Astronics (NASDAQ:ATRO) Shares Down 3.2% – Here’s What Happened

Astronics Corporation (NASDAQ:ATRO)’s stock price was down 3.2% on Thursday . The stock traded as low as $65.20 and last traded at $64.1310. Approximately 59,879 shares changed hands during mid-day trading, a decline of 92% from the average session volume of 739,505 shares. The stock had previously closed at $66.28.

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on the stock. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Astronics in a research note on Friday, July 17th. Zacks Research lowered shares of Astronics from a “strong-buy” rating to a “hold” rating in a research note on Monday, September 7th. TD Cowen upped their price target on Astronics from $70.83 to $83.33 and gave the company a “buy” rating in a research report on Thursday, May 28th. Finally, Wall Street Zen raised Astronics from a “buy” rating to a “strong-buy” rating in a report on Sunday, August 16th. Two research analysts have rated the stock with a Strong Buy rating, two have assigned a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, Astronics currently has a consensus rating of “Moderate Buy” and a consensus target price of $74.17.

Astronics Price Performance

The stock has a market cap of $2.83 billion, a PE ratio of 38.65 and a beta of 1.20. The stock’s fifty day moving average is $74.34 and its 200-day moving average is $69.20. The company has a debt-to-equity ratio of 1.57, a current ratio of 2.97 and a quick ratio of 1.63.

Astronics (NASDAQ:ATRO) last issued its earnings results on Tuesday, August 11th. The aerospace company reported $0.70 EPS for the quarter, topping analysts’ consensus estimates of $0.59 by $0.11. The company had revenue of $259.96 million for the quarter, compared to the consensus estimate of $245.30 million. Astronics had a net margin of 8.40% and a return on equity of 67.69%. The firm’s revenue for the quarter was up 46.9% compared to the same quarter last year. As a group, equities analysts anticipate that Astronics Corporation will post 2.74 EPS for the current year.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the business. Nykredit A S acquired a new stake in Astronics during the second quarter worth $40,000. Allworth Financial LP lifted its stake 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 purchasing an additional 192 shares during the last quarter. Fifth Third Bancorp lifted its stake in shares of Astronics by 877.2% in the 1st quarter. Fifth Third Bancorp now owns 557 shares of the aerospace company’s stock valued at $37,000 after purchasing an additional 500 shares during the last quarter. Optiver Holding B.V. grew its holdings in shares of Astronics by 3,921.4% during the 1st quarter. Optiver Holding B.V. now owns 563 shares of the aerospace company’s stock worth $38,000 after purchasing an additional 549 shares during the period. Finally, Leonteq Securities AG purchased a new position in shares of Astronics during the 4th quarter worth $33,000. 56.68% of the stock is currently owned by hedge funds and other institutional investors.

About Astronics

Astronics Corporation (NASDAQ: ATRO) designs and manufactures advanced aerospace and defense systems and equipment. Its products include aircraft lighting, electrical power and distribution systems, cabin electronics, connectivity solutions, avionics, and other specialized components used in commercial, business, general aviation, and military aircraft.

The company also provides automated test systems and related equipment used to test aerospace, defense, and other electronic systems. Its offerings support aircraft manufacturers, airlines, defense contractors, and maintenance organizations, as well as customers in the space and transportation markets.

Founded in 1968 and headquartered in East Aurora, New York, Astronics serves customers through operations and sales activities in the United States and international markets.