Astronics (NASDAQ:ATRO) Sets New 12-Month High – Here’s What Happened

Astronics Corporation (NASDAQ:ATRO) hit a new 52-week high during trading on Thursday . The company traded as high as $83.78 and last traded at $80.9450, with a volume of 123406 shares trading hands. The stock had previously closed at $80.06.

Analyst Upgrades and Downgrades

A number of research analysts recently commented on the company. Weiss Ratings restated a “sell (d-)” rating on shares of Astronics in a research note on Monday, April 20th. TD Cowen increased their price objective on Astronics from $70.83 to $83.33 and gave the stock a “buy” rating in a research note on Thursday, May 28th. Truist Financial upgraded Astronics to a “strong-buy” rating in a research note on Monday, May 4th. Zacks Research lowered Astronics from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, May 13th. Finally, Wall Street Zen lowered Astronics from a “strong-buy” rating to a “buy” rating in a research note on Saturday, June 13th. Two research analysts have rated the stock with a Strong Buy rating, two have issued a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat, Astronics currently has an average rating of “Moderate Buy” and a consensus target price of $74.17.

Astronics Stock Performance

The company has a market capitalization of $3.42 billion, a price-to-earnings ratio of 81.01 and a beta of 1.15. The company has a debt-to-equity ratio of 2.07, a current ratio of 2.97 and a quick ratio of 1.63. The stock has a 50 day moving average price of $66.71 and a two-hundred day moving average price of $59.82.

Astronics (NASDAQ:ATRO) last announced its earnings results on Tuesday, May 12th. The aerospace company reported $0.49 earnings per share for the quarter, beating analysts’ consensus estimates of $0.46 by $0.03. Astronics had a return on equity of 49.34% and a net margin of 5.12%.The company had revenue of $230.62 million during the quarter, compared to analyst estimates of $225.52 million. During the same period last year, the company posted $0.37 earnings per share. The firm’s quarterly revenue was up 12.0% compared to the same quarter last year. On average, analysts predict that Astronics Corporation will post 2.23 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in ATRO. Allworth Financial LP boosted its stake in 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 period. Fifth Third Bancorp lifted its position in shares of Astronics by 877.2% during the 1st quarter. Fifth Third Bancorp now owns 557 shares of the aerospace company’s stock valued at $37,000 after acquiring an additional 500 shares during the period. Optiver Holding B.V. lifted its position 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 valued at $38,000 after acquiring an additional 549 shares during the period. IFP Advisors Inc lifted its position in shares of Astronics by 389.6% during the 3rd quarter. IFP Advisors Inc now owns 563 shares of the aerospace company’s stock valued at $26,000 after acquiring an additional 448 shares during the period. Finally, Quarry LP raised its holdings in shares of Astronics by 33.6% during the 4th quarter. Quarry LP now owns 568 shares of the aerospace company’s stock worth $31,000 after buying an additional 143 shares in the last quarter. 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.