Transcat (NASDAQ:TRNS) Shares Gap Up Following Analyst Upgrade

Key Points

• Transcat shares jumped 3.9% after Northland Securities upgraded the stock from market perform to outperform, raising attention with a $95 price target. Shares opened at $86.39, up from the prior close of $81.71.
• Analyst sentiment remains mixed, with one Buy, one Hold, and one Sell rating, resulting in a consensus Hold rating and an average target price of $95.
• Transcat reported quarterly earnings of $0.51 per share and revenue of $92.95 million, beating estimates of $0.38 per share and $86.55 million, respectively. Institutional investors own 98.34% of the company, while insiders hold 1.80%.

Transcat, Inc. (NASDAQ:TRNS - Get Free Report)'s share price gapped up before the market opened on Wednesday after Northland Securities upgraded the stock from a market perform rating to an outperform rating. The stock had previously closed at $81.71, but opened at $86.39. Northland Securities now has a $95.00 price target on the stock. Transcat shares last traded at $85.4610, with a volume of 29,364 shares.

Other research analysts have also issued reports about the company. Weiss Ratings reiterated a "sell (d+)" rating on shares of Transcat in a report on Tuesday, August 25th. Wall Street Zen upgraded Transcat from a "sell" rating to a "hold" rating in a report on Sunday, June 28th. One analyst has rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average target price of $95.00.

Insider Buying and Selling

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

Institutional Trading of Transcat

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Wellington Management Group LLP bought a new position in shares of Transcat in the 2nd quarter valued at about $29,409,000. Summit Creek Advisors LLC bought a new stake in Transcat during the second quarter worth about $4,357,000. Bank of New York Mellon Corp bought a new stake in Transcat during the second quarter worth about $2,742,000. Bank of America Corp DE bought a new stake in Transcat during the second quarter worth about $2,386,000. Finally, Punch & Associates Investment Management Inc. bought a new stake in Transcat during the second quarter worth about $7,430,000. 98.34% of the stock is currently owned by institutional investors and hedge funds.

Transcat Stock Up 3.9%

The firm has a fifty day moving average of $87.22 and a 200-day moving average of $85.31. The company has a quick ratio of 2.11, a current ratio of 2.49 and a debt-to-equity ratio of 0.36. The firm has a market cap of $797.21 million, a P/E ratio of 229.46 and a beta of 0.66.

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

Transcat Company Profile

Transcat, Inc provides calibration, testing, repair, and compliance services for test and measurement equipment. Its offerings help organizations maintain the accuracy, reliability, and regulatory compliance of instruments used in manufacturing, laboratory, pharmaceutical, biotechnology, medical device, aerospace, defense, and other highly regulated environments.

The company provides both onsite and laboratory-based calibration services, along with equipment repair, validation, asset management, and related technical support.

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