Astronics (NASDAQ:ATRO) Shares Gap Down Following Analyst Downgrade

Astronics Corporation (NASDAQ:ATRO) shares gapped down prior to trading on Wednesday after Zacks Research downgraded the stock from a strong-buy rating to a hold rating. The stock had previously closed at $78.26, but opened at $73.00. Astronics shares last traded at $74.3340, with a volume of 302,305 shares.

A number of other research firms have also recently weighed in on ATRO. Truist Financial raised Astronics to a “strong-buy” rating in a report on Monday, May 4th. Wall Street Zen raised Astronics from a “buy” rating to a “strong-buy” rating in a report on Saturday, February 28th. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Astronics in a report on Monday, April 20th. Two equities research analysts have rated the stock with a Strong Buy rating, two have issued a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, Astronics currently has a consensus rating of “Moderate Buy” and a consensus target price of $77.33.

Institutional Investors Weigh In On Astronics

Several large investors have recently bought and sold shares of the company. Renaissance Technologies LLC increased its stake in Astronics by 320.4% during the 1st quarter. Renaissance Technologies LLC now owns 222,920 shares of the aerospace company’s stock worth $14,875,000 after buying an additional 169,900 shares in the last quarter. Gabelli Funds LLC increased its stake in Astronics by 8.6% during the 1st quarter. Gabelli Funds LLC now owns 36,980 shares of the aerospace company’s stock worth $2,468,000 after buying an additional 2,915 shares in the last quarter. Public Employees Retirement System of Ohio purchased a new stake in Astronics during the 1st quarter worth approximately $175,000. Caxton Associates LLP increased its stake in Astronics by 2.8% during the 1st quarter. Caxton Associates LLP now owns 55,334 shares of the aerospace company’s stock worth $3,692,000 after buying an additional 1,499 shares in the last quarter. Finally, Sei Investments Co. increased its stake in Astronics by 153.4% during the 1st quarter. Sei Investments Co. now owns 71,039 shares of the aerospace company’s stock worth $4,740,000 after buying an additional 43,007 shares in the last quarter. 56.68% of the stock is currently owned by hedge funds and other institutional investors.

Astronics Trading Up 3.3%

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 50 day simple moving average of $72.28 and a 200 day simple moving average of $65.68. The company has a market capitalization of $2.95 billion, a PE ratio of 70.09 and a beta of 1.10.

Astronics (NASDAQ:ATRO) last posted its quarterly earnings results on Tuesday, May 12th. The aerospace company reported $0.59 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.55 by $0.04. The business had revenue of $230.62 million during the quarter, compared to analyst estimates of $225.52 million. Astronics had a return on equity of 48.50% and a net margin of 5.12%.The business’s revenue was up 12.0% compared to the same quarter last year. During the same period in the prior year, the business earned $0.44 earnings per share. Analysts anticipate that Astronics Corporation will post 2.62 earnings per share for the current year.

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.