Astronics Co. (ATRO) to Post FY2018 Earnings of $2.22 Per Share, SunTrust Banks Forecasts
Astronics Co. (NASDAQ:ATRO) – Research analysts at SunTrust Banks lifted their FY2018 earnings per share (EPS) estimates for Astronics in a research report issued on Monday. SunTrust Banks analyst M. Ciarmoli now forecasts that the aerospace company will earn $2.22 per share for the year, up from their previous forecast of $1.96. SunTrust Banks currently has a “Hold” rating and a $44.00 target price on the stock. SunTrust Banks also issued estimates for Astronics’ FY2019 earnings at $2.43 EPS.
Several other analysts have also weighed in on the stock. Zacks Investment Research upgraded shares of Astronics from a “hold” rating to a “buy” rating and set a $46.00 price objective for the company in a research note on Tuesday, January 2nd. BidaskClub downgraded shares of Astronics from a “strong-buy” rating to a “buy” rating in a research report on Friday, December 29th. Canaccord Genuity reissued a “buy” rating and issued a $46.00 price target on shares of Astronics in a research report on Tuesday, December 12th. Finally, Dougherty & Co lifted their price target on shares of Astronics from $40.00 to $45.00 and gave the company a “buy” rating in a research report on Monday, December 4th. One analyst has rated the stock with a hold rating and four have given a buy rating to the company. Astronics currently has an average rating of “Buy” and a consensus price target of $45.25.
Astronics (NASDAQ:ATRO) last released its quarterly earnings data on Tuesday, November 7th. The aerospace company reported $0.21 earnings per share for the quarter, missing the consensus estimate of $0.35 by ($0.14). The company had revenue of $149.64 million during the quarter, compared to the consensus estimate of $154.90 million. Astronics had a net margin of 5.80% and a return on equity of 10.29%. The business’s revenue was down 3.5% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.41 EPS.
Astronics declared that its board has initiated a share buyback program on Monday, December 18th that permits the company to buyback $50.00 million in outstanding shares. This buyback authorization permits the aerospace company to repurchase shares of its stock through open market purchases. Shares buyback programs are often a sign that the company’s board of directors believes its shares are undervalued.
In related news, Director Robert J. Mckenna sold 45,000 shares of Astronics stock in a transaction on Tuesday, November 21st. The shares were sold at an average price of $39.00, for a total value of $1,755,000.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 16.45% of the company’s stock.
A number of institutional investors and hedge funds have recently bought and sold shares of ATRO. Legal & General Group Plc boosted its holdings in Astronics by 10.7% during the 2nd quarter. Legal & General Group Plc now owns 5,630 shares of the aerospace company’s stock worth $172,000 after acquiring an additional 546 shares during the last quarter. BNP Paribas Arbitrage SA boosted its holdings in Astronics by 26.4% during the 2nd quarter. BNP Paribas Arbitrage SA now owns 5,999 shares of the aerospace company’s stock worth $183,000 after acquiring an additional 1,254 shares during the last quarter. Marshall Wace North America L.P. purchased a new position in Astronics during the 2nd quarter worth $294,000. Tudor Investment Corp ET AL boosted its holdings in Astronics by 28.5% during the 2nd quarter. Tudor Investment Corp ET AL now owns 9,727 shares of the aerospace company’s stock worth $296,000 after acquiring an additional 2,158 shares during the last quarter. Finally, Voya Investment Management LLC boosted its holdings in Astronics by 11.2% during the 2nd quarter. Voya Investment Management LLC now owns 10,719 shares of the aerospace company’s stock worth $327,000 after acquiring an additional 1,078 shares during the last quarter. 65.77% of the stock is currently owned by hedge funds and other institutional investors.
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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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