Astronics (NASDAQ:ATRO) Rating Increased to Strong-Buy at Wall Street Zen

Key Points

• Wall Street Zen upgraded Astronics to “strong buy” from “buy,” while the broader analyst consensus remains “Buy,” with an average price target of $74.17.
• Astronics reported quarterly EPS of $0.70, exceeding the $0.59 consensus estimate, while revenue reached $259.96 million and rose 46.9% year over year.
• The stock opened at $93.45, near its 52-week high of $94.46, and institutional investors and hedge funds own approximately 56.68% of outstanding shares.

Astronics (NASDAQ:ATRO - Get Free Report) was upgraded by equities researchers at Wall Street Zen from a "buy" rating to a "strong-buy" rating in a note issued to investors on Sunday.

ATRO has been the subject of several other research reports. Zacks Research raised shares of Astronics from a "hold" rating to a "strong-buy" rating in a research report on Monday, July 20th. Truist Financial raised Astronics to a "strong-buy" rating in a report on Monday, May 4th. Weiss Ratings reiterated a "sell (d-)" rating on shares of Astronics in a research note on Friday, July 17th. 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 research analysts have rated the stock with a Strong Buy rating, two have assigned a Buy rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of "Buy" and an average target price of $74.17.

Astronics Trading Up 0.9%

Shares of Astronics stock opened at $93.45 on Friday. The firm has a market capitalization of $4.02 billion, a PE ratio of 54.97 and a beta of 1.15. The company has a debt-to-equity ratio of 1.57, a current ratio of 2.97 and a quick ratio of 1.63. The company's fifty day moving average price is $75.29 and its two-hundred day moving average price is $67.35. Astronics has a 52-week low of $27.39 and a 52-week high of $94.46.

Astronics (NASDAQ:ATRO - Get Free Report) last announced its quarterly earnings data on Tuesday, August 11th. The aerospace company reported $0.70 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.59 by $0.11. The company had revenue of $259.96 million during the quarter, compared to analysts' expectations of $245.30 million. Astronics had a net margin of 8.40% and a return on equity of 67.69%. The business's quarterly revenue was up 46.9% on a year-over-year basis. On average, analysts expect that Astronics will post 2.55 EPS for the current year.

Hedge Funds Weigh In On Astronics

A number of institutional investors and hedge funds have recently added to or reduced their stakes in ATRO. BlackRock Inc. bought a new stake in Astronics during the second quarter worth about $248,395,000. Capital International Investors raised its stake in shares of Astronics by 31.5% in the fourth quarter. Capital International Investors now owns 1,849,886 shares of the aerospace company's stock valued at $100,338,000 after acquiring an additional 442,886 shares during the last quarter. State Street Corp boosted its holdings in shares of Astronics by 26.2% in the 4th quarter. State Street Corp now owns 1,832,179 shares of the aerospace company's stock worth $99,377,000 after acquiring an additional 379,811 shares in the last quarter. Congruence Capital LLC acquired a new position in shares of Astronics in the 4th quarter worth approximately $19,658,000. Finally, Millennium Management LLC grew its position 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 acquiring an additional 332,133 shares during the last quarter. 56.68% of the stock is currently owned by institutional investors and hedge funds.

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.

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