Astronics (NASDAQ:ATRO) Hits New 52-Week High – Time to Buy?

Astronics Corporation (NASDAQ:ATRO) shares reached a new 52-week high during mid-day trading on Thursday . The company traded as high as $59.95 and last traded at $58.25, with a volume of 841987 shares changing hands. The stock had previously closed at $59.48.

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on ATRO shares. TD Cowen initiated coverage on Astronics in a research report on Wednesday, November 26th. They set a “buy” rating and a $65.00 price target on the stock. Truist Financial lifted their target price on Astronics from $49.00 to $58.00 and gave the company a “buy” rating in a research note on Wednesday, October 15th. Zacks Research lowered shares of Astronics from a “strong-buy” rating to a “hold” rating in a research report on Monday. Craig Hallum started coverage on shares of Astronics in a research report on Friday, October 10th. They set a “buy” rating and a $60.00 price objective on the stock. Finally, Cowen initiated coverage on shares of Astronics in a research note on Wednesday, November 26th. They issued a “buy” rating on the stock. One investment analyst has rated the stock with a Strong Buy rating, four 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, Astronics has a consensus rating of “Moderate Buy” and an average target price of $61.00.

Astronics Trading Down 2.1%

The company has a 50 day moving average of $52.15 and a 200 day moving average of $43.53. The firm has a market cap of $2.08 billion, a P/E ratio of -647.15 and a beta of 1.10. The company has a debt-to-equity ratio of 3.07, a quick ratio of 1.56 and a current ratio of 2.87.

Astronics (NASDAQ:ATRO) last posted its earnings results on Tuesday, November 4th. The aerospace company reported $0.49 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.42 by $0.07. The firm had revenue of $211.45 million during the quarter, compared to analysts’ expectations of $210.80 million. Astronics had a negative net margin of 0.37% and a positive return on equity of 29.65%. Analysts predict that Astronics Corporation will post 0.82 EPS for the current fiscal year.

Hedge Funds Weigh In On Astronics

Several hedge funds have recently bought and sold shares of the business. Vanguard Group Inc. lifted its position in shares of Astronics by 5.8% in the third quarter. Vanguard Group Inc. now owns 1,936,166 shares of the aerospace company’s stock worth $88,309,000 after buying an additional 105,311 shares during the last quarter. Capital International Investors bought a new position in shares of Astronics in the 3rd quarter valued at approximately $64,173,000. Luxor Capital Group LP acquired a new stake in Astronics in the 3rd quarter worth approximately $52,698,000. Millennium Management LLC boosted its position in Astronics by 80.1% during the first quarter. Millennium Management LLC now owns 746,956 shares of the aerospace company’s stock worth $18,054,000 after purchasing an additional 332,133 shares during the period. Finally, Geode Capital Management LLC grew its holdings in Astronics by 3.1% during the second quarter. Geode Capital Management LLC now owns 736,327 shares of the aerospace company’s stock valued at $24,655,000 after purchasing an additional 22,134 shares during the last quarter. 56.68% of the stock is owned by institutional investors and hedge funds.

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.