Astronics (NASDAQ:ATRO) Sets New 12-Month High on Earnings Beat

Astronics Co. (NASDAQ:ATRO - Get Free Report) shares reached a new 52-week high during mid-day trading on Wednesday after the company announced better than expected quarterly earnings. The stock traded as high as $28.15 and last traded at $27.77, with a volume of 604260 shares changing hands. The stock had previously closed at $23.49.

The aerospace company reported $0.44 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.27 by $0.17. Astronics had a positive return on equity of 6.94% and a negative net margin of 0.82%.

Wall Street Analysts Forecast Growth

A number of brokerages have recently weighed in on ATRO. StockNews.com upgraded Astronics from a "hold" rating to a "buy" rating in a report on Thursday, March 6th. Truist Financial dropped their price objective on shares of Astronics from $23.00 to $21.00 and set a "hold" rating on the stock in a research note on Thursday, April 17th.

Insider Activity

In other Astronics news, Director Robert S. Keane sold 77,099 shares of the firm's stock in a transaction dated Friday, March 7th. The stock was sold at an average price of $24.55, for a total transaction of $1,892,780.45. Following the transaction, the director now directly owns 6,346 shares in the company, valued at $155,794.30. This trade represents a 92.39 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 10.86% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Astronics

A number of large investors have recently added to or reduced their stakes in the stock. Royce & Associates LP grew its position in Astronics by 18.7% in the 4th quarter. Royce & Associates LP now owns 1,150,355 shares of the aerospace company's stock worth $18,360,000 after purchasing an additional 181,619 shares during the last quarter. Dimensional Fund Advisors LP boosted its stake in shares of Astronics by 6.2% in the 4th quarter. Dimensional Fund Advisors LP now owns 998,506 shares of the aerospace company's stock valued at $15,936,000 after purchasing an additional 58,149 shares during the last quarter. Schonfeld Strategic Advisors LLC boosted its position in shares of Astronics by 58.7% in the 4th quarter. Schonfeld Strategic Advisors LLC now owns 881,504 shares of the aerospace company's stock worth $14,069,000 after purchasing an additional 325,904 shares during the last quarter. Millennium Management LLC grew its holdings in Astronics by 881.6% during the fourth quarter. Millennium Management LLC now owns 414,823 shares of the aerospace company's stock valued at $6,621,000 after purchasing an additional 372,565 shares during the period. Finally, Ameriprise Financial Inc. increased its holdings in shares of Astronics by 493.7% in the fourth quarter. Ameriprise Financial Inc. now owns 363,286 shares of the aerospace company's stock worth $5,798,000 after acquiring an additional 302,092 shares in the last quarter. Institutional investors own 56.68% of the company's stock.

Astronics Price Performance

The company has a 50-day moving average of $23.25 and a 200-day moving average of $19.36. The company has a debt-to-equity ratio of 0.72, a quick ratio of 1.46 and a current ratio of 2.83. The firm has a market capitalization of $972.72 million, a price-to-earnings ratio of -146.44 and a beta of 1.44.

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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