Astronics (NASDAQ:ATRO) Upgraded by Zacks Research to “Strong-Buy” Rating

Zacks Research upgraded shares of Astronics (NASDAQ:ATRO) from a hold rating to a strong-buy rating in a research note published on Monday,Zacks.com reports.

A number of other brokerages also recently weighed in on ATRO. TD Cowen raised their target price on shares of Astronics from $70.83 to $83.33 and gave the company a “buy” rating in a research note on Thursday, May 28th. Weiss Ratings reissued a “sell (d-)” rating on shares of Astronics in a research note on Friday. Wall Street Zen raised shares of Astronics from a “buy” rating to a “strong-buy” rating in a report on Sunday, June 21st. Finally, Truist Financial upgraded shares of Astronics to a “strong-buy” rating in a research report on Monday, May 4th. Three analysts have rated the stock with a Strong Buy rating, two have assigned a Buy rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and a consensus price target of $74.17.

Astronics Price Performance

Astronics stock opened at $69.00 on Monday. The stock has a market cap of $2.97 billion, a price-to-earnings ratio of 70.17 and a beta of 1.13. The company has a quick ratio of 1.63, a current ratio of 2.97 and a debt-to-equity ratio of 2.07. The business has a 50-day simple moving average of $73.16 and a 200 day simple moving average of $65.03. Astronics has a 52 week low of $22.73 and a 52 week high of $88.72.

Astronics (NASDAQ:ATRO) last released its quarterly earnings results on Tuesday, May 12th. The aerospace company reported $0.49 earnings per share for the quarter, beating the consensus estimate of $0.46 by $0.03. Astronics had a return on equity of 49.34% and a net margin of 5.12%.The firm had revenue of $230.62 million for the quarter, compared to analysts’ expectations of $225.52 million. During the same quarter last year, the firm posted $0.37 EPS. The company’s revenue was up 12.0% compared to the same quarter last year. On average, research analysts forecast that Astronics will post 2.62 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in the business. Quarry LP lifted its position in Astronics by 33.6% in the fourth quarter. Quarry LP now owns 568 shares of the aerospace company’s stock valued at $31,000 after purchasing an additional 143 shares during the last quarter. EverSource Wealth Advisors LLC boosted its stake in shares of Astronics by 19.8% during the fourth quarter. EverSource Wealth Advisors LLC now owns 1,137 shares of the aerospace company’s stock valued at $62,000 after purchasing an additional 188 shares during the period. Allworth Financial LP grew its holdings in shares of Astronics by 57.1% in the fourth 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. US Bancorp DE grew its holdings in shares of Astronics by 41.0% in the third quarter. US Bancorp DE now owns 966 shares of the aerospace company’s stock worth $44,000 after purchasing an additional 281 shares during the last quarter. Finally, Hazlett Burt & Watson Inc. increased its stake in shares of Astronics by 24.5% in the fourth quarter. Hazlett Burt & Watson Inc. now owns 1,525 shares of the aerospace company’s stock worth $83,000 after buying an additional 300 shares during the period. 56.68% of the stock is owned by hedge funds and other institutional investors.

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.