Astronics Corp. (ATRO) Downgraded to “Strong Sell” at Zacks Investment Research
According to Zacks, “Astronics Corporation is a manufacturer of specialized lighting and electronics for the cockpit, cabin and exteriors of military, commercial transport and private business jet aircraft. A major lighting and electronics supplier to the aircraft industry, its strategy is to expand from a components and subsystems supplier to an aircraft lighting systems integrator, increasing the value and content it provides to various aircraft platforms. Luminescent Systems Inc. is Astronics’ primary operating subsidiary which produces its aerospace and defense products. “
ATRO has been the subject of several other reports. Canaccord Genuity reissued a buy rating on shares of Astronics Corp. in a report on Thursday, August 4th. KeyCorp raised Astronics Corp. from a sector weight rating to an overweight rating in a report on Wednesday, June 29th.
Astronics Corp. (NASDAQ:ATRO) traded down 0.17% during mid-day trading on Monday, hitting $36.29. 29,358 shares of the company traded hands. Astronics Corp. has a one year low of $24.75 and a one year high of $48.00. The company has a market capitalization of $1.06 billion, a price-to-earnings ratio of 16.90 and a beta of 1.18. The company’s 50-day moving average price is $43.32 and its 200 day moving average price is $38.63.
Astronics Corp. (NASDAQ:ATRO) last announced its quarterly earnings data on Wednesday, August 3rd. The company reported $0.57 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.48 by $0.09. The firm earned $164.40 million during the quarter, compared to analysts’ expectations of $162.17 million. Astronics Corp. had a return on equity of 21.44% and a net margin of 9.55%. The company’s quarterly revenue was down 5.0% compared to the same quarter last year. During the same period in the previous year, the business posted $0.77 EPS. On average, analysts anticipate that Astronics Corp. will post $2.21 earnings per share for the current fiscal year.
In other news, Director John B. Drenning sold 5,000 shares of the company’s stock in a transaction dated Monday, August 15th. The stock was sold at an average price of $43.47, for a total value of $217,350.00. Following the completion of the sale, the director now directly owns 52,039 shares of the company’s stock, valued at approximately $2,262,135.33. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 16.03% of the stock is owned by insiders.
Several hedge funds have recently made changes to their positions in ATRO. BNP Paribas Arbitrage SA raised its position in shares of Astronics Corp. by 25.3% in the third quarter. BNP Paribas Arbitrage SA now owns 3,581 shares of the company’s stock valued at $161,000 after buying an additional 723 shares in the last quarter. Royal Bank of Canada raised its position in shares of Astronics Corp. by 1.1% in the second quarter. Royal Bank of Canada now owns 1,443,970 shares of the company’s stock valued at $48,027,000 after buying an additional 15,965 shares in the last quarter. Balter Liquid Alternatives LLC acquired a new position in shares of Astronics Corp. during the second quarter valued at about $248,000. Fiera Capital Corp acquired a new position in shares of Astronics Corp. during the second quarter valued at about $3,191,000. Finally, Paloma Partners Management Co acquired a new position in shares of Astronics Corp. during the second quarter valued at about $520,000. 65.80% of the stock is owned by institutional investors.
Astronics Corp. 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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