Astronics (NASDAQ:ATRO) Stock Price Down 5.9% – Here’s What Happened

Astronics Corporation (NASDAQ:ATRO) traded down 5.9% during mid-day trading on Tuesday . The stock traded as low as $80.81 and last traded at $80.5850. Approximately 247,515 shares changed hands during mid-day trading, a decline of 68% from the average daily volume of 782,535 shares. The stock had previously closed at $85.66.

Wall Street Analysts Forecast Growth

ATRO has been the topic of several research reports. Weiss Ratings restated a “sell (d-)” rating on shares of Astronics in a report on Monday, April 20th. Truist Financial raised Astronics to a “strong-buy” rating in a research report on Monday, May 4th. Zacks Research lowered Astronics from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, May 13th. Wall Street Zen raised Astronics from a “buy” rating to a “strong-buy” rating in a report on Sunday, June 21st. Finally, TD Cowen raised their price objective on Astronics from $70.83 to $83.33 and gave the stock a “buy” rating in a research report on Thursday, May 28th. Two research analysts have rated the stock with a Strong Buy rating, two have given a Buy rating, one has given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $74.17.

Astronics Trading Down 2.5%

The company has a market cap of $3.19 billion, a price-to-earnings ratio of 75.61 and a beta of 1.13. The company has a debt-to-equity ratio of 2.07, a quick ratio of 1.63 and a current ratio of 2.97. The business’s 50 day moving average price is $70.75 and its 200-day moving average price is $62.54.

Astronics (NASDAQ:ATRO) last released its quarterly earnings data on Tuesday, May 12th. The aerospace company reported $0.49 EPS for the quarter, topping analysts’ consensus estimates of $0.46 by $0.03. The company had revenue of $230.62 million during the quarter, compared to the consensus estimate of $225.52 million. Astronics had a net margin of 5.12% and a return on equity of 49.34%. The firm’s revenue for the quarter was up 12.0% compared to the same quarter last year. During the same period last year, the firm earned $0.37 EPS. On average, research analysts forecast that Astronics Corporation will post 2.23 EPS for the current year.

Institutional Investors Weigh In On Astronics

A number of institutional investors have recently added to or reduced their stakes in the stock. Capital International Investors acquired a new position in shares of Astronics in the 3rd quarter worth approximately $64,173,000. Luxor Capital Group LP bought a new position in shares of Astronics during the 3rd quarter worth approximately $52,698,000. State Street Corp boosted its stake in Astronics by 26.2% in the 4th quarter. State Street Corp now owns 1,832,179 shares of the aerospace company’s stock valued at $99,377,000 after buying an additional 379,811 shares in the last quarter. Congruence Capital LLC acquired a new stake in Astronics in the 4th quarter valued at $19,658,000. Finally, Millennium Management LLC grew its position in Astronics by 80.1% in the first quarter. Millennium Management LLC now owns 746,956 shares of the aerospace company’s stock valued at $18,054,000 after acquiring an additional 332,133 shares during the period. 56.68% of the stock is owned by institutional investors and hedge funds.

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.