TAT Technologies (NASDAQ:TATT) Shares Gap Up on Better-Than-Expected Earnings

TAT Technologies Ltd. (NASDAQ:TATT) gapped up before the market opened 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 trading hands.

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

Analyst Ratings Changes

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

Insider Transactions at TAT Technologies

In other news, insider Paul Maness sold 5,000 shares of the business’s stock in a transaction dated Wednesday, June 17th. The shares were sold at an average price of $45.41, for a total transaction of $227,050.00. Following the transaction, the insider directly owned 5,000 shares in the company, valued at $227,050. The trade was a 50.00% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, COO Jason Lewandowski sold 3,125 shares of the company’s stock in a transaction dated 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 directly owned 3,125 shares in the company, valued at approximately $122,562.50. The trade was a 50.00% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Company insiders own 8.75% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the business. Goldman Sachs Group Inc. acquired a new position in shares of TAT Technologies in the first quarter valued at $207,000. Jane Street Group LLC lifted its stake in shares of TAT Technologies by 125.8% during the 1st quarter. Jane Street Group LLC now owns 32,344 shares of the aerospace company’s stock worth $889,000 after buying an additional 18,020 shares during the last quarter. JPMorgan Chase & Co. lifted its stake in shares of TAT Technologies by 470.4% during the 2nd quarter. JPMorgan Chase & Co. now owns 69,618 shares of the aerospace company’s stock worth $2,126,000 after buying an additional 57,412 shares during the last quarter. Arrowstreet Capital Limited Partnership boosted its holdings in shares of TAT Technologies by 70.9% during the 2nd quarter. Arrowstreet Capital Limited Partnership now owns 74,984 shares of the aerospace company’s stock worth $2,316,000 after buying an additional 31,104 shares during the period. Finally, Walleye Capital LLC boosted its holdings in shares of TAT Technologies by 49.1% during the 2nd quarter. Walleye Capital LLC now owns 12,343 shares of the aerospace company’s stock worth $377,000 after buying an additional 4,062 shares during the period. 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 price-to-earnings ratio of 36.05 and a beta of 1.00. The stock’s 50 day moving average is $43.36 and its 200 day moving average is $45.13. The company has a current ratio of 4.69, a quick ratio of 2.46 and a debt-to-equity ratio of 0.05.

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.