Astronics (NASDAQ:ATRO) Reaches New 1-Year High – Here’s What Happened

Astronics Corporation (NASDAQ:ATRO) shares reached a new 52-week high during mid-day trading on Wednesday . The stock traded as high as $86.96 and last traded at $85.80, with a volume of 36130 shares traded. The stock had previously closed at $84.44.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on ATRO. Weiss Ratings reissued a “sell (d-)” rating on shares of Astronics in a research report on Monday, April 20th. Wall Street Zen raised shares of Astronics from a “buy” rating to a “strong-buy” rating in a report on Saturday, February 28th. Zacks Research cut shares of Astronics from a “strong-buy” rating to a “hold” rating in a report on Wednesday, May 13th. Finally, Truist Financial raised shares of Astronics to a “strong-buy” rating in a research report on Monday, May 4th. Two investment analysts have rated the stock with a Strong Buy rating, two have issued a Buy rating, one has given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $77.33.

Astronics Price Performance

The firm has a 50-day moving average of $73.60 and a 200 day moving average of $67.48. The company has a market capitalization of $3.06 billion, a PE ratio of 72.09 and a beta of 1.10. The company has a debt-to-equity ratio of 2.07, a current ratio of 2.97 and a quick ratio of 1.63.

Astronics (NASDAQ:ATRO) last issued its earnings results on Tuesday, May 12th. The aerospace company reported $0.59 earnings per share for the quarter, topping analysts’ consensus estimates of $0.55 by $0.04. The business had revenue of $230.62 million during the quarter, compared to analyst estimates of $225.52 million. Astronics had a return on equity of 49.34% and a net margin of 5.12%.Astronics’s revenue was up 12.0% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.44 EPS. As a group, research analysts anticipate that Astronics Corporation will post 2.68 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in ATRO. Allworth Financial LP grew its holdings in shares of Astronics by 57.1% in the fourth quarter. Allworth Financial LP now owns 528 shares of the aerospace company’s stock worth $29,000 after acquiring an additional 192 shares during the period. Fifth Third Bancorp increased its holdings in Astronics by 877.2% in the 1st quarter. Fifth Third Bancorp now owns 557 shares of the aerospace company’s stock worth $37,000 after acquiring an additional 500 shares in the last quarter. IFP Advisors Inc raised its position in shares of Astronics by 389.6% during the 3rd quarter. IFP Advisors Inc now owns 563 shares of the aerospace company’s stock valued at $26,000 after purchasing an additional 448 shares during the period. Quarry LP raised its holdings in Astronics by 33.6% during the fourth quarter. Quarry LP now owns 568 shares of the aerospace company’s stock valued at $31,000 after acquiring an additional 143 shares during the period. Finally, Leonteq Securities AG bought a new stake in Astronics during the 4th quarter valued at approximately $33,000. Institutional investors own 56.68% of the company’s stock.

Astronics Company Profile

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.