Astronics (NASDAQ:ATRO) Stock Price Down 3.9% – Here’s What Happened

Astronics Corporation (NASDAQ:ATRO)’s stock price was down 3.9% during trading on Tuesday. The company traded as low as $59.02 and last traded at $59.9180. Approximately 266,026 shares traded hands during trading, a decline of 63% from the average daily volume of 724,077 shares. The stock had previously closed at $62.33.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on the company. Weiss Ratings cut Astronics from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Thursday, October 8th. Wall Street Zen upgraded Astronics from a “buy” rating to a “strong-buy” rating in a report on Sunday, August 16th. TD Cowen reissued a “buy” rating and set a $90.00 target price (down from $100.00) on shares of Astronics in a research note on Friday, October 9th. Finally, Zacks Research cut Astronics from a “strong-buy” rating to a “hold” rating in a report on Monday, September 7th. Two research analysts have rated the stock with a Strong Buy rating, two have issued a Buy rating and two have assigned a Hold rating to the stock. Based on data from MarketBeat, Astronics presently has an average rating of “Buy” and a consensus target price of $89.58.

Astronics Price Performance

The company’s 50-day simple moving average is $71.47 and its 200 day simple moving average is $70.46. The company has a market cap of $2.66 billion, a PE ratio of 36.36 and a beta of 1.25. The company has a debt-to-equity ratio of 1.57, a quick ratio of 1.63 and a current ratio of 2.97.

Astronics (NASDAQ:ATRO) last posted its quarterly earnings data on Tuesday, August 11th. The aerospace company reported $0.70 earnings per share for the quarter, topping analysts’ consensus estimates of $0.59 by $0.11. The business had revenue of $259.96 million for the quarter, compared to analyst estimates of $245.30 million. Astronics had a return on equity of 67.69% and a net margin of 8.40%. The business’s quarterly revenue was up 46.9% compared to the same quarter last year. On average, sell-side analysts predict that Astronics Corporation will post 2.72 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. BlackRock Inc. acquired a new position in shares of Astronics during the second quarter worth $248,395,000. Dimensional Fund Advisors LP grew its stake in shares of Astronics by 5.3% in the 1st quarter. Dimensional Fund Advisors LP now owns 673,760 shares of the aerospace company’s stock valued at $44,951,000 after purchasing an additional 34,018 shares during the last quarter. Emerald Advisers LLC increased its stake in Astronics by 85.0% in the 1st quarter. Emerald Advisers LLC now owns 449,126 shares of the aerospace company’s stock valued at $29,970,000 after buying an additional 206,399 shares during the period. Emerald Mutual Fund Advisers Trust raised its holdings in Astronics by 78.1% during the first quarter. Emerald Mutual Fund Advisers Trust now owns 279,159 shares of the aerospace company’s stock worth $18,628,000 after purchasing an additional 122,440 shares in the last quarter. Finally, First Trust Advisors LP lifted its holdings in shares of Astronics by 4.1% in the 1st quarter. First Trust Advisors LP now owns 253,492 shares of the aerospace company’s stock valued at $16,916,000 after buying an additional 10,014 shares during the period. Institutional investors and hedge funds own 56.68% of the company’s stock.

Astronics Company Profile

Astronics Corporation is a aerospace and defense company that designs and manufactures advanced technologies for commercial, military and business aircraft. Its products and systems are used by original equipment manufacturers, airlines, aircraft operators and defense contractors.

The company’s offerings include aircraft electrical power systems, lighting and cabin-management systems, connectivity and inflight entertainment equipment, avionics and specialized aerospace components. Astronics also develops automated test systems and related equipment used to test and support electronic systems in the aerospace, defense and other high-technology industries.

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