Astronics Corp. (ATRO) Downgraded to “Strong Sell” at Zacks Investment Research
According to Zacks, “Astronics Corporation is a manufacturer of specialized lighting and electronics for the cockpit, cabin and exteriors of military, commercial transport and private business jet aircraft. A major lighting and electronics supplier to the aircraft industry, its strategy is to expand from a components and subsystems supplier to an aircraft lighting systems integrator, increasing the value and content it provides to various aircraft platforms. Luminescent Systems Inc. is Astronics’ primary operating subsidiary which produces its aerospace and defense products. “
Other equities analysts have also recently issued research reports about the stock. Canaccord Genuity reissued a buy rating on shares of Astronics Corp. in a research note on Thursday, August 4th. KeyCorp raised shares of Astronics Corp. from a sector weight rating to an overweight rating in a research note on Wednesday, June 29th.
Shares of Astronics Corp. (NASDAQ:ATRO) traded down 0.17% during trading on Monday, hitting $36.29. 29,358 shares of the company traded hands. The stock has a market cap of $1.06 billion, a price-to-earnings ratio of 16.90 and a beta of 1.18. The firm has a 50 day moving average price of $43.32 and a 200-day moving average price of $38.63. Astronics Corp. has a one year low of $24.75 and a one year high of $48.00.
Astronics Corp. (NASDAQ:ATRO) last released its quarterly earnings data on Wednesday, August 3rd. The company reported $0.57 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.48 by $0.09. Astronics Corp. had a net margin of 9.55% and a return on equity of 21.44%. The business had revenue of $164.40 million for the quarter, compared to analysts’ expectations of $162.17 million. During the same quarter last year, the company earned $0.77 EPS. The company’s revenue for the quarter was down 5.0% compared to the same quarter last year. Analysts predict that Astronics Corp. will post $2.21 EPS for the current year.
In related news, Director John B. Drenning sold 5,000 shares of the firm’s stock in a transaction that occurred on Monday, August 15th. The shares were sold at an average price of $43.47, for a total transaction of $217,350.00. Following the completion of the sale, the director now directly owns 52,039 shares in the company, valued at $2,262,135.33. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Corporate insiders own 16.03% of the company’s stock.
Hedge funds have recently bought and sold shares of the company. Wellington Management Group LLP boosted its stake in Astronics Corp. by 5.9% in the first quarter. Wellington Management Group LLP now owns 1,580,396 shares of the company’s stock valued at $60,292,000 after buying an additional 87,543 shares in the last quarter. Royal Bank of Canada boosted its stake in Astronics Corp. by 1.1% in the second quarter. Royal Bank of Canada now owns 1,443,970 shares of the company’s stock valued at $48,027,000 after buying an additional 15,965 shares in the last quarter. Neuberger Berman Group LLC boosted its stake in Astronics Corp. by 6.2% in the second quarter. Neuberger Berman Group LLC now owns 1,384,191 shares of the company’s stock valued at $46,038,000 after buying an additional 80,750 shares in the last quarter. Franklin Resources Inc. boosted its stake in Astronics Corp. by 1.3% in the first quarter. Franklin Resources Inc. now owns 1,241,528 shares of the company’s stock valued at $47,364,000 after buying an additional 16,294 shares in the last quarter. Finally, Vanguard Group Inc. boosted its stake in Astronics Corp. by 0.8% in the second quarter. Vanguard Group Inc. now owns 939,855 shares of the company’s stock valued at $31,259,000 after buying an additional 7,004 shares in the last quarter. Institutional investors and hedge funds own 65.80% of the company’s stock.
About Astronics Corp.
Astronics Corporation is a supplier of products to the aerospace, defense, electronics and semiconductor industries. The Company’s products and services include electrical power generation, distribution and motion systems, lighting and safety systems, avionics products, aircraft structures, systems certification and automated test systems.
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