Astronics (NASDAQ:ATRO) Rating Lowered to Buy at Wall Street Zen

Astronics (NASDAQ:ATRO) was downgraded by research analysts at Wall Street Zen from a “strong-buy” rating to a “buy” rating in a report released on Saturday, Wall Street Zen reports.

ATRO has been the subject of a number of other reports. TD Cowen reiterated a “buy” rating and issued a $90.00 price objective (down from $100.00) on shares of Astronics in a report on Friday, October 9th. KeyCorp assumed coverage on shares of Astronics in a report on Thursday, October 22nd. They issued a “sector weight” rating on the stock. Weiss Ratings cut Astronics from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Thursday, October 8th. Finally, Zacks Research downgraded Astronics from a “strong-buy” rating to a “hold” rating in a research note on Monday, September 7th. Two investment analysts have rated the stock with a Strong Buy rating, two have assigned a Buy rating and three have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, Astronics has a consensus rating of “Moderate Buy” and a consensus target price of $89.58.

Astronics Stock Performance

NASDAQ:ATRO opened at $59.39 on Friday. Astronics has a 12 month low of $34.58 and a 12 month high of $94.46. The company has a debt-to-equity ratio of 1.57, a current ratio of 2.97 and a quick ratio of 1.63. The firm has a market capitalization of $2.55 billion, a PE ratio of 34.94 and a beta of 1.37. The business’s fifty day moving average price is $67.90 and its 200 day moving average price is $67.56.

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

Institutional Investors Weigh In On Astronics

Several institutional investors have recently made changes to their positions in the stock. IPG Investment Advisors LLC bought a new stake in shares of Astronics in the 3rd quarter worth $83,000. Blue Bell Private Wealth Management LLC bought a new position in shares of Astronics during the 3rd quarter worth about $48,000. VIRGINIA RETIREMENT SYSTEMS ET Al lifted its holdings in shares of Astronics by 6.8% during the third quarter. VIRGINIA RETIREMENT SYSTEMS ET Al now owns 22,050 shares of the aerospace company’s stock valued at $1,487,000 after acquiring an additional 1,400 shares during the period. Sterling Capital Management LLC lifted its holdings in Astronics by 838.1% during the 3rd quarter. Sterling Capital Management LLC now owns 1,060 shares of the aerospace company’s stock worth $71,000 after buying an additional 947 shares in the last quarter. Finally, Inspire Investing LLC bought a new stake in shares of Astronics during the third quarter worth approximately $2,589,000. 56.68% of the stock is currently owned by hedge funds and other institutional investors.

About Astronics

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.