Wall Street Zen Downgrades Astronics (NASDAQ:ATRO) to Buy

Astronics (NASDAQ:ATRO) was downgraded by equities research analysts at Wall Street Zen from a “strong-buy” rating to a “buy” rating in a research note issued on Saturday.

A number of other research firms have also issued reports on ATRO. Weiss Ratings reiterated a “sell (d-)” rating on shares of Astronics in a report on Wednesday, January 21st. CJS Securities raised shares of Astronics to a “strong-buy” rating in a research report on Thursday, December 11th. TD Cowen assumed coverage on Astronics in a report on Wednesday, November 26th. They set a “buy” rating on the stock. Craig Hallum reiterated a “buy” rating on shares of Astronics in a research report on Friday, January 9th. Finally, Truist Financial set a $75.00 target price on Astronics in a report on Friday, January 9th. Two research analysts have rated the stock with a Strong Buy rating, three have given a Buy rating and one has given a Sell rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Buy” and an average target price of $66.67.

Astronics Price Performance

Shares of ATRO opened at $76.58 on Friday. The company has a market cap of $2.73 billion, a P/E ratio of -850.79 and a beta of 1.09. Astronics has a fifty-two week low of $18.28 and a fifty-two week high of $81.89. The company has a quick ratio of 1.56, a current ratio of 2.87 and a debt-to-equity ratio of 3.07. The firm’s 50 day moving average price is $62.96 and its 200 day moving average price is $49.88.

Hedge Funds Weigh In On Astronics

A number of large investors have recently bought and sold shares of ATRO. Capital International Investors acquired a new stake in Astronics in the third quarter valued at about $64,173,000. Luxor Capital Group LP purchased a new position in shares of Astronics in the 3rd quarter valued at about $52,698,000. Millennium Management LLC lifted 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 during the period. American Century Companies Inc. boosted its holdings in Astronics by 659.8% during the second quarter. American Century Companies Inc. now owns 339,947 shares of the aerospace company’s stock worth $11,381,000 after buying an additional 295,208 shares in the last quarter. Finally, SG Capital Management LLC acquired a new position in Astronics during the third quarter worth about $11,617,000. Hedge funds and other institutional investors 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.