Astronics (NASDAQ:ATRO) Cut to Buy at Wall Street Zen

Wall Street Zen downgraded shares of Astronics (NASDAQ:ATRO) from a strong-buy rating to a buy rating in a research report report published on Saturday,Wall Street Zen reports.

Other research analysts have also recently issued reports about the stock. KeyCorp began coverage on shares of Astronics in a research report on Thursday, October 22nd. They issued a “sector weight” rating on the stock. TD Cowen reissued a “buy” rating and issued a $90.00 price target (down from $100.00) on shares of Astronics in a report on Friday, October 9th. Zacks Research cut shares of Astronics from a “strong-buy” rating to a “hold” rating in a research report on Monday, September 7th. Finally, Weiss Ratings cut Astronics from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Thursday, October 8th. Two analysts have rated the stock with a Strong Buy rating, two have issued a Buy rating and three have given a Hold rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $89.58.

Astronics Price Performance

NASDAQ:ATRO opened at $59.95 on Friday. The firm has a market capitalization of $2.58 billion, a price-to-earnings ratio of 27.21 and a beta of 1.25. Astronics has a 52-week low of $34.58 and a 52-week high of $94.46. The stock has a fifty day moving average of $67.54 and a 200 day moving average of $67.58. The company has a debt-to-equity ratio of 1.57, a quick ratio of 1.63 and a current ratio of 2.97.

Astronics (NASDAQ:ATRO) last posted its earnings results on Tuesday, August 11th. The aerospace company reported $0.70 EPS for the quarter, topping the consensus estimate of $0.59 by $0.11. Astronics had a return on equity of 67.69% and a net margin of 8.40%. The business had revenue of $259.96 million during the quarter, compared to analysts’ expectations of $245.30 million. The firm’s revenue was up 46.9% on a year-over-year basis. On average, research analysts expect that Astronics will post 2.72 EPS for the current fiscal year.

Hedge Funds Weigh In On Astronics

Several institutional investors and hedge funds have recently made changes to their positions in ATRO. BlackRock Inc. bought a new stake in Astronics in the second quarter worth $248,395,000. Emerald Advisers LLC grew its stake in shares of Astronics by 85.0% during the first quarter. Emerald Advisers LLC now owns 449,126 shares of the aerospace company’s stock valued at $29,970,000 after buying an additional 206,399 shares during the last quarter. Renaissance Technologies LLC grew its stake in shares of Astronics by 320.4% during the first quarter. Renaissance Technologies LLC now owns 222,920 shares of the aerospace company’s stock valued at $14,875,000 after buying an additional 169,900 shares during the last quarter. Bank of America Corp DE purchased a new position in shares of Astronics in the second quarter worth about $13,223,000. Finally, Nicholas Investment Partners LP purchased a new position in shares of Astronics in the second quarter worth about $11,717,000. Institutional investors own 56.68% of the company’s stock.

Astronics Company Profile

Astronics Corporation is a aerospace and defense company that designs and manufactures advanced technologies for commercial, military and business aircraft. Its products and systems are used by original equipment manufacturers, airlines, aircraft operators and defense contractors.

The company’s offerings include aircraft electrical power systems, lighting and cabin-management systems, connectivity and inflight entertainment equipment, avionics and specialized aerospace components. Astronics also develops automated test systems and related equipment used to test and support electronic systems in the aerospace, defense and other high-technology industries.

Founded in 1968 and headquartered in East Aurora, New York, Astronics serves customers in the United States and international markets through its manufacturing and engineering operations.