Astronics (NASDAQ:ATRO) Shares Pass Above Two Hundred Day Moving Average – Here’s Why

Shares of Astronics Corporation (NASDAQ:ATRO) crossed above its 200-day moving average during trading on Tuesday . The stock has a 200-day moving average of $58.73 and traded as high as $67.90. Astronics shares last traded at $67.86, with a volume of 653,045 shares trading hands.

Wall Street Analyst Weigh In

ATRO has been the subject of a number of analyst reports. Weiss Ratings restated a “sell (d-)” rating on shares of Astronics in a research note on Wednesday, January 21st. Wall Street Zen upgraded shares of Astronics from a “buy” rating to a “strong-buy” rating in a research note on Saturday, February 28th. CJS Securities raised shares of Astronics to a “strong-buy” rating in a research report on Thursday, December 11th. Truist Financial upped their price target on shares of Astronics from $75.00 to $107.00 and gave the company a “buy” rating in a report on Wednesday, February 25th. Finally, TD Cowen initiated coverage on Astronics in a research report on Wednesday, November 26th. They issued a “buy” rating on the stock. Two analysts have rated the stock with a Strong Buy rating, three have assigned a Buy rating and one has issued a Sell rating to the stock. According to MarketBeat, Astronics presently has a consensus rating of “Buy” and an average price target of $77.33.

Astronics Trading Up 2.8%

The company has a debt-to-equity ratio of 2.39, a quick ratio of 1.71 and a current ratio of 3.10. The company’s 50 day moving average is $74.86 and its 200 day moving average is $58.73. The stock has a market capitalization of $2.42 billion, a price-to-earnings ratio of 88.13 and a beta of 1.06.

Astronics (NASDAQ:ATRO) last posted its quarterly earnings results on Tuesday, February 24th. The aerospace company reported $0.75 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.63 by $0.12. Astronics had a net margin of 3.41% and a return on equity of 39.95%. The company had revenue of $240.07 million for the quarter, compared to analyst estimates of $237.11 million. During the same period last year, the business posted $0.46 EPS. The business’s quarterly revenue was up 15.1% on a year-over-year basis. On average, research analysts forecast that Astronics Corporation will post 0.82 EPS for the current fiscal year.

Hedge Funds Weigh In On Astronics

Several large investors have recently added to or reduced their stakes in the company. Capital International Investors bought a new stake in shares of Astronics in the 3rd quarter worth approximately $64,173,000. Luxor Capital Group LP bought a new stake in shares of Astronics during the third quarter valued at approximately $52,698,000. State Street Corp increased its position in shares of Astronics by 26.2% during the fourth quarter. State Street Corp now owns 1,832,179 shares of the aerospace company’s stock valued at $99,377,000 after purchasing an additional 379,811 shares during the period. Congruence Capital LLC acquired a new position in shares of Astronics in the fourth quarter valued at $19,658,000. Finally, Millennium Management LLC raised its stake in shares of Astronics by 80.1% in the first quarter. Millennium Management LLC now owns 746,956 shares of the aerospace company’s stock valued at $18,054,000 after purchasing an additional 332,133 shares in the last quarter. Institutional investors and hedge funds own 56.68% of the company’s stock.

Astronics Company Profile

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.