Astronics (NASDAQ:ATRO) Stock Price Down 3.2% – Here’s What Happened

Astronics Corporation (NASDAQ:ATRO)’s share price traded down 3.2% during trading on Thursday . The stock traded as low as $65.20 and last traded at $64.1310. 59,879 shares were traded during trading, a decline of 92% from the average session volume of 739,505 shares. The stock had previously closed at $66.28.

Analysts Set New Price Targets

Several analysts recently issued reports on ATRO shares. TD Cowen increased their price objective on Astronics from $70.83 to $83.33 and gave the stock a “buy” rating in a report on Thursday, May 28th. Zacks Research downgraded Astronics from a “strong-buy” rating to a “hold” rating in a research note on Monday, September 7th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Astronics in a report on Friday, July 17th. Finally, Wall Street Zen raised Astronics from a “buy” rating to a “strong-buy” rating in a research note on Sunday, August 16th. Two analysts have rated the stock with a Strong Buy rating, two have given a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $74.17.

Astronics Price Performance

The company has a debt-to-equity ratio of 1.57, a current ratio of 2.97 and a quick ratio of 1.63. The stock has a market capitalization of $2.74 billion, a P/E ratio of 37.44 and a beta of 1.20. The stock’s fifty day moving average is $74.61 and its 200-day moving average is $69.24.

Astronics (NASDAQ:ATRO) last issued its quarterly earnings data on Tuesday, August 11th. The aerospace company reported $0.70 earnings per share for the quarter, beating analysts’ consensus estimates of $0.59 by $0.11. Astronics had a return on equity of 67.69% and a net margin of 8.40%.The business had revenue of $259.96 million for the quarter, compared to the consensus estimate of $245.30 million. The firm’s revenue was up 46.9% compared to the same quarter last year. On average, equities analysts anticipate that Astronics Corporation will post 2.74 earnings per share for the current year.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the business. Tidal Investments LLC increased its position in Astronics by 102.9% during the second quarter. Tidal Investments LLC now owns 21,502 shares of the aerospace company’s stock worth $1,747,000 after acquiring an additional 10,907 shares during the period. Engineers Gate Manager LP boosted its holdings in Astronics by 551.0% in the 2nd quarter. Engineers Gate Manager LP now owns 25,005 shares of the aerospace company’s stock valued at $2,032,000 after purchasing an additional 21,164 shares during the period. Integrated Wealth Concepts LLC acquired a new stake in Astronics in the 2nd quarter worth $103,000. IFP Advisors Inc grew its position in Astronics by 65.1% in the 2nd quarter. IFP Advisors Inc now owns 2,141 shares of the aerospace company’s stock worth $174,000 after purchasing an additional 844 shares during the last quarter. Finally, Squarepoint Ops LLC bought a new position in shares of Astronics during the 2nd quarter worth about $1,264,000. 56.68% of the stock is owned by institutional investors.

About Astronics

Astronics Corporation (NASDAQ: ATRO) designs and manufactures advanced aerospace and defense systems and equipment. Its products include aircraft lighting, electrical power and distribution systems, cabin electronics, connectivity solutions, avionics, and other specialized components used in commercial, business, general aviation, and military aircraft.

The company also provides automated test systems and related equipment used to test aerospace, defense, and other electronic systems. Its offerings support aircraft manufacturers, airlines, defense contractors, and maintenance organizations, as well as customers in the space and transportation markets.

Founded in 1968 and headquartered in East Aurora, New York, Astronics serves customers through operations and sales activities in the United States and international markets.