Astronics (NASDAQ:ATRO) Shares Gap Up - Still a Buy?

Astronics Corporation (NASDAQ:ATRO - Get Free Report)'s share price gapped up prior to trading on Friday . The stock had previously closed at $31.09, but opened at $32.85. Astronics shares last traded at $34.66, with a volume of 365,787 shares.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on ATRO shares. Wall Street Zen downgraded shares of Astronics from a "strong-buy" rating to a "buy" rating in a report on Wednesday, May 21st. Truist Financial upgraded shares of Astronics from a "hold" rating to a "buy" rating and set a $49.00 price objective on the stock in a research report on Friday.

Astronics Stock Performance

The company has a current ratio of 2.74, a quick ratio of 1.49 and a debt-to-equity ratio of 0.60. The firm's 50-day simple moving average is $31.41 and its 200-day simple moving average is $24.15. The company has a market capitalization of $1.23 billion, a PE ratio of -289.35 and a beta of 1.55.

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

Hedge Funds Weigh In On Astronics

A number of institutional investors have recently bought and sold shares of ATRO. Connor Clark & Lunn Investment Management Ltd. acquired a new position in shares of Astronics in the fourth quarter worth $776,000. Assenagon Asset Management S.A. lifted its holdings in shares of Astronics by 224.1% in the 1st quarter. Assenagon Asset Management S.A. now owns 128,757 shares of the aerospace company's stock valued at $3,112,000 after purchasing an additional 89,033 shares during the last quarter. Point72 Asset Management L.P. increased its holdings in shares of Astronics by 368.6% in the 4th quarter. Point72 Asset Management L.P. now owns 25,100 shares of the aerospace company's stock valued at $401,000 after acquiring an additional 19,744 shares during the period. Deutsche Bank AG grew its holdings in shares of Astronics by 10.8% during the fourth quarter. Deutsche Bank AG now owns 90,509 shares of the aerospace company's stock worth $1,445,000 after buying an additional 8,859 shares during the last quarter. Finally, Royce & Associates LP lifted its holdings in shares of Astronics by 18.7% during the fourth 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 period. 56.68% of the stock is owned by hedge funds and other institutional investors.

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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