Astronics (NASDAQ:ATRO) Shares Scheduled to Split on Monday, June 15th

Astronics Corporation (NASDAQ:ATRO) shares are set to split on Monday, June 15th. The 6-5 split was recently announced. The newly created shares will be issued to shareholders after the market closes on Sunday, June 14th.

Astronics Trading Up 0.6%

Shares of ATRO stock opened at $85.61 on Wednesday. Astronics has a fifty-two week low of $27.27 and a fifty-two week high of $90.65. The stock has a market cap of $3.07 billion, a P/E ratio of 72.55 and a beta of 1.15. The business has a fifty day simple moving average of $74.97 and a 200-day simple moving average of $68.58. The company has a quick ratio of 1.63, a current ratio of 2.97 and a debt-to-equity ratio of 2.07.

Astronics (NASDAQ:ATRO) last announced its quarterly earnings results on Tuesday, May 12th. The aerospace company reported $0.59 earnings per share for the quarter, beating analysts’ consensus estimates of $0.55 by $0.04. Astronics had a return on equity of 49.34% and a net margin of 5.12%.The business had revenue of $230.62 million during the quarter, compared to analysts’ expectations of $225.52 million. During the same quarter last year, the business posted $0.44 earnings per share. The business’s revenue for the quarter was up 12.0% on a year-over-year basis. On average, analysts forecast that Astronics will post 2.68 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of research analysts have recently weighed in on ATRO shares. Truist Financial raised shares of Astronics to a “strong-buy” rating in a research note on Monday, May 4th. Wall Street Zen raised shares of Astronics from a “buy” rating to a “strong-buy” rating in a research note on Saturday, February 28th. Weiss Ratings reissued a “sell (d-)” rating on shares of Astronics in a research note on Monday, April 20th. TD Cowen raised their price objective on shares of Astronics from $85.00 to $100.00 and gave the stock a “buy” rating in a research note on Thursday, May 28th. Finally, Zacks Research cut Astronics from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, May 13th. Two research analysts have rated the stock with a Strong Buy rating, two have given a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $89.00.

Institutional Trading of Astronics

Several hedge funds and other institutional investors have recently bought and sold shares of ATRO. Capital International Investors purchased a new stake in Astronics in the 3rd quarter worth approximately $64,173,000. Luxor Capital Group LP purchased a new stake in Astronics in the 3rd quarter worth approximately $52,698,000. State Street Corp grew its stake in Astronics by 26.2% in the 4th quarter. State Street Corp now owns 1,832,179 shares of the aerospace company’s stock worth $99,377,000 after acquiring an additional 379,811 shares during the period. Congruence Capital LLC purchased a new stake in Astronics in the 4th quarter worth approximately $19,658,000. Finally, Millennium Management LLC grew its stake in Astronics by 80.1% in the 1st quarter. Millennium Management LLC now owns 746,956 shares of the aerospace company’s stock worth $18,054,000 after acquiring an additional 332,133 shares during the period. 56.68% of the stock is owned by hedge funds and other institutional investors.

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.