Astronics (NASDAQ:ATRO) Hits New 12-Month High – Here’s Why

Astronics Corporation (NASDAQ:ATRO)’s stock price reached a new 52-week high on Thursday . The stock traded as high as $86.27 and last traded at $84.99, with a volume of 742984 shares trading hands. The stock had previously closed at $79.38.

Analyst Upgrades and Downgrades

Several equities analysts recently weighed in on the stock. Truist Financial upgraded shares of Astronics to a “strong-buy” rating in a report on Monday, May 4th. Weiss Ratings restated a “sell (d-)” rating on shares of Astronics in a report on Monday, April 20th. Zacks Research lowered shares of Astronics from a “strong-buy” rating to a “hold” rating in a report on Wednesday, May 13th. Finally, Wall Street Zen upgraded shares of Astronics from a “buy” rating to a “strong-buy” rating in a report on Saturday, February 28th. Two analysts have rated the stock with a Strong Buy rating, two have assigned a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, Astronics presently has an average rating of “Moderate Buy” and an average target price of $77.33.

Astronics Price Performance

The stock has a market cap of $3.03 billion, a PE ratio of 72.03 and a beta of 1.10. The company has a current ratio of 2.97, a quick ratio of 1.63 and a debt-to-equity ratio of 2.07. The company’s 50 day moving average is $72.64 and its 200-day moving average is $66.54.

Astronics (NASDAQ:ATRO) last released its quarterly earnings results on Tuesday, May 12th. The aerospace company reported $0.59 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.55 by $0.04. Astronics had a net margin of 5.12% and a return on equity of 49.34%. The firm had revenue of $230.62 million for the quarter, compared to the consensus estimate of $225.52 million. During the same quarter in the previous year, the firm posted $0.44 EPS. The firm’s quarterly revenue was up 12.0% on a year-over-year basis. As a group, sell-side analysts predict that Astronics Corporation will post 2.65 earnings per share for the current year.

Institutional Investors Weigh In On Astronics

Several hedge funds and other institutional investors have recently added to or reduced their stakes in ATRO. IFP Advisors Inc increased its stake in Astronics by 389.6% during the 3rd quarter. IFP Advisors Inc now owns 563 shares of the aerospace company’s stock worth $26,000 after buying an additional 448 shares during the period. Allworth Financial LP increased its position in shares of Astronics by 57.1% in the 4th quarter. Allworth Financial LP now owns 528 shares of the aerospace company’s stock worth $29,000 after purchasing an additional 192 shares during the last quarter. EverSource Wealth Advisors LLC increased its position in shares of Astronics by 147.6% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 894 shares of the aerospace company’s stock worth $30,000 after purchasing an additional 533 shares during the last quarter. Quarry LP increased its position in shares of Astronics by 33.6% in the 4th quarter. Quarry LP now owns 568 shares of the aerospace company’s stock worth $31,000 after purchasing an additional 143 shares during the last quarter. Finally, Leonteq Securities AG bought a new stake in shares of Astronics in the 4th quarter worth about $33,000. 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.