Astronics (NASDAQ:ATRO) Reaches New 1-Year High – Here’s What Happened

Astronics Corporation (NASDAQ:ATRO)’s stock price reached a new 52-week high during trading on Wednesday . The company traded as high as $86.96 and last traded at $85.80, with a volume of 36130 shares traded. The stock had previously closed at $84.44.

Wall Street Analyst Weigh In

ATRO has been the subject of a number of analyst reports. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Astronics in a report on Monday, April 20th. Truist Financial upgraded Astronics to a “strong-buy” rating in a research note on Monday, May 4th. Wall Street Zen raised shares of Astronics from a “buy” rating to a “strong-buy” rating in a research report on Saturday, February 28th. Finally, Zacks Research lowered Astronics from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, May 13th. Two research analysts have rated the stock with a Strong Buy rating, two have issued a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $77.33.

Astronics Stock Performance

The business has a 50-day moving average price of $73.60 and a 200-day moving average price of $67.48. The company has a quick ratio of 1.63, a current ratio of 2.97 and a debt-to-equity ratio of 2.07. The firm has a market capitalization of $3.06 billion, a price-to-earnings ratio of 72.09 and a beta of 1.10.

Astronics (NASDAQ:ATRO) last issued its quarterly earnings results on Tuesday, May 12th. The aerospace company reported $0.59 earnings per share for the quarter, topping the consensus estimate of $0.55 by $0.04. The business had revenue of $230.62 million during the quarter, compared to the consensus estimate of $225.52 million. Astronics had a return on equity of 49.34% and a net margin of 5.12%.The company’s quarterly revenue was up 12.0% on a year-over-year basis. During the same quarter last year, the company earned $0.44 earnings per share. As a group, sell-side analysts forecast that Astronics Corporation will post 2.68 earnings per share for the current year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. IFP Advisors Inc lifted its stake in shares of Astronics by 389.6% during the third quarter. IFP Advisors Inc now owns 563 shares of the aerospace company’s stock worth $26,000 after buying an additional 448 shares during the period. Allworth Financial LP increased its position in shares of Astronics by 57.1% in the 4th quarter. Allworth Financial LP now owns 528 shares of the aerospace company’s stock valued at $29,000 after acquiring an additional 192 shares during the period. EverSource Wealth Advisors LLC raised its stake in Astronics by 147.6% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 894 shares of the aerospace company’s stock worth $30,000 after acquiring an additional 533 shares during the last quarter. Quarry LP raised its stake in Astronics by 33.6% in the 4th quarter. Quarry LP now owns 568 shares of the aerospace company’s stock worth $31,000 after acquiring an additional 143 shares during the last quarter. Finally, Leonteq Securities AG acquired a new stake in Astronics during the 4th quarter worth about $33,000. Hedge funds and other institutional investors own 56.68% of the company’s stock.

About Astronics

Astronics Corporation (NASDAQ: ATRO) is a global leader in the design and manufacture of advanced technologies primarily for the aerospace, defense and semiconductor industries. Headquartered in East Aurora, New York, the company was founded in 1968 and has grown through a combination of internal development and strategic acquisitions. Astronics operates multiple business units focused on power conversion, distribution and control; cabin electronics and connectivity; aircraft lighting and safety solutions; and automated test systems.

The company’s aerospace products include onboard power generation and management systems, in-flight entertainment and connectivity hardware, LED and fluorescent lighting for aircraft cabins and cockpits, and safety equipment such as escape slide power units.