Wall Street Zen Downgrades Astronics (NASDAQ:ATRO) to Hold

Key Points

• Astronics was downgraded from a "strong-buy" rating to a "hold" rating by Wall Street Zen, indicating a more cautious outlook for the stock.
• Conversely, Truist Financial upgraded Astronics from a "hold" to a "buy" rating, setting a price target of $49.00.
• Astronics reported a **positive earnings surprise**, posting $0.38 earnings per share for the last quarter, exceeding expectations of $0.33.

Wall Street Zen downgraded shares of Astronics (NASDAQ:ATRO - Free Report) from a strong-buy rating to a hold rating in a report issued on Saturday.

Separately, Truist Financial raised shares of Astronics from a "hold" rating to a "buy" rating and set a $49.00 price objective for the company in a research note on Friday, July 11th.

Astronics Trading Up 1.7%

ATRO traded up $0.55 on Friday, hitting $33.36. The company had a trading volume of 218,433 shares, compared to its average volume of 515,291. The company has a market cap of $1.18 billion, a PE ratio of -278.13 and a beta of 1.64. Astronics has a 12-month low of $14.13 and a 12-month high of $37.31. The company has a quick ratio of 1.63, a current ratio of 3.04 and a debt-to-equity ratio of 0.59. The business's fifty day simple moving average is $33.75 and its 200 day simple moving average is $27.09.

Astronics (NASDAQ:ATRO - Get Free Report) last announced its earnings results on Wednesday, August 6th. The aerospace company reported $0.38 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.33 by $0.05. Astronics had a positive return on equity of 22.89% and a negative net margin of 0.45%. The business had revenue of $204.68 million during the quarter, compared to analyst estimates of $208.29 million. Equities research analysts expect that Astronics will post 0.82 EPS for the current year.

Institutional Investors Weigh In On Astronics

Several institutional investors have recently modified their holdings of the company. KLP Kapitalforvaltning AS purchased a new stake in Astronics during the fourth quarter worth about $73,000. JPMorgan Chase & Co. lifted its holdings in shares of Astronics by 154.3% in the fourth quarter. JPMorgan Chase & Co. now owns 236,406 shares of the aerospace company's stock valued at $3,773,000 after purchasing an additional 143,452 shares in the last quarter. Franklin Resources Inc. lifted its holdings in shares of Astronics by 3.4% in the fourth quarter. Franklin Resources Inc. now owns 20,882 shares of the aerospace company's stock valued at $333,000 after purchasing an additional 693 shares in the last quarter. Wells Fargo & Company MN lifted its holdings in shares of Astronics by 26.2% in the fourth quarter. Wells Fargo & Company MN now owns 18,209 shares of the aerospace company's stock valued at $291,000 after purchasing an additional 3,775 shares in the last quarter. Finally, Federated Hermes Inc. lifted its stake in shares of Astronics by 4.7% during the fourth quarter. Federated Hermes Inc. now owns 35,844 shares of the aerospace company's stock valued at $572,000 after buying an additional 1,612 shares during the period. 56.68% of the stock is owned by hedge funds and other institutional investors.

About Astronics

Astronics Corporation, through its subsidiaries, designs and manufactures products for the aerospace, defense, and electronics industries in the United States, rest of North America, Asia, Europe, South America, and internationally. The company operates in two segments, Aerospace and Test Systems. The Aerospace segment offers lighting and safety systems, electrical power generation systems, distribution and seat motions systems, aircraft structures, avionics products, system certification, and other products.