Astronics (NASDAQ:ATRO) Trading Up 7.8% – Here’s What Happened

Astronics Corporation (NASDAQ:ATRO)’s stock price shot up 7.8% during mid-day trading on Thursday . The stock traded as high as $88.93 and last traded at $88.7590. 242,665 shares changed hands during trading, a decline of 62% from the average session volume of 638,630 shares. The stock had previously closed at $82.34.

Analyst Upgrades and Downgrades

Several research firms have recently issued reports on ATRO. Zacks Research downgraded shares of Astronics from a “strong-buy” rating to a “hold” rating in a report on Wednesday, May 13th. Weiss Ratings restated a “sell (d-)” rating on shares of Astronics in a report on Monday, April 20th. TD Cowen boosted their price objective on shares of Astronics from $85.00 to $100.00 and gave the stock a “buy” rating in a report on Thursday, May 28th. Wall Street Zen upgraded shares of Astronics from a “buy” rating to a “strong-buy” rating in a report on Saturday, February 28th. Finally, Truist Financial upgraded shares of Astronics to a “strong-buy” rating in a report on Monday, May 4th. Two equities 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 MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $89.00.

Astronics Stock Performance

The firm has a market cap of $3.29 billion, a P/E ratio of 77.71 and a beta of 1.15. The stock’s 50 day moving average is $77.65 and its two-hundred day moving average is $70.31. The company has a debt-to-equity ratio of 2.07, a current ratio of 2.97 and a quick ratio of 1.63.

Shares of Astronics are scheduled to split on the morning of Monday, June 15th. The 6-5 split was recently announced. The newly created shares will be distributed to shareholders after the market closes on Sunday, June 14th.

Astronics (NASDAQ:ATRO) last posted its earnings results on Tuesday, May 12th. The aerospace company reported $0.59 earnings per share for the quarter, beating analysts’ consensus estimates of $0.55 by $0.04. The business had revenue of $230.62 million for the quarter, compared to analysts’ expectations of $225.52 million. Astronics had a net margin of 5.12% and a return on equity of 49.34%. The firm’s revenue for the quarter was up 12.0% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.44 earnings per share. As a group, equities analysts predict that Astronics Corporation will post 2.68 EPS for the current year.

Hedge Funds Weigh In On Astronics

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Vanguard Group Inc. boosted its position 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 buying an additional 39,527 shares in the last quarter. Capital International Investors boosted its position in Astronics by 31.5% in the fourth quarter. Capital International Investors now owns 1,849,886 shares of the aerospace company’s stock valued at $100,338,000 after buying an additional 442,886 shares in the last quarter. State Street Corp boosted its position in Astronics by 26.2% in the fourth quarter. State Street Corp now owns 1,832,179 shares of the aerospace company’s stock valued at $99,377,000 after buying an additional 379,811 shares in the last quarter. Luxor Capital Group LP acquired a new position in Astronics in the third quarter valued at about $52,698,000. Finally, Geode Capital Management LLC boosted its position in Astronics by 1.1% in the fourth quarter. Geode Capital Management LLC now owns 756,386 shares of the aerospace company’s stock valued at $41,033,000 after buying an additional 7,968 shares in the last quarter. 56.68% of the stock is currently owned by institutional investors and hedge funds.

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.