Astronics (ATRO) Rating Lowered to Sell at Zacks Investment Research
Astronics (NASDAQ:ATRO) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a report released on Wednesday.
According to Zacks, “Astronics Corporation is a manufacturer of specialized lighting and electronics for the cockpit, cabin and exteriors of military, commercial transport and private business jet aircraft. A major lighting and electronics supplier to the aircraft industry, its strategy is to expand from a components and subsystems supplier to an aircraft lighting systems integrator, increasing the value and content it provides to various aircraft platforms. Luminescent Systems Inc. is Astronics’ primary operating subsidiary which produces its aerospace and defense products. “
Several other research firms also recently issued reports on ATRO. SunTrust Banks reiterated a “hold” rating and set a $48.00 price target on shares of Astronics in a research note on Friday, January 19th. BidaskClub upgraded Astronics from a “buy” rating to a “strong-buy” rating in a research note on Friday, December 22nd. Canaccord Genuity reiterated a “buy” rating and set a $50.00 price target (up previously from $48.00) on shares of Astronics in a research note on Tuesday, February 27th. Finally, Dougherty & Co upped their price target on Astronics from $40.00 to $45.00 and gave the stock a “buy” rating in a research note on Monday, December 4th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and two have assigned a buy rating to the stock. The company presently has a consensus rating of “Hold” and a consensus target price of $45.00.
Astronics (NASDAQ:ATRO) last released its quarterly earnings results on Monday, February 26th. The aerospace company reported $0.41 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.44 by ($0.03). The company had revenue of $171.32 million for the quarter, compared to the consensus estimate of $179.33 million. Astronics had a return on equity of 10.82% and a net margin of 3.15%. research analysts expect that Astronics will post 1.75 earnings per share for the current year.
Astronics announced that its Board of Directors has authorized a stock repurchase plan on Monday, December 18th that allows the company to buyback $50.00 million in shares. This buyback authorization allows the aerospace company to reacquire shares of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s leadership believes its shares are undervalued.
In related news, CEO Peter J. Gundermann sold 2,000 shares of the stock in a transaction that occurred on Friday, February 2nd. The stock was sold at an average price of $43.48, for a total transaction of $86,960.00. Following the completion of the sale, the chief executive officer now owns 31,595 shares in the company, valued at approximately $1,373,750.60. The sale was disclosed in a filing with the SEC, which is available through the SEC website. In the last 90 days, insiders have sold 14,000 shares of company stock valued at $573,300. 16.45% of the stock is owned by corporate insiders.
Large investors have recently made changes to their positions in the stock. Aperio Group LLC bought a new stake in Astronics during the 4th quarter valued at approximately $283,000. Teacher Retirement System of Texas bought a new stake in Astronics during the 4th quarter valued at approximately $308,000. Unison Advisors LLC bought a new stake in Astronics during the 4th quarter valued at approximately $313,000. BlueCrest Capital Management Ltd bought a new stake in Astronics during the 4th quarter valued at approximately $326,000. Finally, Catalyst Capital Advisors LLC bought a new stake in Astronics during the 4th quarter valued at approximately $328,000. Hedge funds and other institutional investors own 68.94% of the company’s stock.
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Astronics Company Profile
Astronics Corporation is a supplier of products to the aerospace, defense, electronics and semiconductor industries. The Company’s products and services include electrical power generation, distribution and motion systems, lighting and safety systems, avionics products, aircraft structures, systems certification and automated test systems.
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