Astronics (NASDAQ:ATRO) Trading 7% Higher – Here’s What Happened

Astronics Corporation (NASDAQ:ATRO)’s stock price was up 7% during mid-day trading on Monday . The stock traded as high as $68.90 and last traded at $68.4050. Approximately 176,010 shares were traded during trading, a decline of 77% from the average daily volume of 760,918 shares. The stock had previously closed at $63.93.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on ATRO shares. Weiss Ratings reissued a “sell (d-)” rating on shares of Astronics in a research report on Wednesday, January 21st. Wall Street Zen raised shares of Astronics from a “buy” rating to a “strong-buy” rating in a report on Saturday, February 28th. Zacks Research raised shares of Astronics from a “hold” rating to a “strong-buy” rating in a report on Tuesday, February 3rd. Truist Financial upped their target price on shares of Astronics from $75.00 to $107.00 and gave the company a “buy” rating in a research note on Wednesday, February 25th. Finally, TD Cowen began coverage on shares of Astronics in a research note on Wednesday, November 26th. They set a “buy” rating for the company. Two investment analysts have rated the stock with a Strong Buy rating, three have given a Buy rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, Astronics has a consensus rating of “Buy” and a consensus target price of $77.33.

Astronics Trading Up 8.7%

The company’s fifty day moving average price is $74.26 and its two-hundred day moving average price is $57.23. The company has a quick ratio of 1.71, a current ratio of 3.10 and a debt-to-equity ratio of 2.39. The company has a market cap of $2.48 billion, a price-to-earnings ratio of 90.23 and a beta of 1.06.

Astronics (NASDAQ:ATRO) last released its earnings results on Tuesday, February 24th. The aerospace company reported $0.75 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.63 by $0.12. Astronics had a net margin of 3.41% and a return on equity of 39.95%. The company had revenue of $240.07 million for the quarter, compared to the consensus estimate of $237.11 million. During the same period in the prior year, the company posted $0.46 EPS. The company’s revenue was up 15.1% compared to the same quarter last year. Research analysts expect that Astronics Corporation will post 0.82 earnings per share for the current year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in ATRO. Capital International Investors bought a new stake in Astronics in the third quarter valued at about $64,173,000. Luxor Capital Group LP bought a new position in shares of Astronics during the third quarter worth $52,698,000. State Street Corp grew its holdings in shares of Astronics by 26.2% in the 4th quarter. State Street Corp now owns 1,832,179 shares of the aerospace company’s stock valued at $99,377,000 after buying an additional 379,811 shares during the period. Congruence Capital LLC bought a new stake in shares of Astronics in the 4th quarter valued at $19,658,000. Finally, Millennium Management LLC raised its stake in 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 buying an additional 332,133 shares during the period. 56.68% of the stock is currently owned by institutional investors.

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.