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

Shares of TAT Technologies Ltd. (NASDAQ:TATT) gapped up before the market opened on Wednesday after the company announced better than expected quarterly earnings. The stock had previously closed at $32.69, but opened at $37.94. TAT Technologies shares last traded at $39.48, with a volume of 229,253 shares changing hands.

The aerospace company reported $0.26 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.19 by $0.07. TAT Technologies had a return on equity of 10.69% and a net margin of 9.45%.The business had revenue of $41.15 million for the quarter, compared to analysts’ expectations of $40.25 million.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on the stock. Lake Street Capital reiterated a “buy” rating and issued a $59.00 price objective on shares of TAT Technologies in a research note on Wednesday, February 4th. B. Riley Financial began coverage on shares of TAT Technologies in a research note on Wednesday, April 8th. They set a “buy” rating and a $61.00 target price for the company. Zacks Research cut shares of TAT Technologies from a “hold” rating to a “strong sell” rating in a report on Tuesday, April 14th. 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 note on Thursday, March 12th. Finally, Truist Financial upgraded TAT Technologies to a “strong-buy” rating in a report on Friday, May 1st. Three analysts have rated the stock with a Strong Buy rating, five have issued a Buy rating and one has given a Sell rating to the stock. According to data from MarketBeat, TAT Technologies presently has a consensus rating of “Buy” and a consensus target price of $57.29.

Institutional Investors Weigh In On TAT Technologies

A number of institutional investors have recently bought and sold shares of TATT. OMERS ADMINISTRATION Corp acquired a new stake in shares of TAT Technologies during the 1st quarter valued at about $228,000. Renaissance Technologies LLC increased its position in shares of TAT Technologies by 14.9% during the 1st quarter. Renaissance Technologies LLC now owns 203,402 shares of the aerospace company’s stock worth $8,264,000 after purchasing an additional 26,400 shares in the last quarter. Sei Investments Co. lifted its holdings in TAT Technologies by 91.4% during the 1st quarter. Sei Investments Co. now owns 39,366 shares of the aerospace company’s stock valued at $1,599,000 after purchasing an additional 18,799 shares during the last quarter. Walleye Capital LLC acquired a new position in TAT Technologies in the first quarter valued at about $1,054,000. Finally, Clal Insurance Enterprises Holdings Ltd grew its stake in TAT Technologies by 26.5% during 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 during the last quarter. Institutional investors and hedge funds own 15.13% of the company’s stock.

TAT Technologies Price Performance

The stock has a market capitalization of $508.19 million, a P/E ratio of 28.51 and a beta of 0.96. The company’s 50 day simple moving average is $42.12 and its two-hundred day simple moving average is $44.85. The company has a debt-to-equity ratio of 0.05, a current ratio of 4.89 and a quick ratio of 2.67.

About TAT Technologies

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.