Astronics Co. (NASDAQ:ATRO) – Equities researchers at SunTrust Banks lowered their FY2017 earnings per share estimates for Astronics in a research report issued on Friday. SunTrust Banks analyst M. Ciarmoli now anticipates that the aerospace company will post earnings of $1.34 per share for the year, down from their prior estimate of $1.35. SunTrust Banks has a “Hold” rating and a $48.00 price objective on the stock.
A number of other research analysts have also weighed in on ATRO. BidaskClub lowered Astronics from a “strong-buy” rating to a “buy” rating in a research report on Friday, December 29th. Canaccord Genuity reaffirmed a “buy” rating and set a $36.00 price objective on shares of Astronics in a research report on Thursday, October 5th. Dougherty & Co raised their price objective on Astronics from $35.00 to $40.00 and gave the company a “buy” rating in a research report on Wednesday, November 8th. Finally, Zacks Investment Research raised Astronics from a “sell” rating to a “hold” rating in a research report on Friday, November 10th. One investment analyst has rated the stock with a hold rating and four have assigned a buy rating to the company. The company presently has an average rating of “Buy” and an average target price of $46.25.
Astronics (NASDAQ:ATRO) last released its earnings results on Tuesday, November 7th. The aerospace company reported $0.21 EPS for the quarter, missing the Zacks’ consensus estimate of $0.35 by ($0.14). The firm had revenue of $149.64 million during the quarter, compared to analysts’ expectations of $154.90 million. Astronics had a net margin of 5.80% and a return on equity of 10.29%. The company’s revenue for the quarter was down 3.5% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.41 EPS.
Astronics announced that its board has approved a share buyback program on Monday, December 18th that allows the company to repurchase $50.00 million in shares. This repurchase authorization allows the aerospace company to buy shares of its stock through open market purchases. Shares repurchase programs are generally an indication that the company’s management believes its shares are undervalued.
In other Astronics news, Director Robert J. Mckenna sold 45,000 shares of Astronics stock in a transaction on Tuesday, November 21st. The stock was sold at an average price of $39.00, for a total value of $1,755,000.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. 16.45% of the stock is owned by company insiders.
Several institutional investors have recently bought and sold shares of the business. FMR LLC increased its holdings in shares of Astronics by 46.5% in the 2nd quarter. FMR LLC now owns 2,028,637 shares of the aerospace company’s stock worth $61,813,000 after purchasing an additional 643,968 shares in the last quarter. Royal Bank of Canada increased its holdings in shares of Astronics by 5.5% in the 2nd quarter. Royal Bank of Canada now owns 1,519,555 shares of the aerospace company’s stock worth $46,301,000 after purchasing an additional 79,281 shares in the last quarter. Vanguard Group Inc. increased its holdings in shares of Astronics by 4.1% in the 2nd quarter. Vanguard Group Inc. now owns 982,669 shares of the aerospace company’s stock worth $29,942,000 after purchasing an additional 38,743 shares in the last quarter. Dimensional Fund Advisors LP increased its holdings in shares of Astronics by 2.2% in the 3rd quarter. Dimensional Fund Advisors LP now owns 770,713 shares of the aerospace company’s stock worth $22,929,000 after purchasing an additional 16,881 shares in the last quarter. Finally, State Street Corp increased its holdings in shares of Astronics by 24.7% in the 2nd quarter. State Street Corp now owns 641,261 shares of the aerospace company’s stock worth $19,543,000 after purchasing an additional 127,165 shares in the last quarter. 65.77% of the stock is owned by institutional investors and hedge funds.
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Astronics 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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