Astronics (NASDAQ:ATRO) Stock Rating Lowered by Wall Street Zen

Key Points

• Wall Street Zen downgraded Astronics from “strong buy” to “buy,” though the broader analyst consensus remains “Buy,” with three strong-buy, two buy and one sell rating and an average price target of $74.17.
• Astronics shares opened at $77.75, up 2.2%, with a market capitalization of approximately $3.34 billion. The stock has traded between $24.77 and $88.72 over the past year.
• The aerospace company exceeded quarterly expectations, reporting $0.49 in earnings per share and $230.62 million in revenue, while revenue grew 12% year over year. Institutional investors own 56.68% of the company.

Astronics (NASDAQ:ATRO - Get Free Report) was downgraded by research analysts at Wall Street Zen from a "strong-buy" rating to a "buy" rating in a research report issued to clients and investors on Saturday.

A number of other brokerages also recently weighed in on ATRO. Truist Financial raised Astronics to a "strong-buy" rating in a research note on Monday, May 4th. Zacks Research raised Astronics from a "hold" rating to a "strong-buy" rating in a research report on Monday, July 20th. TD Cowen increased their price target on Astronics from $70.83 to $83.33 and gave the company a "buy" rating in a report on Thursday, May 28th. Finally, Weiss Ratings reissued a "sell (d-)" rating on shares of Astronics in a research report on Friday, July 17th. Three research analysts have rated the stock with a Strong Buy rating, two have given a Buy rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat, Astronics currently has an average rating of "Buy" and an average target price of $74.17.

Astronics Stock Up 2.2%

ATRO stock opened at $77.75 on Friday. The firm has a market cap of $3.34 billion, a PE ratio of 79.07 and a beta of 1.15. Astronics has a 1 year low of $24.77 and a 1 year high of $88.72. The company has a fifty day simple moving average of $73.91 and a 200 day simple moving average of $66.58. The company has a current ratio of 2.97, a quick ratio of 1.63 and a debt-to-equity ratio of 2.07.

Astronics (NASDAQ:ATRO - Get Free Report) last posted its earnings results on Tuesday, May 12th. The aerospace company reported $0.49 EPS for the quarter, topping the consensus estimate of $0.46 by $0.03. Astronics had a net margin of 5.12% and a return on equity of 49.34%. The firm had revenue of $230.62 million for the quarter, compared to the consensus estimate of $225.52 million. During the same period in the prior year, the business posted $0.37 earnings per share. The business's quarterly revenue was up 12.0% on a year-over-year basis. Sell-side analysts anticipate that Astronics will post 2.62 EPS for the current fiscal year.

Hedge Funds Weigh In On Astronics

Several large investors have recently made changes to their positions in the business. BlackRock Inc. acquired a new stake in Astronics in the 2nd quarter valued at approximately $248,395,000. Vanguard Group Inc. boosted its position in shares of Astronics by 2.0% in the fourth quarter. Vanguard Group Inc. now owns 1,975,693 shares of the aerospace company's stock valued at $107,162,000 after acquiring an additional 39,527 shares during the period. Capital International Investors boosted its position 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 period. State Street Corp grew its stake in shares of Astronics by 26.2% in the fourth 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 during the last quarter. Finally, Geode Capital Management LLC grew its stake in shares of Astronics by 1.1% in the fourth quarter. Geode Capital Management LLC now owns 756,386 shares of the aerospace company's stock worth $41,033,000 after acquiring an additional 7,968 shares during the last quarter. Institutional investors and hedge funds own 56.68% of the company's stock.

Astronics Company Profile

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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