Astronics Corp. (ATRO) Cut to Strong Sell at Zacks Investment Research
Astronics Corp. (NASDAQ:ATRO) was downgraded by Zacks Investment Research from a “hold” rating to a “strong sell” rating in a research report issued on Monday.
According to Zacks, “Astronics Corporation is a manufacturer of specialized lighting and electronics for the cockpit, cabin and exteriors of military, commercial transport and private business jet aircraft. A major lighting and electronics supplier to the aircraft industry, its strategy is to expand from a components and subsystems supplier to an aircraft lighting systems integrator, increasing the value and content it provides to various aircraft platforms. Luminescent Systems Inc. is Astronics’ primary operating subsidiary which produces its aerospace and defense products. “
ATRO has been the subject of several other reports. Canaccord Genuity increased their price target on shares of Astronics Corp. from $48.00 to $50.00 and gave the stock a “buy” rating in a report on Monday, September 26th. KeyCorp raised shares of Astronics Corp. from a “sector weight” rating to an “overweight” rating in a report on Wednesday, June 29th.
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Shares of Astronics Corp. (NASDAQ:ATRO) traded down 0.74% on Monday, hitting $36.35. The stock had a trading volume of 143,067 shares. The stock has a market cap of $1.06 billion, a PE ratio of 16.93 and a beta of 1.18. Astronics Corp. has a one year low of $24.75 and a one year high of $48.00. The company’s 50 day moving average is $43.32 and its 200 day moving average is $38.63.
Astronics Corp. (NASDAQ:ATRO) last announced its earnings results on Wednesday, August 3rd. The company reported $0.57 earnings per share for the quarter, topping the consensus estimate of $0.48 by $0.09. Astronics Corp. had a net margin of 9.55% and a return on equity of 21.44%. The business earned $164.40 million during the quarter, compared to the consensus estimate of $162.17 million. During the same quarter in the prior year, the firm earned $0.77 earnings per share. The business’s quarterly revenue was down 5.0% compared to the same quarter last year. Equities research analysts predict that Astronics Corp. will post $2.21 EPS for the current fiscal year.
In other Astronics Corp. news, Director John B. Drenning sold 5,000 shares of the stock in a transaction dated Monday, August 15th. The shares were sold at an average price of $43.47, for a total value of $217,350.00. Following the completion of the transaction, the director now directly owns 52,039 shares of the company’s stock, valued at $2,262,135.33. The sale was disclosed in a filing with the SEC, which is available at this link. 16.03% of the stock is currently owned by company insiders.
A number of hedge funds and other institutional investors have recently modified their holdings of ATRO. Wellington Management Group LLP boosted its position in shares of Astronics Corp. by 5.9% in the first quarter. Wellington Management Group LLP now owns 1,580,396 shares of the company’s stock worth $60,292,000 after buying an additional 87,543 shares during the period. Royal Bank of Canada boosted its position in shares of Astronics Corp. by 10.2% in the first quarter. Royal Bank of Canada now owns 1,428,005 shares of the company’s stock worth $54,479,000 after buying an additional 132,410 shares during the period. TIAA CREF Investment Management LLC boosted its position in shares of Astronics Corp. by 20.4% in the first quarter. TIAA CREF Investment Management LLC now owns 93,983 shares of the company’s stock worth $3,585,000 after buying an additional 15,897 shares during the period. Swiss National Bank boosted its position in shares of Astronics Corp. by 10.8% in the second quarter. Swiss National Bank now owns 29,700 shares of the company’s stock worth $988,000 after buying an additional 2,900 shares during the period. Finally, Intrust Bank NA bought a new position in shares of Astronics Corp. during the second quarter worth about $213,000. 65.80% of the stock is owned by institutional investors.
Astronics Corp. Company Profile
Astronics Corporation is a supplier of products to the aerospace, defense, electronics and semiconductor industries. The Company’s products and services include electrical power generation, distribution and motion systems, lighting and safety systems, avionics products, aircraft structures, systems certification and automated test systems.
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