Astronics (NASDAQ:ATRO) Downgraded to Buy Rating by Wall Street Zen

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

ATRO has been the topic of several other research reports. Weiss Ratings restated a “sell (d-)” rating on shares of Astronics in a report on Friday, July 17th. TD Cowen upped their price target on shares of Astronics from $70.83 to $83.33 and gave the stock a “buy” rating in a research report on Thursday, May 28th. Truist Financial raised shares of Astronics to a “strong-buy” rating in a report on Monday, May 4th. Finally, Zacks Research upgraded shares of Astronics from a “hold” rating to a “strong-buy” rating in a research report on Monday, July 20th. Three analysts have rated the stock with a Strong Buy rating, two have assigned a Buy rating and one has given a Sell rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Buy” and an average target price of $74.17.

Astronics Stock Performance

NASDAQ:ATRO opened at $77.75 on Friday. The stock has a market capitalization of $3.34 billion, a P/E ratio of 79.07 and a beta of 1.15. The company has a current ratio of 2.97, a quick ratio of 1.63 and a debt-to-equity ratio of 2.07. Astronics has a 1 year low of $24.77 and a 1 year high of $88.72. The firm has a 50 day moving average of $73.91 and a 200-day moving average of $66.58.

Astronics (NASDAQ:ATRO) last released its quarterly earnings results on Tuesday, May 12th. The aerospace company reported $0.49 EPS for the quarter, topping 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 business had revenue of $230.62 million for the quarter, compared to analyst estimates of $225.52 million. During the same period in the prior year, the company earned $0.37 EPS. Astronics’s revenue for the quarter was up 12.0% on a year-over-year basis. As a group, sell-side analysts anticipate that Astronics will post 2.62 EPS for the current fiscal year.

Institutional Investors Weigh In On Astronics

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Allworth Financial LP lifted its stake in shares of Astronics by 57.1% during the fourth quarter. Allworth Financial LP now owns 528 shares of the aerospace company’s stock valued at $29,000 after acquiring an additional 192 shares during the period. Fifth Third Bancorp increased its position in Astronics by 877.2% in the first quarter. Fifth Third Bancorp now owns 557 shares of the aerospace company’s stock worth $37,000 after purchasing an additional 500 shares during the period. Optiver Holding B.V. increased its position in Astronics by 3,921.4% in the first quarter. Optiver Holding B.V. now owns 563 shares of the aerospace company’s stock worth $38,000 after purchasing an additional 549 shares during the period. IFP Advisors Inc increased its position in Astronics by 389.6% in the third quarter. IFP Advisors Inc now owns 563 shares of the aerospace company’s stock worth $26,000 after purchasing an additional 448 shares during the period. Finally, Quarry LP raised its holdings in Astronics by 33.6% during the 4th quarter. Quarry LP now owns 568 shares of the aerospace company’s stock worth $31,000 after purchasing an additional 143 shares during the last quarter. 56.68% of the stock is owned by institutional investors and hedge funds.

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.