Short Interest in Astronics Corporation (NASDAQ:ATRO) Decreases By 30.9%

Astronics Corporation (NASDAQ:ATRO) was the recipient of a significant drop in short interest in the month of September. As of September 15th, there was short interest totaling 3,070,000 shares, a drop of 30.9% from the August 31st total of 4,440,000 shares. Based on an average daily volume of 774,200 shares, the days-to-cover ratio is currently 4.0 days. Based on an average daily volume of 774,200 shares, the days-to-cover ratio is currently 4.0 days.

Analyst Ratings Changes

ATRO has been the subject of a number of recent research reports. Truist Financial upgraded Astronics from a “hold” rating to a “buy” rating and set a $49.00 target price for the company in a research report on Friday, July 11th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Astronics in a report on Saturday, September 27th. Zacks Research upgraded Astronics to a “strong-buy” rating in a report on Friday, August 8th. Finally, Wall Street Zen cut Astronics from a “strong-buy” rating to a “hold” rating in a report on Saturday, August 9th. One equities research analyst has rated the stock with a Strong Buy rating, one has given a Buy rating and one has given a Sell rating to the company. According to MarketBeat.com, Astronics currently has an average rating of “Moderate Buy” and a consensus price target of $49.00.

Astronics Price Performance

ATRO opened at $48.25 on Tuesday. Astronics has a 12-month low of $14.13 and a 12-month high of $48.34. The company has a market cap of $1.71 billion, a price-to-earnings ratio of -402.05 and a beta of 1.68. The company has a current ratio of 3.04, a quick ratio of 1.63 and a debt-to-equity ratio of 0.59. The stock has a fifty day simple moving average of $38.36 and a two-hundred day simple moving average of $32.28.

Astronics (NASDAQ:ATRO) last announced its earnings results on Wednesday, August 6th. The aerospace company reported $0.38 earnings per share for the quarter, beating analysts’ consensus estimates of $0.33 by $0.05. The business had revenue of $204.68 million during the quarter, compared to the consensus estimate of $208.29 million. Astronics had a negative net margin of 0.45% and a positive return on equity of 22.89%. Research analysts predict that Astronics will post 0.82 earnings per share for the current fiscal year.

Insider Buying and Selling at Astronics

In other news, insider James Mulato sold 1,129 shares of Astronics stock in a transaction on Friday, September 5th. The shares were sold at an average price of $38.16, for a total transaction of $43,082.64. Following the completion of the sale, the insider directly owned 1,066 shares of the company’s stock, valued at approximately $40,678.56. The trade was a 51.44% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Company insiders own 10.83% of the company’s stock.

Hedge Funds Weigh In On Astronics

Several large investors have recently modified their holdings of ATRO. Ameritas Investment Partners Inc. grew its holdings in shares of Astronics by 13.6% during the second quarter. Ameritas Investment Partners Inc. now owns 3,091 shares of the aerospace company’s stock valued at $103,000 after buying an additional 369 shares during the last quarter. Captrust Financial Advisors increased its holdings in Astronics by 2.3% in the 2nd quarter. Captrust Financial Advisors now owns 19,220 shares of the aerospace company’s stock worth $643,000 after buying an additional 435 shares in the last quarter. The Manufacturers Life Insurance Company raised its position in Astronics by 4.3% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 10,983 shares of the aerospace company’s stock worth $368,000 after buying an additional 451 shares during the last quarter. Osaic Holdings Inc. grew its stake in shares of Astronics by 30.0% in the second quarter. Osaic Holdings Inc. now owns 2,294 shares of the aerospace company’s stock worth $77,000 after acquiring an additional 529 shares during the period. Finally, EverSource Wealth Advisors LLC raised its holdings in shares of Astronics by 147.6% during the second quarter. EverSource Wealth Advisors LLC now owns 894 shares of the aerospace company’s stock valued at $30,000 after purchasing an additional 533 shares during the last quarter. Hedge funds and other institutional investors own 56.68% of the company’s stock.

About Astronics

Astronics Corporation, through its subsidiaries, designs and manufactures products for the aerospace, defense, and electronics industries in the United States, rest of North America, Asia, Europe, South America, and internationally. The company operates in two segments, Aerospace and Test Systems. The Aerospace segment offers lighting and safety systems, electrical power generation systems, distribution and seat motions systems, aircraft structures, avionics products, system certification, and other products.