Astronics (NASDAQ:ATRO) Price Target Cut to $38.00

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Astronics (NASDAQ:ATRO) had its target price lowered by Dougherty & Co from $40.00 to $38.00 in a report issued on Wednesday morning, Briefing.com Automated Import reports. The brokerage currently has a buy rating on the aerospace company’s stock. Dougherty & Co also issued estimates for Astronics’ FY2020 earnings at $1.50 EPS.

Several other equities research analysts have also recently commented on the stock. TheStreet cut shares of Astronics from a b- rating to a c+ rating in a research report on Monday, August 26th. Zacks Investment Research cut shares of Astronics from a hold rating to a sell rating in a research report on Wednesday, October 16th. SunTrust Banks dropped their target price on shares of Astronics to $26.00 and set a sell rating for the company in a research report on Tuesday, August 6th. ValuEngine cut shares of Astronics from a hold rating to a sell rating in a research report on Tuesday, August 6th. Finally, BidaskClub cut shares of Astronics from a hold rating to a sell rating in a research report on Friday, October 25th. Four investment analysts have rated the stock with a sell rating and two have issued a buy rating to the company. Astronics presently has an average rating of Hold and a consensus target price of $37.75.

Shares of NASDAQ:ATRO traded up $0.16 during trading on Wednesday, reaching $31.07. The company had a trading volume of 172,400 shares, compared to its average volume of 240,472. The company has a fifty day moving average of $29.81 and a two-hundred day moving average of $34.20. Astronics has a 12 month low of $25.85 and a 12 month high of $44.34. The company has a current ratio of 2.97, a quick ratio of 1.77 and a debt-to-equity ratio of 0.26. The stock has a market capitalization of $1.03 billion, a P/E ratio of 22.04, a price-to-earnings-growth ratio of 2.42 and a beta of 1.40.

In other news, CFO David C. Burney sold 4,000 shares of the firm’s stock in a transaction dated Thursday, August 15th. The shares were sold at an average price of $26.20, for a total value of $104,800.00. Following the completion of the sale, the chief financial officer now directly owns 33,434 shares of the company’s stock, valued at approximately $875,970.80. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Company insiders own 15.80% of the company’s stock.

Large investors have recently bought and sold shares of the company. Cubist Systematic Strategies LLC lifted its position in shares of Astronics by 346.1% in the 2nd quarter. Cubist Systematic Strategies LLC now owns 63,415 shares of the aerospace company’s stock worth $2,551,000 after purchasing an additional 49,200 shares during the period. New York State Teachers Retirement System bought a new position in shares of Astronics in the 2nd quarter worth about $76,000. Bessemer Group Inc. bought a new position in shares of Astronics in the 2nd quarter worth about $402,000. Ellington Management Group LLC bought a new position in shares of Astronics in the 2nd quarter worth about $929,000. Finally, Bogle Investment Management L P DE bought a new position in shares of Astronics in the 2nd quarter worth about $1,740,000. 66.82% of the stock is owned by hedge funds and other institutional investors.

Astronics Company Profile

Astronics Corporation, through its subsidiaries, designs and manufactures products for the aerospace, defense, electronics, and semiconductor industries worldwide. It operates in two segments, Aerospace and Test Systems. The Aerospace segment offers lighting and safety systems; electrical power generation, distribution, and motions systems; aircraft structures; avionics products; system certification; and connectivity and other products.

Further Reading: Hedge Funds – Risk or Reward?

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