Lake Street Capital has commenced coverage on shares of TAT Technologies (NASDAQ:TATT), issuing a buy rating and setting a price target of $53.00. This report, released on Tuesday, marks a significant endorsement for the aerospace company. The announcement comes at a time when various financial analysts are actively reassessing their positions on TAT Technologies.
In recent weeks, several brokerages have evaluated TAT Technologies, reflecting a diverse range of opinions. On December 22, 2023, Weiss Ratings reaffirmed a buy (b) rating, indicating confidence in the company’s growth potential. Conversely, on November 14, 2023, Zacks Research downgraded the stock from a hold rating to a strong sell, highlighting a contrasting perspective that investors should consider.
Additional insights come from Truist Financial, which lowered its target price from $56.00 to $52.00, while maintaining a buy rating. Coverage by Jones Trading initiated on October 10, 2023, also featured a buy rating with a price target of $50.00. The mixed ratings culminated in a consensus of six analysts rating TAT Technologies as a buy and one as a sell, leading to an average rating of Moderate Buy and a consensus target price of $51.33 according to data from MarketBeat.
Recent Financial Performance
TAT Technologies recently reported its quarterly earnings on November 12, 2023. The company disclosed earnings of $0.37 per share, which fell short of analysts’ expectations of $0.40 by $0.03. Revenue for the quarter was reported at $46.24 million, slightly below forecasts of $46.27 million. TAT Technologies achieved a net margin of 9.08% and a return on equity of 11.10%, indicating a stable financial position despite the earnings miss.
Institutional Investor Activity
Recent trading activity has shown increased interest from institutional investors in TAT Technologies. Notably, Meitav Investment House Ltd. raised its stake by 61.7% during the second quarter, acquiring an additional 555,286 shares and bringing its total holdings to 1,454,618 shares, valued at approximately $44.72 million.
Similarly, Wasatch Advisors LP increased its position by 143.0%, now owning 781,216 shares valued at around $23.86 million. Other notable investors include Boston Partners, which purchased a new stake worth about $13.21 million, and Clal Insurance Enterprises Holdings Ltd., acquiring shares valued at approximately $11.03 million.
Additionally, Penn Capital Management Company LLC significantly expanded its position by 1,063.4% during the third quarter, now holding 357,768 shares worth around $15.77 million. Overall, institutional investors and hedge funds own 15.13% of TAT Technologies’ stock, indicating a robust interest in the aerospace firm.
TAT Technologies Ltd. specializes in providing environmental control and thermal management solutions for the aerospace sector. Its offerings include critical systems that regulate cabin pressure, temperature, and ventilation for both commercial and military aircraft. With a diverse product portfolio, TAT Technologies serves a range of clients, including airframers, engine manufacturers, and airlines, underscoring its vital role in the aerospace industry.
