Astronics (NASDAQ:ATRO) Stock Rating Upgraded by Truist Financial

Key Points

• Truist upgraded Astronics to a "strong-buy" and the stock carries a consensus "Buy" from analysts (three Strong Buy, two Buy, one Sell) with an average target price of $77.33.
• Astronics beat quarterly estimates, reporting $0.75 EPS versus $0.63 expected and $240.07M revenue (up 15.1% year-over-year), and analysts forecast about $2.62 EPS for the current year.
• The company has significant institutional backing—56.68% of shares are held by institutions, including increased positions from Vanguard and Capital International Investors.

Astronics (NASDAQ:ATRO - Get Free Report) was upgraded by analysts at Truist Financial to a "strong-buy" rating in a note issued to investors on Monday,Zacks.com reports.

A number of other equities analysts have also commented on the company. Zacks Research raised Astronics from a "hold" rating to a "strong-buy" rating in a research note on Tuesday, February 3rd. Wall Street Zen raised Astronics from a "buy" rating to a "strong-buy" rating in a research note on Saturday, February 28th. Craig Hallum reaffirmed a "buy" rating on shares of Astronics in a research note on Friday, January 9th. Finally, Weiss Ratings reissued a "sell (d-)" rating on shares of Astronics in a research note on Monday, April 20th. Three investment analysts have rated the stock with a Strong Buy rating, two have issued a Buy rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of "Buy" and an average target price of $77.33.

Astronics Stock Performance

NASDAQ:ATRO opened at $72.10 on Monday. The stock has a market cap of $2.57 billion, a P/E ratio of 93.64 and a beta of 1.10. The company has a current ratio of 3.10, a quick ratio of 1.71 and a debt-to-equity ratio of 2.39. The stock's 50-day moving average is $72.45 and its 200-day moving average is $64.03. Astronics has a 1-year low of $23.25 and a 1-year high of $83.96.

Astronics (NASDAQ:ATRO - Get Free Report) last posted its quarterly earnings data on Tuesday, February 24th. The aerospace company reported $0.75 EPS for the quarter, topping analysts' consensus estimates of $0.63 by $0.12. The company had revenue of $240.07 million for the quarter, compared to analyst estimates of $237.11 million. Astronics had a return on equity of 39.95% and a net margin of 3.41%.The firm's quarterly revenue was up 15.1% on a year-over-year basis. During the same period in the previous year, the firm earned $0.46 earnings per share. Equities research analysts anticipate that Astronics will post 2.62 earnings per share for the current year.

Hedge Funds Weigh In On Astronics

Institutional investors have recently modified their holdings of the company. Nordea Investment Management AB acquired a new position in shares of Astronics during the third quarter worth approximately $4,137,000. Capital International Investors acquired a new position in shares of Astronics during the third quarter worth approximately $64,173,000. Vanguard Group Inc. raised its position in shares of Astronics by 5.8% during the third quarter. Vanguard Group Inc. now owns 1,936,166 shares of the aerospace company's stock worth $88,309,000 after purchasing an additional 105,311 shares during the period. Principal Financial Group Inc. acquired a new position in shares of Astronics during the third quarter worth approximately $2,204,000. Finally, Y Intercept Hong Kong Ltd raised its position in shares of Astronics by 74.9% during the third quarter. Y Intercept Hong Kong Ltd now owns 33,061 shares of the aerospace company's stock worth $1,508,000 after purchasing an additional 14,160 shares during the period. 56.68% of the stock is owned by institutional investors and hedge funds.

About Astronics

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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