Astronics (NASDAQ:ATRO) Cut to “Sell” at Zacks Investment Research

Zacks Investment Research downgraded shares of Astronics (NASDAQ:ATRO) from a hold rating to a sell rating in a research report report published on Tuesday, Zacks.com reports.

According to Zacks, “Astronics Corporation is a manufacturer of specialized lighting and electronics for the cockpit, cabin and exteriors of military, commercial transport and private business jet aircraft. A major lighting and electronics supplier to the aircraft industry, its strategy is to expand from a components and subsystems supplier to an aircraft lighting systems integrator, increasing the value and content it provides to various aircraft platforms. Luminescent Systems Inc. is Astronics’ primary operating subsidiary which produces its aerospace and defense products. “

Separately, Colliers Securities raised shares of Astronics from a neutral rating to a buy rating and set a $19.00 price target on the stock in a research note on Monday, September 20th.

NASDAQ:ATRO opened at $13.11 on Tuesday. The company has a current ratio of 3.26, a quick ratio of 1.72 and a debt-to-equity ratio of 0.73. The company’s 50-day moving average is $12.10 and its two-hundred day moving average is $13.89. Astronics has a 1-year low of $9.94 and a 1-year high of $20.93.

Astronics (NASDAQ:ATRO) last released its quarterly earnings results on Monday, November 8th. The aerospace company reported ($0.23) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.16) by ($0.07). The company had revenue of $111.84 million during the quarter, compared to analysts’ expectations of $112.60 million. Astronics had a negative net margin of 10.63% and a negative return on equity of 12.75%. During the same period last year, the firm posted ($0.17) earnings per share. Equities research analysts predict that Astronics will post -0.87 EPS for the current year.

Institutional investors have recently added to or reduced their stakes in the company. Bank of New York Mellon Corp increased its stake in Astronics by 6.3% during the 3rd quarter. Bank of New York Mellon Corp now owns 94,678 shares of the aerospace company’s stock worth $1,332,000 after buying an additional 5,621 shares during the period. Squarepoint Ops LLC increased its stake in Astronics by 10.1% during the 3rd quarter. Squarepoint Ops LLC now owns 25,288 shares of the aerospace company’s stock worth $356,000 after buying an additional 2,330 shares during the period. Bares Capital Management Inc. increased its stake in Astronics by 112.8% during the 3rd quarter. Bares Capital Management Inc. now owns 1,201,454 shares of the aerospace company’s stock worth $16,892,000 after buying an additional 636,838 shares during the period. Royal Bank of Canada increased its stake in Astronics by 1.4% during the 3rd quarter. Royal Bank of Canada now owns 57,634 shares of the aerospace company’s stock worth $811,000 after buying an additional 818 shares during the period. Finally, Morgan Stanley increased its stake in Astronics by 35.7% during the 3rd quarter. Morgan Stanley now owns 566,989 shares of the aerospace company’s stock worth $7,970,000 after buying an additional 149,241 shares during the period. 58.88% of the stock is currently owned by institutional investors and hedge funds.

Astronics Company Profile

Astronics Corp. engages in the provision of electrical power generation and distribution systems. It includes motion systems, lighting and safety systems, avionics products, aircraft structures, systems certification, and automated test systems. It operates through the Aerospace and Test Systems segments.

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