Astronics (NASDAQ:ATRO) Share Price Crosses Above Two Hundred Day Moving Average – Here’s Why

Astronics Corporation (NASDAQ:ATRO)’s share price passed above its 200-day moving average during trading on Tuesday . The stock has a 200-day moving average of $65.03 and traded as high as $70.00. Astronics shares last traded at $69.00, with a volume of 456,155 shares.

Analysts Set New Price Targets

Several brokerages recently issued reports on ATRO. Wall Street Zen raised Astronics from a “buy” rating to a “strong-buy” rating in a research report on Sunday, June 21st. Weiss Ratings reissued a “sell (d-)” rating on shares of Astronics in a research note on Friday, July 17th. TD Cowen raised their price objective on 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 Astronics to a “strong-buy” rating in a research note on Monday, May 4th. Finally, Zacks Research upgraded Astronics from a “hold” rating to a “strong-buy” rating in a report on Monday. Three equities research analysts have rated the stock with a Strong Buy rating, two have given a Buy rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, Astronics presently has an average rating of “Buy” and an average target price of $74.17.

Astronics Price Performance

The firm has a market cap of $3.05 billion, a P/E ratio of 72.20 and a beta of 1.13. The company has a quick ratio of 1.63, a current ratio of 2.97 and a debt-to-equity ratio of 2.07. The business’s 50 day moving average is $73.24 and its two-hundred day moving average is $65.21.

Astronics (NASDAQ:ATRO) last issued its quarterly earnings results on Tuesday, May 12th. The aerospace company reported $0.49 EPS for the quarter, beating analysts’ consensus estimates of $0.46 by $0.03. Astronics had a net margin of 5.12% and a return on equity of 49.34%. The business had revenue of $230.62 million for the quarter, compared to analysts’ expectations of $225.52 million. During the same quarter in the prior year, the firm posted $0.37 earnings per share. The business’s quarterly revenue was up 12.0% compared to the same quarter last year. As a group, analysts anticipate that Astronics Corporation will post 2.62 earnings per share for the current year.

Hedge Funds Weigh In On Astronics

Institutional investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. grew its position in shares of Astronics by 2.0% during the 4th quarter. Vanguard Group Inc. now owns 1,975,693 shares of the aerospace company’s stock worth $107,162,000 after buying an additional 39,527 shares during the period. Capital International Investors increased its stake 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 purchasing an additional 442,886 shares in the last quarter. State Street Corp increased its stake 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 purchasing an additional 379,811 shares in the last quarter. Geode Capital Management LLC raised its holdings in shares of Astronics by 1.1% during the fourth 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. Finally, Millennium Management LLC boosted its position in shares of Astronics by 80.1% during the 1st quarter. Millennium Management LLC now owns 746,956 shares of the aerospace company’s stock worth $18,054,000 after purchasing an additional 332,133 shares in the last quarter. 56.68% of the stock is 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.