Short Interest in Astronics Corporation (ATRO) Grows By 54.2%
Astronics Corporation (NASDAQ:ATRO) was the recipient of a large increase in short interest during the month of September. As of September 15th, there was short interest totalling 784,416 shares, an increase of 54.2% from the August 31st total of 508,800 shares. Approximately 3.7% of the company’s shares are sold short. Based on an average trading volume of 194,161 shares, the days-to-cover ratio is presently 4.0 days.
Several institutional investors and hedge funds have recently modified their holdings of the stock. Scout Investments Inc. acquired a new position in Astronics Corporation in the second quarter valued at $1,276,000. Bank of New York Mellon Corp grew its position in Astronics Corporation by 2.0% during the first quarter. Bank of New York Mellon Corp now owns 98,920 shares of the aerospace company’s stock valued at $3,139,000 after acquiring an additional 1,915 shares during the period. Teachers Advisors LLC grew its position in Astronics Corporation by 2.0% during the first quarter. Teachers Advisors LLC now owns 37,532 shares of the aerospace company’s stock valued at $1,191,000 after acquiring an additional 732 shares during the period. Geode Capital Management LLC grew its position in Astronics Corporation by 10.9% during the first quarter. Geode Capital Management LLC now owns 345,325 shares of the aerospace company’s stock valued at $10,956,000 after acquiring an additional 34,078 shares during the period. Finally, Tudor Investment Corp ET AL purchased a new stake in Astronics Corporation during the first quarter valued at about $240,000. 65.59% of the stock is currently owned by institutional investors and hedge funds.
Astronics Corporation (NASDAQ:ATRO) opened at 30.34 on Wednesday. The company’s 50-day moving average price is $27.61 and its 200 day moving average price is $29.60. Astronics Corporation has a 1-year low of $23.95 and a 1-year high of $41.03. The firm has a market cap of $870.79 million, a price-to-earnings ratio of 22.02 and a beta of 1.16.
Astronics Corporation (NASDAQ:ATRO) last announced its quarterly earnings results on Wednesday, August 2nd. The aerospace company reported $0.26 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.40 by ($0.14). Astronics Corporation had a net margin of 6.73% and a return on equity of 12.12%. The company had revenue of $151.11 million during the quarter, compared to analyst estimates of $162.33 million. During the same quarter last year, the business earned $0.50 EPS. The firm’s revenue for the quarter was down 8.1% compared to the same quarter last year. On average, equities analysts expect that Astronics Corporation will post $1.42 earnings per share for the current fiscal year.
A number of research firms recently weighed in on ATRO. Zacks Investment Research cut shares of Astronics Corporation from a “hold” rating to a “strong sell” rating in a research report on Friday, August 4th. BidaskClub downgraded shares of Astronics Corporation from a “sell” rating to a “strong sell” rating in a report on Monday, July 24th. TheStreet lowered Astronics Corporation from a “b-” rating to a “c+” rating in a research report on Wednesday, June 7th. Finally, Canaccord Genuity reissued a “buy” rating and issued a $34.00 target price on shares of Astronics Corporation in a research report on Wednesday, August 16th. Two equities research analysts have rated the stock with a sell rating, one has assigned a hold rating and one has issued a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and an average price target of $34.33.
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Astronics Corporation Company Profile
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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