Astronics (NASDAQ:ATRO) Hits New 12-Month High Following Analyst Upgrade

Astronics Corporation (NASDAQ:ATRO) hit a new 52-week high during mid-day trading on Tuesday after Zacks Research upgraded the stock from a hold rating to a strong-buy rating. The stock traded as high as $81.89 and last traded at $80.30, with a volume of 208082 shares trading hands. The stock had previously closed at $77.30.

ATRO has been the subject of a number of other reports. TD Cowen started coverage on Astronics in a report on Wednesday, November 26th. They issued a “buy” rating for the company. Truist Financial set a $75.00 price objective on Astronics in a research report on Friday, January 9th. CJS Securities upgraded Astronics to a “strong-buy” rating in a report on Thursday, December 11th. Craig Hallum reissued a “buy” rating on shares of Astronics in a research report on Friday, January 9th. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of Astronics in a research report on Wednesday, January 21st. Two research analysts have rated the stock with a Strong Buy rating, three have assigned a Buy rating and one has assigned a Sell rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Buy” and a consensus price target of $66.67.

Hedge Funds Weigh In On Astronics

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. IFP Advisors Inc raised its stake in Astronics by 389.6% during the 3rd quarter. IFP Advisors Inc now owns 563 shares of the aerospace company’s stock worth $26,000 after buying an additional 448 shares during the period. Allworth Financial LP increased its holdings in shares of Astronics by 57.1% during the fourth quarter. Allworth Financial LP now owns 528 shares of the aerospace company’s stock valued at $29,000 after acquiring an additional 192 shares in the last quarter. EverSource Wealth Advisors LLC raised its position in shares of Astronics by 147.6% during the second quarter. EverSource Wealth Advisors LLC now owns 894 shares of the aerospace company’s stock worth $30,000 after purchasing an additional 533 shares during the period. Jones Financial Companies Lllp grew its position in Astronics by 166.7% in the 3rd quarter. Jones Financial Companies Lllp now owns 752 shares of the aerospace company’s stock valued at $34,000 after purchasing an additional 470 shares during the period. Finally, US Bancorp DE raised its holdings in Astronics by 41.0% during the third quarter. US Bancorp DE now owns 966 shares of the aerospace company’s stock worth $44,000 after buying an additional 281 shares during the last quarter. Institutional investors own 56.68% of the company’s stock.

Astronics Stock Performance

The stock has a market cap of $2.62 billion, a price-to-earnings ratio of -815.46 and a beta of 1.10. The company’s fifty day simple moving average is $62.51 and its two-hundred day simple moving average is $49.37. The company has a debt-to-equity ratio of 3.07, a current ratio of 2.87 and a quick ratio of 1.56.

Astronics (NASDAQ:ATRO) last posted its earnings results on Tuesday, November 4th. The aerospace company reported $0.49 earnings per share for the quarter, topping analysts’ consensus estimates of $0.42 by $0.07. The company had revenue of $211.45 million for the quarter, compared to analyst estimates of $210.80 million. Astronics had a negative net margin of 0.37% and a positive return on equity of 29.65%. On average, analysts forecast that Astronics Corporation will post 0.82 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.