Astronics (NASDAQ:ATRO) Stock Price Down 4.9% on Analyst Downgrade

Shares of Astronics Corporation (NASDAQ:ATRO) dropped 4.9% during trading on Wednesday after Wall Street Zen downgraded the stock from a strong-buy rating to a buy rating. The company traded as low as $51.34 and last traded at $50.6140. Approximately 65,050 shares were traded during mid-day trading, a decline of 89% from the average daily volume of 594,315 shares. The stock had previously closed at $53.24.

Several other research analysts have also recently issued reports on the company. TD Cowen began coverage on Astronics in a research note on Wednesday, November 26th. They issued a “buy” rating and a $65.00 price objective on the stock. Truist Financial increased their price target on Astronics from $49.00 to $58.00 and gave the stock a “buy” rating in a research report on Wednesday, October 15th. Zacks Research upgraded Astronics from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, November 4th. Weiss Ratings restated a “sell (d-)” rating on shares of Astronics in a report on Wednesday, October 8th. Finally, Craig Hallum began coverage on shares of Astronics in a report on Friday, October 10th. They set a “buy” rating and a $60.00 target price on the stock. One analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $61.00.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the company. Brighton Jones LLC boosted its position in Astronics by 3.1% in the third quarter. Brighton Jones LLC now owns 7,085 shares of the aerospace company’s stock valued at $323,000 after buying an additional 216 shares during the last quarter. Covestor Ltd raised its position in Astronics by 25.4% during the 3rd quarter. Covestor Ltd now owns 1,068 shares of the aerospace company’s stock worth $49,000 after buying an additional 216 shares during the last quarter. US Bancorp DE lifted its stake in Astronics by 41.0% during the 3rd quarter. US Bancorp DE now owns 966 shares of the aerospace company’s stock valued at $44,000 after acquiring an additional 281 shares during the period. Ameritas Investment Partners Inc. boosted its holdings in shares of Astronics by 13.6% in the 2nd quarter. Ameritas Investment Partners Inc. now owns 3,091 shares of the aerospace company’s stock valued at $103,000 after acquiring an additional 369 shares during the last quarter. Finally, WINTON GROUP Ltd increased its stake in shares of Astronics by 4.6% in the third quarter. WINTON GROUP Ltd now owns 8,644 shares of the aerospace company’s stock worth $394,000 after acquiring an additional 383 shares during the period. Hedge funds and other institutional investors own 56.68% of the company’s stock.

Astronics Trading Down 1.6%

The stock has a market cap of $1.81 billion, a PE ratio of -565.27 and a beta of 1.12. The company’s fifty day moving average is $48.88 and its 200-day moving average is $39.77. The company has a debt-to-equity ratio of 3.07, a current ratio of 2.87 and a quick ratio of 1.56.

Astronics (NASDAQ:ATRO) last announced its quarterly earnings results on Tuesday, November 4th. The aerospace company reported $0.49 earnings per share for the quarter, topping the consensus estimate of $0.42 by $0.07. The company had revenue of $211.45 million for the quarter, compared to the consensus estimate of $210.80 million. Astronics had a positive return on equity of 29.65% and a negative net margin of 0.37%. On average, analysts predict that Astronics Corporation will post 0.82 earnings per share for the current fiscal year.

Astronics Company Profile

Astronics Corporation, through its subsidiaries, designs and manufactures products for the aerospace, defense, and electronics industries in the United States, rest of North America, Asia, Europe, South America, and internationally. The company operates in two segments, Aerospace and Test Systems. The Aerospace segment offers lighting and safety systems, electrical power generation systems, distribution and seat motions systems, aircraft structures, avionics products, system certification, and other products.