Astronics (NASDAQ:ATRO) Sets New 12-Month High – Here’s What Happened

Shares of Astronics Corporation (NASDAQ:ATRO) reached a new 52-week high on Wednesday . The company traded as high as $76.14 and last traded at $75.5650, with a volume of 553049 shares traded. The stock had previously closed at $74.17.

Wall Street Analysts Forecast Growth

ATRO has been the subject of a number of recent analyst reports. Zacks Research lowered shares of Astronics from a “strong-buy” rating to a “hold” rating in a research note on Monday, January 5th. Craig Hallum reissued a “buy” rating on shares of Astronics in a research report on Friday, January 9th. TD Cowen initiated coverage on shares of Astronics in a research report on Wednesday, November 26th. They set a “buy” rating on the stock. Wall Street Zen raised shares of Astronics from a “buy” rating to a “strong-buy” rating in a research note on Wednesday, December 10th. Finally, Truist Financial set a $75.00 price target on Astronics in a report on Friday, January 9th. One equities research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, Astronics presently has an average rating of “Moderate Buy” and an average price target of $66.67.

Astronics Stock Performance

The stock has a market cap of $2.71 billion, a P/E ratio of -844.68 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. The firm’s 50 day moving average is $56.23 and its 200 day moving average is $45.97.

Astronics (NASDAQ:ATRO) last released its quarterly earnings results on Tuesday, November 4th. The aerospace company reported $0.49 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.42 by $0.07. Astronics had a negative net margin of 0.37% and a positive return on equity of 29.65%. The business had revenue of $211.45 million for the quarter, compared to analyst estimates of $210.80 million. Analysts anticipate that Astronics Corporation will post 0.82 EPS for the current year.

Institutional Investors Weigh In On Astronics

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

About Astronics

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.