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

TAT Technologies Ltd. (NASDAQ:TATT)’s stock price gapped down before the market opened on Thursday following a dissappointing 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 (EPS) for the quarter, missing the consensus estimate of $0.39 by ($0.03). The firm had revenue of $46.53 million for the quarter, compared to analysts’ expectations of $48.04 million. TAT Technologies had a return on equity of 11.14% and a net margin of 9.45%.

Analyst Ratings Changes

A number of equities research analysts recently issued reports on the stock. Wall Street Zen downgraded shares of TAT Technologies from a “buy” rating to a “hold” rating in a research note on Saturday, February 21st. Lake Street Capital reissued a “buy” rating and issued a $59.00 price objective on shares of TAT Technologies in a research note on Wednesday, February 4th. Weiss Ratings restated a “buy (b)” rating on shares of TAT Technologies in a research report on Monday, December 29th. Loop Capital set a $53.00 price target on shares of TAT Technologies in a report on Tuesday, December 30th. Finally, Freedom Capital upgraded TAT Technologies from a “hold” rating to a “strong-buy” rating in a research report on Friday, January 16th. One research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and one has issued a Hold rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Buy” and a consensus target price of $54.50.

Institutional Inflows and Outflows

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

TAT Technologies Price Performance

The company has a debt-to-equity ratio of 0.06, a quick ratio of 2.34 and a current ratio of 4.44. The company has a market capitalization of $594.34 million, a P/E ratio of 34.54 and a beta of 0.93. The firm’s fifty day moving average is $53.21 and its 200 day moving average is $45.16.

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.