Astronics (NASDAQ:ATRO) Posts Quarterly Earnings Results, Beats Expectations By $0.11 EPS

Key Points

• Astronics beat quarterly expectations, reporting EPS of $0.70 versus the $0.59 consensus and revenue of $259.96 million compared with $245.30 million expected.
• Shares fell 0.7% to $74.91 despite the earnings beat. The stock has traded between $25.87 and $88.72 over the past year and carries a market capitalization of approximately $3.22 billion.
• Analyst sentiment remains generally positive, with an average “Buy” rating and a $74.17 price target, although ratings range from “Strong Buy” to “Sell.” Institutional investors own 56.68% of the company.

Astronics (NASDAQ:ATRO - Get Free Report) issued its earnings results on Tuesday. The aerospace company reported $0.70 EPS for the quarter, beating the consensus estimate of $0.59 by $0.11, FiscalAI reports. Astronics had a return on equity of 49.34% and a net margin of 5.12%.The company had revenue of $259.96 million during the quarter, compared to the consensus estimate of $245.30 million.

Astronics Stock Down 0.7%

ATRO stock traded down $0.55 during trading on Tuesday, reaching $74.91. The stock had a trading volume of 771,966 shares, compared to its average volume of 754,393. Astronics has a one year low of $25.87 and a one year high of $88.72. The company has a quick ratio of 1.63, a current ratio of 2.97 and a debt-to-equity ratio of 2.07. The company's 50 day moving average is $74.00 and its two-hundred day moving average is $66.70. The company has a market capitalization of $3.22 billion, a price-to-earnings ratio of 76.18 and a beta of 1.15.

Analyst Ratings Changes

Several research analysts have issued reports on ATRO shares. Weiss Ratings reiterated a "sell (d-)" rating on shares of Astronics in a report on Friday, July 17th. Zacks Research raised Astronics from a "hold" rating to a "strong-buy" rating in a research note on Monday, July 20th. Truist Financial upgraded Astronics to a "strong-buy" rating in a report on Monday, May 4th. Wall Street Zen lowered Astronics from a "strong-buy" rating to a "buy" rating in a research report on Saturday. Finally, TD Cowen increased their target price on Astronics from $70.83 to $83.33 and gave the stock a "buy" rating in a report on Thursday, May 28th. Three equities research analysts have rated the stock with a Strong Buy rating, two have issued a Buy rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat, Astronics presently has an average rating of "Buy" and an average target price of $74.17.

Hedge Funds Weigh In On Astronics

Several hedge funds have recently modified their holdings of ATRO. IFP Advisors Inc grew its position in Astronics by 389.6% during the third quarter. IFP Advisors Inc now owns 563 shares of the aerospace company's stock valued at $26,000 after buying an additional 448 shares during the period. EverSource Wealth Advisors LLC increased its holdings in Astronics by 147.6% during the second quarter. EverSource Wealth Advisors LLC now owns 894 shares of the aerospace company's stock worth $30,000 after buying an additional 533 shares during the last quarter. Quarry LP raised its position in Astronics by 33.6% in the fourth quarter. Quarry LP now owns 568 shares of the aerospace company's stock worth $31,000 after acquiring an additional 143 shares during the period. Kemnay Advisory Services Inc. bought a new stake in Astronics in the fourth quarter worth about $43,000. Finally, US Bancorp DE boosted its stake in Astronics by 41.0% in the third quarter. US Bancorp DE now owns 966 shares of the aerospace company's stock valued at $44,000 after acquiring an additional 281 shares during the last quarter. Institutional investors own 56.68% of the company's stock.

Astronics Company Profile

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.

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