Astronics (NASDAQ:ATRO) Cut to “Buy” at Wall Street Zen

Wall Street Zen downgraded shares of Astronics (NASDAQ:ATRO) from a strong-buy rating to a buy rating in a research report released on Saturday.

Other analysts have also issued reports about the company. Zacks Research upgraded Astronics from a “hold” rating to a “strong-buy” rating in a research report on Monday, July 20th. Truist Financial upgraded shares of Astronics to a “strong-buy” rating in a research report on Monday, May 4th. TD Cowen raised their target price on shares of Astronics from $70.83 to $83.33 and gave the company a “buy” rating in a research note on Thursday, May 28th. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Astronics in a research report on Friday, July 17th. Three research analysts have rated the stock with a Strong Buy rating, two have issued a Buy rating and one has issued a Sell rating to the company. According to data from MarketBeat, Astronics currently has a consensus rating of “Buy” and an average target price of $74.17.

Astronics Stock Down 2.9%

Shares of ATRO opened at $75.46 on Friday. The business’s fifty day moving average price is $74.00 and its two-hundred day moving average price is $66.70. The firm has a market capitalization of $3.25 billion, a price-to-earnings ratio of 76.74 and a beta of 1.15. Astronics has a 52 week low of $25.17 and a 52 week high of $88.72. The company has a debt-to-equity ratio of 2.07, a quick ratio of 1.63 and a current ratio of 2.97.

Astronics (NASDAQ:ATRO) last released its earnings results on Tuesday, May 12th. The aerospace company reported $0.49 earnings per share for the quarter, topping analysts’ consensus estimates of $0.46 by $0.03. The company 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 firm’s quarterly revenue was up 12.0% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.37 earnings per share. On average, analysts predict that Astronics will post 2.62 earnings per share for the current year.

Hedge Funds Weigh In On Astronics

Hedge funds and other institutional investors have recently made changes to their positions in the company. BlackRock Inc. bought a new stake in shares of Astronics in the 2nd quarter valued at $248,395,000. Vanguard Group Inc. grew its stake in Astronics by 2.0% in the fourth quarter. Vanguard Group Inc. now owns 1,975,693 shares of the aerospace company’s stock valued at $107,162,000 after acquiring an additional 39,527 shares during the period. Capital International Investors increased its holdings in shares of Astronics by 31.5% in the fourth quarter. Capital International Investors now owns 1,849,886 shares of the aerospace company’s stock worth $100,338,000 after acquiring an additional 442,886 shares in the last quarter. State Street Corp raised its position in shares of Astronics by 26.2% during the fourth quarter. State Street Corp now owns 1,832,179 shares of the aerospace company’s stock worth $99,377,000 after purchasing an additional 379,811 shares during the period. Finally, Geode Capital Management LLC grew its position in shares of Astronics by 1.1% in the 4th quarter. Geode Capital Management LLC now owns 756,386 shares of the aerospace company’s stock valued at $41,033,000 after purchasing an additional 7,968 shares during the period. 56.68% of the stock is owned by institutional investors.

Astronics Company Profile

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.