Astronics (NASDAQ:ATRO) Shares Down 7.9% – Should You Sell?

Astronics Corporation (NASDAQ:ATRO)’s stock price fell 7.9% on Thursday . The company traded as low as $67.27 and last traded at $67.4240. 226,986 shares traded hands during mid-day trading, a decline of 69% from the average session volume of 738,509 shares. The stock had previously closed at $73.19.

Analysts Set New Price Targets

Several brokerages recently issued reports on ATRO. Zacks Research upgraded shares of Astronics from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, February 3rd. Craig Hallum reaffirmed a “buy” rating on shares of Astronics in a research note on Friday, January 9th. Truist Financial upped their target price on shares of Astronics from $75.00 to $107.00 and gave the stock a “buy” rating in a research report on Wednesday, February 25th. Wall Street Zen raised shares of Astronics from a “buy” rating to a “strong-buy” rating in a report on Saturday, February 28th. Finally, TD Cowen initiated coverage on shares of Astronics in a research report on Wednesday, November 26th. They issued a “buy” rating for the company. Two analysts have rated the stock with a Strong Buy rating, three have issued a Buy rating and one has given a Sell rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Buy” and a consensus price target of $77.33.

Astronics Stock Performance

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 has a market cap of $2.28 billion, a price-to-earnings ratio of 83.03 and a beta of 1.06. The firm’s 50-day moving average price is $74.26 and its 200 day moving average price is $56.94.

Astronics (NASDAQ:ATRO) last announced its quarterly earnings data on Tuesday, February 24th. The aerospace company reported $0.75 earnings per share for the quarter, beating 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 business had revenue of $240.07 million for the quarter, compared to analyst estimates of $237.11 million. During the same period in the prior year, the business posted $0.46 earnings per share. Astronics’s revenue was up 15.1% compared to the same quarter last year. On average, sell-side analysts anticipate that Astronics Corporation will post 0.82 EPS for the current year.

Institutional Investors Weigh In On Astronics

A number of institutional investors and hedge funds have recently added to or reduced their stakes in ATRO. Corient Private Wealth LLC bought a new position in Astronics during the fourth quarter worth about $568,000. Hsbc Holdings PLC increased its stake in shares of Astronics by 2,291.3% in the 4th quarter. Hsbc Holdings PLC now owns 148,309 shares of the aerospace company’s stock valued at $8,120,000 after acquiring an additional 142,107 shares during the last quarter. Virtu Financial LLC acquired a new stake in shares of Astronics in the 4th quarter valued at approximately $342,000. Invesco Ltd. boosted its stake in Astronics by 63.0% during the 4th quarter. Invesco Ltd. now owns 205,672 shares of the aerospace company’s stock worth $11,156,000 after acquiring an additional 79,469 shares during the last quarter. Finally, Mercer Global Advisors Inc. ADV bought a new position in Astronics during the 4th quarter worth approximately $282,000. 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.