Astronics (NASDAQ:ATRO) Stock Rating Lowered by Zacks Research

Key Points

• Zacks Research downgraded Astronics from “strong buy” to “hold,” although analyst sentiment remains broadly positive with a consensus “moderate buy” rating and a $74.17 target price.
• Astronics reported quarterly EPS of $0.70, exceeding the $0.59 estimate, while revenue reached $259.96 million—up 46.9% year over year and above expectations.
• The stock opened at $76.00, near its consensus target, with a $3.27 billion market capitalization; institutional investors own approximately 56.68% of outstanding shares.

Astronics (NASDAQ:ATRO - Get Free Report) was downgraded by research analysts at Zacks Research from a "strong-buy" rating to a "hold" rating in a report released on Monday, Zacks reports.

A number of other equities research analysts have also recently commented on the stock. Wall Street Zen upgraded shares of Astronics from a "buy" rating to a "strong-buy" rating in a research note on Sunday, August 16th. TD Cowen raised their price objective on shares of Astronics from $70.83 to $83.33 and gave the company a "buy" rating in a research report on Thursday, May 28th. Finally, Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Astronics in a report on Friday, July 17th. Two analysts have rated the stock with a Strong Buy rating, two have issued a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $74.17.

Astronics Price Performance

Shares of Astronics stock opened at $76.00 on Monday. The stock has a market cap of $3.27 billion, a P/E ratio of 44.71 and a beta of 1.20. The company has a debt-to-equity ratio of 1.57, a quick ratio of 1.63 and a current ratio of 2.97. The stock's fifty day moving average is $74.69 and its 200 day moving average is $69.01. Astronics has a one year low of $31.12 and a one year high of $94.46.

Astronics (NASDAQ:ATRO - Get Free Report) last released its quarterly earnings results on Tuesday, August 11th. The aerospace company reported $0.70 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.59 by $0.11. Astronics had a return on equity of 67.69% and a net margin of 8.40%.The business had revenue of $259.96 million during the quarter, compared to analyst estimates of $245.30 million. The company's quarterly revenue was up 46.9% compared to the same quarter last year. Sell-side analysts anticipate that Astronics will post 2.74 earnings per share for the current year.

Institutional Investors Weigh In On Astronics

A number of institutional investors have recently added to or reduced their stakes in ATRO. AQR Capital Management LLC lifted its holdings in shares of Astronics by 20.4% in the first quarter. AQR Capital Management LLC now owns 112,210 shares of the aerospace company's stock worth $2,712,000 after buying an additional 18,975 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in Astronics by 6.5% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 17,491 shares of the aerospace company's stock valued at $423,000 after acquiring an additional 1,069 shares in the last quarter. Millennium Management LLC increased its holdings in Astronics by 80.1% in the 1st 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 last quarter. Goldman Sachs Group Inc. increased its holdings in Astronics by 26.1% in the 1st quarter. Goldman Sachs Group Inc. now owns 222,486 shares of the aerospace company's stock valued at $5,377,000 after acquiring an additional 46,054 shares during the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its stake in Astronics by 22.3% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 71,791 shares of the aerospace company's stock worth $1,735,000 after purchasing an additional 13,104 shares in the last quarter. 56.68% of the stock is owned by hedge funds and other institutional investors.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.