Astronics (NASDAQ:ATRO) Shares Down 5.9% – What’s Next?

Astronics Corporation (NASDAQ:ATRO) dropped 5.9% during trading on Tuesday . The company traded as low as $80.81 and last traded at $80.5850. Approximately 247,515 shares were traded during mid-day trading, a decline of 68% from the average daily volume of 782,535 shares. The stock had previously closed at $85.66.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on ATRO shares. Wall Street Zen raised shares of Astronics from a “buy” rating to a “strong-buy” rating in a research report on Sunday, June 21st. Truist Financial raised shares of Astronics to a “strong-buy” rating in a report on Monday, May 4th. Zacks Research lowered shares of Astronics from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, May 13th. TD Cowen lifted their price objective on shares of Astronics from $70.83 to $83.33 and gave the company a “buy” rating in a research note on Thursday, May 28th. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of Astronics in a research note on Monday, April 20th. Two investment analysts have rated the stock with a Strong Buy rating, two have assigned a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $74.17.

Astronics Price Performance

The business’s fifty day moving average price is $70.18 and its 200 day moving average price is $62.06. The company has a debt-to-equity ratio of 2.07, a current ratio of 2.97 and a quick ratio of 1.63. The stock has a market cap of $3.34 billion, a P/E ratio of 78.87 and a beta of 1.14.

Astronics (NASDAQ:ATRO) last released 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 business had revenue of $230.62 million during the quarter, compared to analysts’ expectations of $225.52 million. Astronics had a net margin of 5.12% and a return on equity of 49.34%. The firm’s quarterly revenue was up 12.0% compared to the same quarter last year. During the same period in the prior year, the company earned $0.37 EPS. Sell-side analysts forecast that Astronics Corporation will post 2.23 EPS for the current fiscal year.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the company. Quarry LP lifted its holdings in shares of Astronics by 33.6% during the fourth quarter. Quarry LP now owns 568 shares of the aerospace company’s stock worth $31,000 after purchasing an additional 143 shares during the period. EverSource Wealth Advisors LLC increased its holdings in Astronics by 19.8% in the fourth quarter. EverSource Wealth Advisors LLC now owns 1,137 shares of the aerospace company’s stock valued at $62,000 after purchasing an additional 188 shares during the period. Allworth Financial LP raised its position in Astronics by 57.1% during the 4th quarter. Allworth Financial LP now owns 528 shares of the aerospace company’s stock worth $29,000 after purchasing an additional 192 shares during the last quarter. US Bancorp DE lifted its holdings in Astronics by 41.0% during the 3rd quarter. US Bancorp DE now owns 966 shares of the aerospace company’s stock worth $44,000 after buying an additional 281 shares during the period. Finally, Hazlett Burt & Watson Inc. lifted its holdings in Astronics by 24.5% during the 4th quarter. Hazlett Burt & Watson Inc. now owns 1,525 shares of the aerospace company’s stock worth $83,000 after buying an additional 300 shares during the period. 56.68% of the stock is currently owned by institutional investors.

About Astronics

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.