Astronics (NASDAQ:ATRO) Releases Earnings Results, Beats Expectations By $0.04 EPS

Astronics (NASDAQ:ATRO) issued its quarterly earnings data on Tuesday. The aerospace company reported $0.59 earnings per share for the quarter, beating the consensus estimate of $0.55 by $0.04, FiscalAI reports. The firm had revenue of $230.62 million for the quarter, compared to the consensus estimate of $225.52 million. Astronics had a net margin of 3.41% and a return on equity of 39.95%.

Astronics Price Performance

ATRO stock traded up $2.47 during trading on Tuesday, hitting $78.26. The company had a trading volume of 899,413 shares, compared to its average volume of 648,897. The business has a 50 day moving average of $72.21 and a 200 day moving average of $65.02. The firm has a market capitalization of $2.79 billion, a price-to-earnings ratio of 101.64 and a beta of 1.10. The company has a current ratio of 3.10, a quick ratio of 1.71 and a debt-to-equity ratio of 2.39. Astronics has a fifty-two week low of $27.27 and a fifty-two week high of $83.96.

Analysts Set New Price Targets

ATRO has been the subject of several recent analyst reports. Weiss Ratings restated a “sell (d-)” rating on shares of Astronics in a research report on Monday, April 20th. Wall Street Zen upgraded Astronics from a “buy” rating to a “strong-buy” rating in a research report on Saturday, February 28th. Zacks Research raised Astronics from a “hold” rating to a “strong-buy” rating in a report on Tuesday, February 3rd. Finally, Truist Financial upgraded Astronics to a “strong-buy” rating in a research report on Monday, May 4th. Three research analysts have rated the stock with a Strong Buy rating, two have issued a Buy rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the stock has an average rating of “Buy” and a consensus price target of $77.33.

Institutional Trading of Astronics

A number of hedge funds and other institutional investors have recently made changes to their positions in ATRO. IFP Advisors Inc boosted its holdings in shares of Astronics by 389.6% in the third quarter. IFP Advisors Inc now owns 563 shares of the aerospace company’s stock valued at $26,000 after acquiring an additional 448 shares in the last quarter. EverSource Wealth Advisors LLC raised its holdings in Astronics by 147.6% during the second quarter. EverSource Wealth Advisors LLC now owns 894 shares of the aerospace company’s stock worth $30,000 after purchasing an additional 533 shares in the last quarter. Quarry LP raised its holdings in Astronics by 33.6% during the fourth quarter. Quarry LP now owns 568 shares of the aerospace company’s stock worth $31,000 after purchasing an additional 143 shares in the last quarter. Kemnay Advisory Services Inc. acquired a new stake in Astronics in the fourth quarter worth approximately $43,000. Finally, US Bancorp DE lifted its position in Astronics by 41.0% in the third quarter. US Bancorp DE now owns 966 shares of the aerospace company’s stock worth $44,000 after purchasing an additional 281 shares during the period. 56.68% of the stock is currently owned by institutional investors.

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.