Truist Financial Corp Buys New Shares in Transcat, Inc. $TRNS

Key Points

• Truist Financial Corp purchased 3,702 shares of Transcat, Inc. valued at approximately $318,000 during the second quarter, indicating growing institutional interest in the stock.
• Analysts maintain a consensus rating of Moderate Buy for Transcat, with a price target averaging around $112.20, following recent ratings upgrades from various firms.
• Transcat reported earnings of $0.59 per share for the last quarter, which surpassed estimates, as the company also achieved revenue of $76.42 million compared to a forecast of $72.28 million.

Truist Financial Corp bought a new stake in Transcat, Inc. (NASDAQ:TRNS - Free Report) during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund bought 3,702 shares of the scientific and technical instruments company's stock, valued at approximately $318,000.

A number of other hedge funds and other institutional investors have also modified their holdings of the stock. Bank of New York Mellon Corp increased its position in shares of Transcat by 0.6% in the first quarter. Bank of New York Mellon Corp now owns 27,916 shares of the scientific and technical instruments company's stock valued at $2,078,000 after acquiring an additional 172 shares during the last quarter. Diamond Hill Capital Management Inc. grew its holdings in Transcat by 3.4% during the first quarter. Diamond Hill Capital Management Inc. now owns 6,353 shares of the scientific and technical instruments company's stock worth $473,000 after purchasing an additional 210 shares during the period. US Bancorp DE grew its holdings in Transcat by 14.6% during the first quarter. US Bancorp DE now owns 1,770 shares of the scientific and technical instruments company's stock worth $132,000 after purchasing an additional 226 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in Transcat by 6.3% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 5,462 shares of the scientific and technical instruments company's stock worth $407,000 after purchasing an additional 325 shares during the period. Finally, Oppenheimer Asset Management Inc. grew its holdings in Transcat by 6.9% during the first quarter. Oppenheimer Asset Management Inc. now owns 5,071 shares of the scientific and technical instruments company's stock worth $378,000 after purchasing an additional 328 shares during the period. Institutional investors and hedge funds own 98.34% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on TRNS shares. HC Wainwright reiterated a "buy" rating and set a $116.00 price target on shares of Transcat in a report on Friday, August 22nd. Weiss Ratings restated a "hold (c-)" rating on shares of Transcat in a report on Wednesday, October 8th. Lake Street Capital started coverage on Transcat in a report on Thursday, July 10th. They set a "buy" rating and a $105.00 price objective for the company. Finally, Zacks Research upgraded Transcat from a "hold" rating to a "strong-buy" rating in a report on Tuesday, October 7th. One investment analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and three have assigned a Hold rating to the company's stock. Based on data from MarketBeat, Transcat currently has a consensus rating of "Moderate Buy" and a consensus price target of $112.20.

Transcat Stock Down 0.9%

Shares of TRNS opened at $69.25 on Friday. Transcat, Inc. has a one year low of $67.56 and a one year high of $133.40. The company has a market cap of $645.41 million, a P/E ratio of 48.43 and a beta of 0.70. The company has a debt-to-equity ratio of 0.11, a current ratio of 2.92 and a quick ratio of 2.36. The firm has a 50 day simple moving average of $77.07 and a two-hundred day simple moving average of $80.34.

Transcat (NASDAQ:TRNS - Get Free Report) last announced its quarterly earnings data on Wednesday, August 6th. The scientific and technical instruments company reported $0.59 EPS for the quarter, beating the consensus estimate of $0.40 by $0.19. The business had revenue of $76.42 million during the quarter, compared to the consensus estimate of $72.28 million. Transcat had a net margin of 4.64% and a return on equity of 6.66%. Research analysts forecast that Transcat, Inc. will post 2.3 EPS for the current fiscal year.

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.

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