Astronics (NASDAQ:ATRO) Trading Up 7.8% – Here’s What Happened

Astronics Corporation (NASDAQ:ATRO)’s share price was up 7.8% on Thursday . The company traded as high as $88.93 and last traded at $88.7590. Approximately 242,665 shares traded hands during trading, a decline of 62% from the average daily volume of 638,630 shares. The stock had previously closed at $82.34.

Analyst Upgrades and Downgrades

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

Astronics Stock Up 11.4%

The stock has a market cap of $3.29 billion, a P/E ratio of 77.71 and a beta of 1.15. 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 firm’s fifty day moving average is $77.65 and its 200 day moving average is $70.31.

Shares of Astronics are going to split on Monday, June 15th. The 6-5 split was recently announced. The newly issued shares will be issued to shareholders after the closing bell on Sunday, June 14th.

Astronics (NASDAQ:ATRO) last announced its earnings results on Tuesday, May 12th. The aerospace company reported $0.59 EPS for the quarter, topping the consensus estimate of $0.55 by $0.04. The firm had revenue of $230.62 million for the quarter, compared to the consensus estimate of $225.52 million. Astronics had a net margin of 5.12% and a return on equity of 49.34%. The business’s quarterly revenue was up 12.0% on a year-over-year basis. During the same quarter last year, the firm posted $0.44 EPS. As a group, equities research analysts forecast that Astronics Corporation will post 2.68 EPS for the current year.

Institutional Inflows and Outflows

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

Astronics Company Profile

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.