Astronics (NASDAQ:ATRO) Sets New 1-Year High - Still a Buy?

Key Points

• Astronics Corporation shares reached a new 52-week high of $43.82, reflecting strong trading activity and an increase in share price from a previous close of $38.29.
• Wall Street analysts generally have a positive outlook on Astronics, with a consensus rating of “Strong Buy” and a target price of $49.00.
• The company reported earnings of $0.38 per share, exceeding analysts' expectations and demonstrating a positive return on equity of 22.89% despite a slight revenue miss.

Astronics Corporation (NASDAQ:ATRO - Get Free Report) hit a new 52-week high during mid-day trading on Wednesday . The company traded as high as $39.50 and last traded at $43.82, with a volume of 2548 shares trading hands. The stock had previously closed at $38.29.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on ATRO. Wall Street Zen cut shares of Astronics from a "strong-buy" rating to a "hold" rating in a research report on Saturday, August 9th. Zacks Research upgraded shares of Astronics to a "strong-buy" rating in a research report on Friday, August 8th. Finally, Truist Financial raised shares of Astronics from a "hold" rating to a "buy" rating and set a $49.00 price target on the stock in a research note on Friday, July 11th. One equities research analyst has rated the stock with a Strong Buy rating and one has given a Buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of "Strong Buy" and a consensus price target of $49.00.

Astronics Trading Down 1.4%

The company has a debt-to-equity ratio of 0.59, a quick ratio of 1.63 and a current ratio of 3.04. The company's fifty day simple moving average is $35.31 and its 200-day simple moving average is $29.93. The company has a market capitalization of $1.41 billion, a P/E ratio of -332.39 and a beta of 1.69.

Astronics (NASDAQ:ATRO - Get Free Report) last released its quarterly 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. Astronics had a negative net margin of 0.45% and a positive return on equity of 22.89%. The business had revenue of $204.68 million for the quarter, compared to analysts' expectations of $208.29 million. Research analysts predict that Astronics Corporation will post 0.82 earnings per share for the current year.

Insider Buying and Selling at Astronics

In related news, insider James Mulato sold 1,129 shares of the stock in a transaction that occurred on Friday, September 5th. The shares were sold at an average price of $38.16, for a total value of $43,082.64. Following the completion of the transaction, the insider directly owned 1,066 shares of the company's stock, valued at $40,678.56. This trade represents a 51.44% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Corporate insiders own 9.39% of the company's stock.

Institutional Investors Weigh In On Astronics

A number of institutional investors have recently added to or reduced their stakes in the stock. Ameritas Investment Partners Inc. raised its stake in Astronics by 13.6% during the 2nd quarter. Ameritas Investment Partners Inc. now owns 3,091 shares of the aerospace company's stock valued at $103,000 after purchasing an additional 369 shares during the last quarter. Captrust Financial Advisors boosted its stake in Astronics by 2.3% in the 2nd quarter. Captrust Financial Advisors now owns 19,220 shares of the aerospace company's stock valued at $643,000 after buying an additional 435 shares in the last quarter. The Manufacturers Life Insurance Company boosted its stake in Astronics by 4.3% in the second quarter. The Manufacturers Life Insurance Company now owns 10,983 shares of the aerospace company's stock worth $368,000 after purchasing an additional 451 shares in the last quarter. Osaic Holdings Inc. boosted its stake in Astronics by 30.0% in the second quarter. Osaic Holdings Inc. now owns 2,294 shares of the aerospace company's stock worth $77,000 after purchasing an additional 529 shares in the last quarter. Finally, EverSource Wealth Advisors LLC boosted its stake in Astronics by 147.6% in the second quarter. EverSource Wealth Advisors LLC now owns 894 shares of the aerospace company's stock worth $30,000 after purchasing an additional 533 shares in the last quarter. Institutional investors and hedge funds 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.