TAT Technologies (NASDAQ:TATT) Shares Gap Down on Disappointing Earnings

TAT Technologies Ltd. (NASDAQ:TATT)’s share price gapped down before the market opened on Thursday following a weaker than expected earnings announcement. The stock had previously closed at $56.55, but opened at $51.05. TAT Technologies shares last traded at $53.7990, with a volume of 121,068 shares traded.

The aerospace company reported $0.36 earnings per share for the quarter, missing the consensus estimate of $0.39 by ($0.03). The business had revenue of $46.53 million during the quarter, compared to analysts’ expectations of $48.04 million. TAT Technologies had a net margin of 9.08% and a return on equity of 11.10%.

Analysts Set New Price Targets

TATT has been the topic of a number of recent analyst reports. Wall Street Zen lowered TAT Technologies from a “buy” rating to a “hold” rating in a research report on Saturday, February 21st. Zacks Research raised shares of TAT Technologies from a “strong sell” rating to a “hold” rating in a report on Monday, January 12th. Weiss Ratings reiterated a “buy (b)” rating on shares of TAT Technologies in a research report on Monday, December 29th. Benchmark upped their price target on shares of TAT Technologies from $58.00 to $66.00 and gave the stock a “buy” rating in a research report on Thursday, March 12th. Finally, Loop Capital set a $53.00 price target on shares of TAT Technologies in a research note on Tuesday, December 30th. One analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and one has assigned a Hold rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Buy” and an average price target of $54.50.

Institutional Trading of TAT Technologies

Institutional investors have recently made changes to their positions in the company. Boston Partners purchased a new position in TAT Technologies in the second quarter worth approximately $13,205,000. New York State Common Retirement Fund acquired a new position in shares of TAT Technologies in the 3rd quarter valued at $10,150,000. Principal Financial Group Inc. lifted its stake in shares of TAT Technologies by 49.0% in the 3rd quarter. Principal Financial Group Inc. now owns 39,553 shares of the aerospace company’s stock valued at $1,742,000 after purchasing an additional 13,013 shares during the last quarter. Russell Investments Group Ltd. purchased a new position in shares of TAT Technologies during the 2nd quarter worth $4,119,000. Finally, Migdal Insurance & Financial Holdings Ltd. acquired a new stake in shares of TAT Technologies during the 3rd quarter worth about $8,869,000. Hedge funds and other institutional investors own 15.13% of the company’s stock.

TAT Technologies Stock Down 4.8%

The stock has a market capitalization of $675.92 million, a price-to-earnings ratio of 40.50 and a beta of 0.93. The business has a 50-day moving average of $53.29 and a 200-day moving average of $45.15. The company has a debt-to-equity ratio of 0.06, a quick ratio of 2.34 and a current ratio of 4.44.

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.