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

Astronics Corporation (NASDAQ:ATRO)’s stock price hit a new 52-week high during mid-day trading on Wednesday . The stock traded as high as $84.81 and last traded at $85.6950, with a volume of 23703 shares. The stock had previously closed at $82.70.

Analyst Ratings Changes

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

Astronics Price Performance

The stock has a market cap of $3.75 billion, a P/E ratio of 88.61 and a beta of 1.15. The business has a 50-day simple moving average of $68.37 and a 200 day simple moving average of $60.87. 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 (NASDAQ:ATRO) last issued its quarterly earnings data on Tuesday, May 12th. The aerospace company reported $0.49 earnings per share (EPS) 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 revenue was up 12.0% compared to the same quarter last year. During the same period last year, the company earned $0.37 earnings per share. On average, analysts forecast that Astronics Corporation will post 2.23 earnings per share for the current year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of ATRO. AQR Capital Management LLC raised its stake in Astronics by 20.4% during the first quarter. AQR Capital Management LLC now owns 112,210 shares of the aerospace company’s stock worth $2,712,000 after buying an additional 18,975 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in Astronics by 6.5% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 17,491 shares of the aerospace company’s stock valued at $423,000 after buying an additional 1,069 shares during the period. Millennium Management LLC boosted its position in Astronics by 80.1% during the first quarter. Millennium Management LLC now owns 746,956 shares of the aerospace company’s stock valued at $18,054,000 after acquiring an additional 332,133 shares during the last quarter. Goldman Sachs Group Inc. boosted its position in Astronics by 26.1% during the first quarter. Goldman Sachs Group Inc. now owns 222,486 shares of the aerospace company’s stock valued at $5,377,000 after acquiring an additional 46,054 shares during the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its holdings in Astronics by 22.3% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 71,791 shares of the aerospace company’s stock worth $1,735,000 after acquiring an additional 13,104 shares during the period. Institutional investors and hedge funds own 56.68% of the company’s stock.

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.