Astronics Corp. (ATRO) Downgraded by Zacks Investment Research to “Strong Sell”
Astronics Corp. (NASDAQ:ATRO) was downgraded by Zacks Investment Research from a “hold” rating to a “strong sell” rating in a 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. “
Other research analysts also recently issued reports about the company. Canaccord Genuity reaffirmed a “buy” rating on shares of Astronics Corp. in a research note on Thursday, August 4th. KeyCorp raised Astronics Corp. from a “sector weight” rating to an “overweight” rating in a research note 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 company has a market capitalization of $1.06 billion, a price-to-earnings ratio of 16.93 and a beta of 1.18. The company has a 50-day moving average of $43.32 and a 200 day moving average of $38.63. Astronics Corp. has a 52 week low of $24.75 and a 52 week high of $48.00.
Astronics Corp. (NASDAQ:ATRO) last posted its quarterly earnings results on Wednesday, August 3rd. The company reported $0.57 earnings per share for the quarter, topping analysts’ consensus estimates of $0.48 by $0.09. Astronics Corp. had a return on equity of 21.44% and a net margin of 9.55%. The business had revenue of $164.40 million for the quarter, compared to the consensus estimate of $162.17 million. During the same period in the prior year, the business earned $0.77 EPS. The firm’s revenue for the quarter was down 5.0% on a year-over-year basis. On average, equities research analysts predict that Astronics Corp. will post $2.21 EPS for the current year.
In other news, Director John B. Drenning sold 5,000 shares of the stock in a transaction that occurred on Monday, August 15th. The stock was sold at an average price of $43.47, for a total value of $217,350.00. Following the completion of the sale, 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 document filed with the SEC, which is accessible through the SEC website. 16.03% of the stock is owned by insiders.
Several hedge funds have recently modified their holdings of the company. Columbia Wanger Asset Management LLC acquired a new position in Astronics Corp. during the second quarter valued at about $8,542,000. Royal Bank of Canada raised its position in Astronics Corp. by 10.2% in the first quarter. Royal Bank of Canada now owns 1,428,005 shares of the company’s stock valued at $54,479,000 after buying an additional 132,410 shares in the last quarter. New Amsterdam Partners LLC NY acquired a new position in Astronics Corp. during the second quarter valued at about $4,144,000. Frontier Capital Management Co. LLC acquired a new position in Astronics Corp. during the second quarter valued at about $3,802,000. Finally, Fiera Capital Corp acquired a new position in Astronics Corp. during the second quarter valued at about $3,191,000. 65.80% of the stock is owned by hedge funds and other institutional investors.
About Astronics Corp.
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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