Astronics (NASDAQ:ATRO) Stock Gets Downgrade from Wall Street Zen

Key Points

• Wall Street Zen downgraded Astronics from “strong buy” to “buy,” while the broader analyst consensus remains “Moderate Buy” with an average price target of $89.58.
• Other analysts have recently become more cautious, including TD Cowen lowering its price target to $90, while Weiss Ratings and Zacks Research moved their ratings to “hold.”
• Astronics reported better-than-expected quarterly results, with earnings of $0.70 per share and revenue of $259.96 million, up 46.9% year over year; institutional investors own 56.68% of the stock.

Astronics (NASDAQ:ATRO - Get Free Report) was downgraded by equities researchers at Wall Street Zen from a "strong-buy" rating to a "buy" rating in a research report issued to clients and investors on Saturday, Wall Street Zen reports.

A number of other equities analysts have also weighed in on the company. TD Cowen reiterated a "buy" rating and set a $90.00 price objective (down from $100.00) on shares of Astronics in a research note on Friday, October 9th. Weiss Ratings downgraded Astronics from a "buy (b-)" rating to a "hold (c+)" rating in a research note on Thursday, October 8th. Zacks Research lowered Astronics from a "strong-buy" rating to a "hold" rating in a report on Monday, September 7th. Finally, KeyCorp started coverage on Astronics in a report on Thursday, October 22nd. They set a "sector weight" rating on the stock. Two analysts have rated the stock with a Strong Buy rating, two have given a Buy rating and three have assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $89.58.

Astronics Stock Performance

Shares of NASDAQ ATRO opened at $59.39 on Friday. The company has a current ratio of 2.97, a quick ratio of 1.63 and a debt-to-equity ratio of 1.57. Astronics has a 12 month low of $34.58 and a 12 month high of $94.46. The company has a 50 day simple moving average of $67.90 and a two-hundred day simple moving average of $67.56. The stock has a market cap of $2.55 billion, a price-to-earnings ratio of 28.26 and a beta of 1.25.

Astronics (NASDAQ:ATRO - Get Free Report) last released its quarterly earnings data on Tuesday, August 11th. The aerospace company reported $0.70 EPS for the quarter, beating the consensus estimate of $0.59 by $0.11. The business had revenue of $259.96 million for the quarter, compared to the consensus estimate of $245.30 million. Astronics had a net margin of 8.40% and a return on equity of 67.69%. The firm's revenue for the quarter was up 46.9% compared to the same quarter last year. As a group, analysts predict that Astronics will post 2.72 earnings per share for the current year.

Institutional Trading of Astronics

A number of hedge funds have recently added to or reduced their stakes in ATRO. IPG Investment Advisors LLC purchased a new stake in Astronics in the 3rd quarter worth $83,000. Blue Bell Private Wealth Management LLC purchased a new position in Astronics during the third quarter valued at $48,000. VIRGINIA RETIREMENT SYSTEMS ET Al lifted its holdings in Astronics by 6.8% during the third quarter. VIRGINIA RETIREMENT SYSTEMS ET Al now owns 22,050 shares of the aerospace company's stock valued at $1,487,000 after purchasing an additional 1,400 shares in the last quarter. Sterling Capital Management LLC lifted its holdings in Astronics by 838.1% during the third quarter. Sterling Capital Management LLC now owns 1,060 shares of the aerospace company's stock valued at $71,000 after purchasing an additional 947 shares in the last quarter. Finally, Inspire Investing LLC acquired a new stake in shares of Astronics in the third quarter valued at about $2,589,000. 56.68% of the stock is owned by hedge funds and other institutional investors.

Astronics Company Profile

Astronics Corporation is a aerospace and defense company that designs and manufactures advanced technologies for commercial, military and business aircraft. Its products and systems are used by original equipment manufacturers, airlines, aircraft operators and defense contractors.

The company's offerings include aircraft electrical power systems, lighting and cabin-management systems, connectivity and inflight entertainment equipment, avionics and specialized aerospace components. Astronics also develops automated test systems and related equipment used to test and support electronic systems in the aerospace, defense and other high-technology industries.

Founded in 1968 and headquartered in East Aurora, New York, Astronics serves customers in the United States and international markets through its manufacturing and engineering operations.

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