Wall Street Zen Downgrades Astronics (NASDAQ:ATRO) to Buy

Astronics (NASDAQ:ATRO) was downgraded by equities research analysts at Wall Street Zen from a “strong-buy” rating to a “buy” rating in a research report issued to clients and investors on Tuesday.

Several other equities analysts have also issued reports on ATRO. Zacks Research upgraded Astronics from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, November 4th. Cowen assumed coverage on Astronics in a report on Wednesday, November 26th. They set a “buy” rating on the stock. Truist Financial upped their target price on Astronics from $49.00 to $58.00 and gave the company a “buy” rating in a research note on Wednesday, October 15th. TD Cowen assumed coverage on Astronics in a research report on Wednesday, November 26th. They issued a “buy” rating and a $65.00 target price for the company. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Astronics in a research note on Wednesday, October 8th. One equities research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $61.00.

Astronics Stock Performance

Shares of NASDAQ ATRO opened at $51.72 on Tuesday. Astronics has a 12 month low of $15.41 and a 12 month high of $55.28. The company has a market cap of $1.84 billion, a P/E ratio of -574.60 and a beta of 1.12. The business’s 50 day moving average is $48.74 and its two-hundred day moving average is $39.69. The company has a quick ratio of 1.56, a current ratio of 2.87 and a debt-to-equity ratio of 3.07.

Astronics (NASDAQ:ATRO) last announced its quarterly earnings data on Tuesday, November 4th. The aerospace company reported $0.49 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.42 by $0.07. Astronics had a negative net margin of 0.37% and a positive return on equity of 29.65%. The business had revenue of $211.45 million for the quarter, compared to the consensus estimate of $210.80 million. On average, equities analysts expect that Astronics will post 0.82 EPS for the current year.

Insider Buying and Selling at Astronics

In related news, insider James Mulato sold 1,129 shares of the stock in a transaction dated Friday, September 5th. The shares were sold at an average price of $38.16, for a total transaction of $43,082.64. Following the completion of the sale, the insider owned 1,066 shares in the company, valued at $40,678.56. This trade represents a 51.44% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Insiders own 10.83% of the company’s stock.

Institutional Trading of Astronics

Several hedge funds have recently modified their holdings of the company. Capital International Investors acquired a new position in shares of Astronics in the 3rd quarter worth approximately $64,173,000. Luxor Capital Group LP bought a new position in Astronics in the 3rd quarter valued at $52,698,000. Earnest Partners LLC acquired a new position in Astronics in the first quarter worth $12,774,000. Hennessy Advisors Inc. bought a new stake in shares of Astronics during the second quarter worth $15,046,000. Finally, Millennium Management LLC increased its stake in shares of Astronics by 80.1% in the first quarter. Millennium Management LLC now owns 746,956 shares of the aerospace company’s stock valued at $18,054,000 after buying an additional 332,133 shares in the last quarter. Institutional investors and hedge funds own 56.68% of the company’s stock.

Astronics Company Profile

Astronics Corporation, through its subsidiaries, designs and manufactures products for the aerospace, defense, and electronics industries in the United States, rest of North America, Asia, Europe, South America, and internationally. The company operates in two segments, Aerospace and Test Systems. The Aerospace segment offers lighting and safety systems, electrical power generation systems, distribution and seat motions systems, aircraft structures, avionics products, system certification, and other products.