Astronics (NASDAQ:ATRO) Hits New 52-Week High – Here’s Why

Shares of Astronics Corporation (NASDAQ:ATRO) hit a new 52-week high on Thursday . The stock traded as high as $86.27 and last traded at $84.99, with a volume of 742984 shares traded. The stock had previously closed at $79.38.

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on ATRO shares. Weiss Ratings restated a “sell (d-)” rating on shares of Astronics in a research note on Monday, April 20th. Truist Financial upgraded Astronics to a “strong-buy” rating in a research note on Monday, May 4th. Zacks Research downgraded Astronics from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, May 13th. Finally, Wall Street Zen upgraded Astronics from a “buy” rating to a “strong-buy” rating in a research note on Saturday, February 28th. Two equities research analysts have rated the stock with a Strong Buy rating, two have issued a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, Astronics currently has an average rating of “Moderate Buy” and an average price target of $77.33.

Astronics Trading Up 1.2%

The company has a debt-to-equity ratio of 2.07, a quick ratio of 1.63 and a current ratio of 2.97. The company has a 50 day simple moving average of $72.93 and a two-hundred day simple moving average of $66.86. The firm has a market cap of $2.90 billion, a PE ratio of 68.53 and a beta of 1.10.

Astronics (NASDAQ:ATRO) last posted its quarterly earnings results on Tuesday, May 12th. The aerospace company reported $0.59 earnings per share for the quarter, beating the consensus estimate of $0.55 by $0.04. The business had revenue of $230.62 million for the quarter, compared to the consensus estimate of $225.52 million. Astronics had a return on equity of 49.34% and a net margin of 5.12%.The company’s quarterly revenue was up 12.0% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.44 EPS. Analysts expect that Astronics Corporation will post 2.68 EPS for the current fiscal year.

Institutional Trading of Astronics

Several large investors have recently added to or reduced their stakes in the company. Capital International Investors purchased a new stake in shares of Astronics in the third quarter worth about $64,173,000. Luxor Capital Group LP purchased a new stake in shares of Astronics in the third quarter worth about $52,698,000. State Street Corp boosted its stake in shares of Astronics by 26.2% in the fourth quarter. State Street Corp now owns 1,832,179 shares of the aerospace company’s stock worth $99,377,000 after buying an additional 379,811 shares during the last quarter. Congruence Capital LLC purchased a new stake in shares of Astronics in the fourth quarter worth about $19,658,000. Finally, Millennium Management LLC boosted its stake in shares of Astronics by 80.1% in the first quarter. Millennium Management LLC now owns 746,956 shares of the aerospace company’s stock worth $18,054,000 after buying an additional 332,133 shares during the last quarter. Hedge funds and other 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.