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

Key Points

• Astronics Corporation's shares experienced a significant decline, opening at $29.00 after closing at $35.37, with a current trading volume of 426,906 shares.
• Recent analyst ratings saw a shift with Truist Financial upgrading Astronics from "hold" to "buy" with a $49.00 price target, while Wall Street Zen downgraded it from "strong-buy" to "buy."
• Institutional investors appear optimistic, with several firms, including Acadian Asset Management, increasing their stakes in Astronics substantially during the second quarter.

Astronics Corporation (NASDAQ:ATRO - Get Free Report) shares gapped down before the market opened on Thursday . The stock had previously closed at $35.37, but opened at $29.00. Astronics shares last traded at $29.28, with a volume of 426,906 shares traded.

Analyst Ratings Changes

Several brokerages recently commented on ATRO. Truist Financial raised shares of Astronics from a "hold" rating to a "buy" rating and set a $49.00 price objective for the company in a research note on Friday, July 11th. Wall Street Zen lowered Astronics from a "strong-buy" rating to a "buy" rating in a report on Wednesday, May 21st.

Astronics Price Performance

The firm has a market cap of $1.06 billion, a price-to-earnings ratio of -243.13 and a beta of 1.64. The business's 50-day moving average price is $33.78 and its two-hundred day moving average price is $26.63. The company has a debt-to-equity ratio of 0.60, a current ratio of 2.74 and a quick ratio of 1.49.

Astronics (NASDAQ:ATRO - Get Free Report) last issued its quarterly earnings results on Wednesday, August 6th. The aerospace company reported $0.38 EPS for the quarter, beating the consensus estimate of $0.33 by $0.05. Astronics had a negative net margin of 0.43% and a positive return on equity of 18.45%. The business had revenue of $204.68 million during the quarter, compared to the consensus estimate of $208.29 million. On average, research analysts forecast that Astronics Corporation will post 0.82 EPS for the current fiscal year.

Institutional Investors Weigh In On Astronics

Several hedge funds have recently added to or reduced their stakes in ATRO. Acadian Asset Management LLC lifted its position in Astronics by 95.9% in the 2nd quarter. Acadian Asset Management LLC now owns 147,743 shares of the aerospace company's stock valued at $4,939,000 after acquiring an additional 72,340 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. boosted its holdings in Astronics by 73.6% in the second quarter. Connor Clark & Lunn Investment Management Ltd. now owns 163,375 shares of the aerospace company's stock valued at $5,470,000 after acquiring an additional 69,273 shares in the last quarter. Los Angeles Capital Management LLC raised its stake in Astronics by 35.2% during the second quarter. Los Angeles Capital Management LLC now owns 17,045 shares of the aerospace company's stock valued at $571,000 after buying an additional 4,440 shares during the last quarter. Fox Run Management L.L.C. bought a new position in Astronics during the second quarter valued at approximately $608,000. Finally, Mark Sheptoff Financial Planning LLC purchased a new stake in shares of Astronics in the 2nd quarter worth $283,000. Institutional investors and hedge funds own 56.68% of the company's stock.

Astronics Company Profile

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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