TAT Technologies (NASDAQ:TATT) Shares Gap Up Following Earnings Beat

TAT Technologies Ltd. (NASDAQ:TATT)’s stock price gapped up prior to trading on Monday following a better than expected earnings announcement. The stock had previously closed at $31.80, but opened at $34.70. TAT Technologies shares last traded at $38.4750, with a volume of 436,394 shares changing hands.

The aerospace company reported $0.58 EPS for the quarter, topping analysts’ consensus estimates of $0.39 by $0.19. The firm had revenue of $55.56 million for the quarter, compared to analysts’ expectations of $52.84 million. TAT Technologies had a net margin of 11.26% and a return on equity of 9.84%.

Analyst Upgrades and Downgrades

A number of brokerages have commented on TATT. Weiss Ratings downgraded shares of TAT Technologies from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Friday, October 16th. B. Riley Financial decreased their price target on shares of TAT Technologies from $65.00 to $60.00 and set a “buy” rating for the company in a research note on Wednesday, October 28th. William Blair reiterated a “hold” rating on shares of TAT Technologies in a report on Wednesday, July 15th. Finally, Benchmark reissued a “buy” rating on shares of TAT Technologies in a research note on Tuesday, August 25th. Two analysts have rated the stock with a Strong Buy rating, four have assigned a Buy rating and three have given a Hold rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $58.33.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in TATT. Wellington Management Group LLP bought a new position in shares of TAT Technologies during the second quarter valued at approximately $21,213,000. Wasatch Advisors LP raised its stake in TAT Technologies by 35.1% in the second quarter. Wasatch Advisors LP now owns 768,702 shares of the aerospace company’s stock worth $37,074,000 after buying an additional 199,622 shares in the last quarter. Stephens Investment Management Group LLC bought a new position in TAT Technologies in the first quarter worth approximately $7,733,000. Clal Insurance Enterprises Holdings Ltd raised its stake in TAT Technologies by 26.5% in the first quarter. Clal Insurance Enterprises Holdings Ltd now owns 456,640 shares of the aerospace company’s stock worth $18,405,000 after buying an additional 95,756 shares in the last quarter. Finally, Renaissance Technologies LLC lifted its holdings in TAT Technologies by 14.9% during the first quarter. Renaissance Technologies LLC now owns 203,402 shares of the aerospace company’s stock worth $8,264,000 after buying an additional 26,400 shares during the period. Hedge funds and other institutional investors own 15.13% of the company’s stock.

TAT Technologies Stock Performance

The company has a debt-to-equity ratio of 0.06, a current ratio of 4.83 and a quick ratio of 2.61. The company has a market cap of $502.71 million, a PE ratio of 24.17 and a beta of 1.04. The business has a fifty day simple moving average of $35.54 and a two-hundred day simple moving average of $42.47.

TAT Technologies Company Profile

TAT Technologies Ltd. is an aerospace and defense company headquartered in Netanya, Israel. The company develops, manufactures, and services thermal-management and other specialized systems used in commercial, military, business, and general aviation applications.

Its product portfolio includes heat exchangers, air-conditioning and environmental-control components, air-cycle machines, pre-coolers, oil coolers, fuel heaters, pumps, and related aircraft systems. TAT also provides maintenance, repair, and overhaul services for aircraft heat-transfer equipment, auxiliary power units, landing-gear components, and other aviation parts.

Through its operations in Israel and the United States, TAT Technologies serves aircraft manufacturers, airlines, aerospace and defense contractors, and government customers.