 6,124 shares of the scientific and technical instruments company's stock valued at $450,000 after buying an additional 1,114 shares during the last quarter. Finally, Quantinno Capital Management LP increased its stake in Transcat by 184.5% in the 1st quarter. Quantinno Capital Management LP now owns 14,548 shares of the scientific and technical instruments company's stock valued at $1,069,000 after buying an additional 9,434 shares during the last quarter. 98.34% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

TRNS has been the topic of several analyst reports. Northland Securities cut shares of Transcat from an "outperform" rating to a "market perform" rating and set a $95.00 price target on the stock. in a research report on Wednesday, August 5th. Wall Street Zen upgraded Transcat from a "sell" rating to a "hold" rating in a research note on Sunday, June 28th. Weiss Ratings reaffirmed a "sell (d+)" rating on shares of Transcat in a research report on Tuesday, August 25th. Finally, Zacks Research upgraded Transcat from a "strong sell" rating to a "hold" rating in a research note on Friday, May 15th. Two equities research analysts have rated the stock with a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the company has a consensus rating of "Reduce" and an average price target of $95.00.

Transcat Price Performance

Shares of TRNS opened at $85.48 on Tuesday. The company has a current ratio of 2.49, a quick ratio of 2.11 and a debt-to-equity ratio of 0.36. Transcat, Inc. has a 12 month low of $50.23 and a 12 month high of $100.00. The firm's 50 day moving average is $89.23 and its 200-day moving average is $82.90. The stock has a market capitalization of $800.09 million, a PE ratio of 231.03 and a beta of 0.68.

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

Insider Transactions at Transcat

In other news, Director Christopher Gillette sold 504 shares of the business's stock in a transaction that occurred on Friday, August 7th. The shares were sold at an average price of $94.23, for a total value of $47,491.92. Following the completion of the transaction, the director directly owned 200 shares in the company, valued at approximately $18,846. The trade was a 71.59% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Craig D. Cairns purchased 1,050 shares of the business's stock in a transaction dated Thursday, August 6th. The shares were purchased at an average cost of $93.97 per share, with a total value of $98,668.50. Following the acquisition, the director owned 1,480 shares in the company, valued at $139,075.60. This trade represents a 244.19% increase in their position. The disclosure for this purchase is available in the SEC filing. Corporate insiders own 1.80% of the company's stock.

Transcat Company Profile

Transcat, Inc NASDAQ: TRNS is a leading provider of calibration, laboratory, and metrology services in North America. Founded in 1964 and headquartered in Ronkonkoma, New York, the company specializes in ensuring the accuracy and compliance of measurement instruments across a wide range of industries. Transcat operates a network of ISO/IEC 17025–accredited laboratories and offers on-site field calibration, instrument repair, and preventive maintenance services.

In addition to its calibration services, Transcat distributes precision instrumentation and related software solutions from top manufacturers.

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