Astronics (NASDAQ:ATRO) Hits New 12-Month High - Here's Why

Key Points

• Astronics Corporation's stock price reached a new 52-week high of $49.22, with a recent trading volume of over 246,000 shares.
• Analysts have recently changed their ratings on Astronics, with two analysts issuing a Buy rating, one a Hold rating, and one a Sell rating, giving the stock an average rating of "Hold" with a consensus target price of $54.50.
• The company reported $0.38 earnings per share for the most recent quarter, exceeding analysts' expectations, though revenue fell short of estimates at $204.68 million.

Astronics Corporation (NASDAQ:ATRO - Get Free Report)'s stock price reached a new 52-week high during mid-day trading on Tuesday . The stock traded as high as $49.22 and last traded at $49.06, with a volume of 246203 shares traded. The stock had previously closed at $48.22.

Analyst Ratings Changes

Several analysts recently issued reports on the company. Craig Hallum assumed coverage on Astronics in a research report on Friday. They set a "buy" rating and a $60.00 target price for the company. Wall Street Zen cut Astronics from a "strong-buy" rating to a "hold" rating in a research report on Saturday, August 9th. Zacks Research cut Astronics from a "strong-buy" rating to a "hold" rating in a research report on Monday, October 6th. Weiss Ratings reiterated a "sell (d-)" rating on shares of Astronics in a research report on Wednesday, October 8th. Finally, Truist Financial upgraded Astronics from a "hold" rating to a "buy" rating and set a $49.00 target price for the company in a research report on Friday, July 11th. Two analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, Astronics has an average rating of "Hold" and a consensus target price of $54.50.

Astronics Price Performance

The company has a current ratio of 3.04, a quick ratio of 1.63 and a debt-to-equity ratio of 0.59. The stock has a 50 day moving average of $39.53 and a 200-day moving average of $33.03. The stock has a market capitalization of $1.71 billion, a P/E ratio of -403.72 and a beta of 1.68.

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

Insider Activity

In other news, insider James Mulato sold 1,129 shares of Astronics stock in a transaction on Friday, September 5th. The stock was sold at an average price of $38.16, for a total value of $43,082.64. Following the transaction, the insider directly owned 1,066 shares in the company, valued at approximately $40,678.56. This trade represents a 51.44% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Corporate insiders own 10.83% of the company's stock.

Institutional Trading of Astronics

Several large investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. lifted its holdings in shares of Astronics by 1.7% in the 1st quarter. Vanguard Group Inc. now owns 1,601,632 shares of the aerospace company's stock valued at $38,711,000 after buying an additional 27,025 shares during the period. Millennium Management LLC increased its stake in Astronics by 80.1% during the 1st quarter. Millennium Management LLC now owns 746,956 shares of the aerospace company's stock worth $18,054,000 after buying an additional 332,133 shares in the last quarter. Geode Capital Management LLC increased its stake in Astronics by 3.1% during the 2nd quarter. Geode Capital Management LLC now owns 736,327 shares of the aerospace company's stock worth $24,655,000 after buying an additional 22,134 shares in the last quarter. Senator Investment Group LP increased its stake in Astronics by 7.6% during the 1st quarter. Senator Investment Group LP now owns 708,883 shares of the aerospace company's stock worth $17,134,000 after buying an additional 50,000 shares in the last quarter. Finally, Earnest Partners LLC purchased a new stake in shares of Astronics in the first quarter valued at approximately $12,774,000. Hedge funds and other institutional investors own 56.68% of the company's stock.

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.

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