Astronics (NASDAQ:ATRO) Shares Down 4.9% - Here's Why

Astronics Corporation (NASDAQ:ATRO - Get Free Report) shares traded down 4.9% during mid-day trading on Thursday . The company traded as low as $30.37 and last traded at $30.18. 119,095 shares traded hands during trading, a decline of 76% from the average session volume of 491,297 shares. The stock had previously closed at $31.73.

Analysts Set New Price Targets

A number of analysts have recently issued reports on the stock. Truist Financial boosted their target price on shares of Astronics from $24.00 to $32.00 and gave the company a "hold" rating in a research note on Thursday, June 12th. Wall Street Zen lowered shares of Astronics from a "strong-buy" rating to a "buy" rating in a research note on Wednesday, May 21st.

Astronics Trading Down 3.4%

The stock's 50 day moving average is $31.25 and its two-hundred day moving average is $24.04. The company has a market capitalization of $1.09 billion, a PE ratio of -256.73 and a beta of 1.55. The company has a quick ratio of 1.49, a current ratio of 2.74 and a debt-to-equity ratio of 0.60.

Astronics (NASDAQ:ATRO - Get Free Report) last announced its earnings results on Tuesday, May 6th. The aerospace company reported $0.44 EPS for the quarter, topping analysts' consensus estimates of $0.25 by $0.19. The business had revenue of $205.94 million during the quarter, compared to the consensus estimate of $192.53 million. Astronics had a negative net margin of 0.43% and a positive return on equity of 18.45%. As a group, sell-side analysts predict that Astronics Corporation will post 0.82 EPS for the current fiscal year.

Hedge Funds Weigh In On Astronics

Several hedge funds have recently modified their holdings of the stock. Signaturefd LLC increased its holdings in shares of Astronics by 88.5% during the first quarter. Signaturefd LLC now owns 1,446 shares of the aerospace company's stock valued at $35,000 after acquiring an additional 679 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its holdings in shares of Astronics by 4.3% during the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 16,422 shares of the aerospace company's stock valued at $262,000 after acquiring an additional 684 shares in the last quarter. Franklin Resources Inc. increased its holdings in shares of Astronics by 3.4% during the fourth quarter. Franklin Resources Inc. now owns 20,882 shares of the aerospace company's stock valued at $333,000 after acquiring an additional 693 shares in the last quarter. Swiss National Bank increased its holdings in shares of Astronics by 2.2% during the fourth quarter. Swiss National Bank now owns 54,800 shares of the aerospace company's stock valued at $875,000 after acquiring an additional 1,200 shares in the last quarter. Finally, Federated Hermes Inc. increased its holdings in shares of Astronics by 4.7% during the fourth quarter. Federated Hermes Inc. now owns 35,844 shares of the aerospace company's stock valued at $572,000 after acquiring an additional 1,612 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.

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