TAT Technologies (NASDAQ:TATT) Shares Gap Up on Strong Earnings

TAT Technologies Ltd. (NASDAQ:TATT)’s share price gapped up prior to trading on Wednesday following a stronger than expected earnings report. The stock had previously closed at $41.65, but opened at $49.28. TAT Technologies shares last traded at $49.01, with a volume of 217,250 shares.

The aerospace company reported $0.35 EPS for the quarter, beating the consensus estimate of $0.30 by $0.05. The company had revenue of $52.94 million for the quarter, compared to the consensus estimate of $44.86 million. TAT Technologies had a return on equity of 9.47% and a net margin of 9.27%.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on TATT shares. Truist Financial raised TAT Technologies to a “strong-buy” rating in a report on Friday, May 1st. Weiss Ratings downgraded shares of TAT Technologies from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Monday, June 15th. Benchmark reaffirmed a “buy” rating on shares of TAT Technologies in a research report on Wednesday, July 15th. B. Riley Financial started coverage on shares of TAT Technologies in a research note on Wednesday, April 8th. They issued a “buy” rating and a $61.00 price objective for the company. Finally, Zacks Research raised shares of TAT Technologies from a “strong sell” rating to a “hold” rating in a report on Friday, May 22nd. Three analysts have rated the stock with a Strong Buy rating, four have issued a Buy rating and three have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, TAT Technologies currently has a consensus rating of “Buy” and a consensus price target of $57.29.

Insider Activity

In other news, COO Jason Lewandowski sold 3,125 shares of the company’s stock in a transaction that occurred on Tuesday, May 26th. The shares were sold at an average price of $39.22, for a total transaction of $122,562.50. Following the completion of the sale, the chief operating officer owned 3,125 shares of the company’s stock, valued at approximately $122,562.50. This represents a 50.00% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Paul Maness sold 5,000 shares of TAT Technologies stock in a transaction that occurred on Wednesday, June 17th. The shares were sold at an average price of $45.41, for a total transaction of $227,050.00. Following the completion of the transaction, the insider directly owned 5,000 shares in the company, valued at $227,050. This trade represents a 50.00% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Corporate insiders own 8.75% of the company’s stock.

Institutional Trading of TAT Technologies

Large investors have recently bought and sold shares of the business. Greenline Wealth Management LLC acquired a new position in TAT Technologies during the fourth quarter worth about $41,000. Royal Bank of Canada grew its holdings in shares of TAT Technologies by 978.8% during the 4th quarter. Royal Bank of Canada now owns 1,122 shares of the aerospace company’s stock valued at $50,000 after purchasing an additional 1,018 shares during the last quarter. PNC Financial Services Group Inc. bought a new stake in shares of TAT Technologies during the 3rd quarter valued at approximately $53,000. Quantbot Technologies LP acquired a new position in TAT Technologies during the 3rd quarter worth approximately $121,000. Finally, Osaic Holdings Inc. increased its position in TAT Technologies by 470.9% during the 2nd quarter. Osaic Holdings Inc. now owns 5,424 shares of the aerospace company’s stock worth $166,000 after purchasing an additional 4,474 shares in the last quarter. 15.13% of the stock is owned by institutional investors and hedge funds.

TAT Technologies Stock Performance

The firm has a market cap of $604.63 million, a P/E ratio of 36.05 and a beta of 1.00. The company has a debt-to-equity ratio of 0.05, a quick ratio of 2.46 and a current ratio of 4.69. The company’s 50 day moving average is $43.36 and its 200 day moving average is $45.13.

TAT Technologies Company Profile

TAT Technologies Ltd. is a global provider of environmental control and thermal management solutions for the aerospace industry. The company specializes in the design, manufacturing and support of aircraft environmental control systems (ECS), heat exchangers and related components. Its product portfolio serves commercial and military airframers, engine manufacturers and airlines, offering critical systems that regulate cabin pressure, temperature and ventilation on fixed-wing and rotary aircraft.

Key offerings include air cycle machines, preconditioned air units, steam/water separators and specialty heat exchangers engineered to meet stringent aerospace standards.