Astronics (NASDAQ:ATRO) Hits New 1-Year High – Here’s What Happened

Shares of Astronics Corporation (NASDAQ:ATRO) hit a new 52-week high on Tuesday . The company traded as high as $77.81 and last traded at $77.58, with a volume of 658965 shares trading hands. The stock had previously closed at $76.34.

Analyst Ratings Changes

A number of brokerages have commented on ATRO. Craig Hallum restated a “buy” rating on shares of Astronics in a research report on Friday, January 9th. Truist Financial set a $75.00 price target on shares of Astronics in a report on Friday, January 9th. CJS Securities raised shares of Astronics to a “strong-buy” rating in a research report on Thursday, December 11th. Wall Street Zen upgraded shares of Astronics from a “buy” rating to a “strong-buy” rating in a research report on Wednesday, December 10th. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of Astronics in a report on Wednesday, January 21st. One research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating, one has given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $66.67.

Astronics Price Performance

The company’s 50-day simple moving average is $58.34 and its 200 day simple moving average is $47.24. The company has a market capitalization of $2.76 billion, a P/E ratio of -861.90 and a beta of 1.10. The company has a quick ratio of 1.56, a current ratio of 2.87 and a debt-to-equity ratio of 3.07.

Astronics (NASDAQ:ATRO) last released its quarterly earnings results on Tuesday, November 4th. The aerospace company reported $0.49 earnings per share for the quarter, beating analysts’ consensus estimates of $0.42 by $0.07. The business had revenue of $211.45 million for the quarter, compared to the consensus estimate of $210.80 million. Astronics had a negative net margin of 0.37% and a positive return on equity of 29.65%. As a group, sell-side analysts expect that Astronics Corporation will post 0.82 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the stock. IFP Advisors Inc lifted its holdings in Astronics by 389.6% in the 3rd quarter. IFP Advisors Inc now owns 563 shares of the aerospace company’s stock worth $26,000 after purchasing an additional 448 shares during the last quarter. EverSource Wealth Advisors LLC raised its position in shares of Astronics by 147.6% in the second quarter. EverSource Wealth Advisors LLC now owns 894 shares of the aerospace company’s stock valued at $30,000 after purchasing an additional 533 shares during the period. Jones Financial Companies Lllp raised its position in shares of Astronics by 166.7% in the third quarter. Jones Financial Companies Lllp now owns 752 shares of the aerospace company’s stock valued at $34,000 after purchasing an additional 470 shares during the period. US Bancorp DE lifted its stake in shares of Astronics by 41.0% in the third quarter. US Bancorp DE now owns 966 shares of the aerospace company’s stock worth $44,000 after buying an additional 281 shares during the last quarter. Finally, Covestor Ltd boosted its holdings in shares of 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 period. Institutional investors and hedge funds own 56.68% of the company’s stock.

About Astronics

Astronics Corporation (NASDAQ: ATRO) is a global leader in the design and manufacture of advanced technologies primarily for the aerospace, defense and semiconductor industries. Headquartered in East Aurora, New York, the company was founded in 1968 and has grown through a combination of internal development and strategic acquisitions. Astronics operates multiple business units focused on power conversion, distribution and control; cabin electronics and connectivity; aircraft lighting and safety solutions; and automated test systems.

The company’s aerospace products include onboard power generation and management systems, in-flight entertainment and connectivity hardware, LED and fluorescent lighting for aircraft cabins and cockpits, and safety equipment such as escape slide power units.