Astronics (NASDAQ:ATRO) Shares Up 4%

Astronics Co. (NASDAQ:ATRO)’s stock price was up 4% on Thursday . The stock traded as high as $20.10 and last traded at $20.10. Approximately 70,830 shares traded hands during mid-day trading, a decline of 53% from the average daily volume of 149,656 shares. The stock had previously closed at $19.33.

Analysts Set New Price Targets

Separately, Truist Financial lifted their price objective on shares of Astronics from $20.00 to $22.00 and gave the company a “hold” rating in a research note on Friday, August 2nd.

Astronics Stock Performance

The firm’s fifty day simple moving average is $20.28 and its 200 day simple moving average is $19.14. The company has a market capitalization of $721.93 million, a PE ratio of -26.91 and a beta of 1.87. The company has a debt-to-equity ratio of 0.61, a current ratio of 2.59 and a quick ratio of 1.27.

Astronics (NASDAQ:ATRO) last issued its earnings results on Thursday, August 1st. The aerospace company reported $0.04 EPS for the quarter, missing analysts’ consensus estimates of $0.17 by ($0.13). The company had revenue of $198.11 million during the quarter, compared to analysts’ expectations of $191.19 million. Astronics had a negative return on equity of 0.31% and a negative net margin of 1.57%. During the same quarter in the previous year, the company earned ($0.37) EPS. On average, research analysts predict that Astronics Co. will post 0.49 EPS for the current year.

Hedge Funds Weigh In On Astronics

Several institutional investors have recently made changes to their positions in the company. American International Group Inc. grew its position in Astronics by 4.5% during the first quarter. American International Group Inc. now owns 13,662 shares of the aerospace company’s stock valued at $260,000 after buying an additional 589 shares during the period. The Manufacturers Life Insurance Company boosted its stake in shares of Astronics by 10.8% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 11,195 shares of the aerospace company’s stock worth $224,000 after acquiring an additional 1,094 shares in the last quarter. Point72 Asset Management L.P. acquired a new stake in shares of Astronics during the 2nd quarter valued at about $25,000. nVerses Capital LLC acquired a new position in Astronics in the 2nd quarter worth about $28,000. Finally, Public Employees Retirement System of Ohio purchased a new position in Astronics during the first quarter worth approximately $31,000. 56.68% of the stock is owned by hedge funds and other institutional investors.

About Astronics

Astronics Corporation, through its subsidiaries, designs and manufactures products for the aerospace, defense, and electronics industries in the United States, rest of North America, Asia, Europe, South America, and internationally. The company operates in two segments, Aerospace and Test Systems. The Aerospace segment offers lighting and safety systems, electrical power generation systems, distribution and seat motions systems, aircraft structures, avionics products, system certification, and other products.