Transcat (NASDAQ:TRNS) Shares Down 5.5% – Here’s What Happened

Transcat, Inc. (NASDAQ:TRNS) shares traded down 5.5% during trading on Tuesday . The company traded as low as $105.84 and last traded at $106.08. 56,104 shares were traded during trading, an increase of 2% from the average session volume of 55,069 shares. The stock had previously closed at $112.22.

Wall Street Analyst Weigh In

A number of analysts have weighed in on the company. Craig Hallum decreased their price target on Transcat from $138.00 to $113.00 and set a “buy” rating for the company in a report on Wednesday, October 30th. Northland Securities decreased their target price on Transcat from $130.00 to $110.00 and set a “market perform” rating for the company in a research note on Wednesday, October 30th. StockNews.com lowered Transcat from a “hold” rating to a “sell” rating in a research note on Tuesday, October 29th. Oppenheimer reaffirmed an “outperform” rating and set a $130.00 price objective (down previously from $155.00) on shares of Transcat in a research report on Wednesday, October 30th. Finally, HC Wainwright reiterated a “buy” rating and set a $156.00 target price on shares of Transcat in a research report on Tuesday, October 29th. One investment analyst has rated the stock with a sell rating, two have given a hold rating and three have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $127.25.

Transcat Price Performance

The stock has a market cap of $966.37 million, a price-to-earnings ratio of 53.05 and a beta of 0.69. The company’s fifty day simple moving average is $115.91 and its two-hundred day simple moving average is $121.43.

Transcat (NASDAQ:TRNS) last posted its earnings results on Monday, October 28th. The scientific and technical instruments company reported $0.35 earnings per share for the quarter, missing analysts’ consensus estimates of $0.47 by ($0.12). Transcat had a return on equity of 7.36% and a net margin of 6.63%. The business had revenue of $67.83 million during the quarter, compared to analyst estimates of $70.30 million. During the same quarter in the prior year, the company earned $0.41 EPS. The company’s revenue was up 8.0% on a year-over-year basis. On average, analysts forecast that Transcat, Inc. will post 1.76 earnings per share for the current year.

Hedge Funds Weigh In On Transcat

A number of hedge funds have recently bought and sold shares of TRNS. Conestoga Capital Advisors LLC lifted its position in shares of Transcat by 17.9% during the third quarter. Conestoga Capital Advisors LLC now owns 907,191 shares of the scientific and technical instruments company’s stock valued at $109,561,000 after purchasing an additional 137,830 shares in the last quarter. Calamos Advisors LLC lifted its position in shares of Transcat by 76.0% during the 2nd quarter. Calamos Advisors LLC now owns 15,441 shares of the scientific and technical instruments company’s stock worth $1,848,000 after buying an additional 6,667 shares in the last quarter. First Horizon Advisors Inc. boosted its stake in shares of Transcat by 26.4% in the 2nd quarter. First Horizon Advisors Inc. now owns 599 shares of the scientific and technical instruments company’s stock worth $72,000 after buying an additional 125 shares during the last quarter. Raymond James & Associates grew its holdings in shares of Transcat by 157.2% in the third quarter. Raymond James & Associates now owns 20,651 shares of the scientific and technical instruments company’s stock valued at $2,494,000 after acquiring an additional 12,622 shares in the last quarter. Finally, Champlain Investment Partners LLC increased its position in shares of Transcat by 22.1% during the third quarter. Champlain Investment Partners LLC now owns 409,500 shares of the scientific and technical instruments company’s stock valued at $49,455,000 after acquiring an additional 74,169 shares during the last quarter. 98.34% of the stock is owned by hedge funds and other institutional investors.

About Transcat

Transcat, Inc provides calibration and laboratory instrument services in the United States, Canada, and internationally. It operates through two segments: Service and Distribution. The Service segment offers calibration, repair, inspection, analytical qualification, preventative maintenance, consulting, and other related services.