Astronics (NASDAQ:ATRO) Shares Down 3.2% - Here's What Happened

Key Points

• Astronics shares fell 3.2% to about $64.13, with trading volume down 92% from the average daily level.
• Analyst sentiment remains broadly positive, with a consensus “Moderate Buy” rating and an average price target of $74.17, despite some recent rating downgrades.
• The company beat quarterly expectations, reporting $0.70 EPS versus $0.59 expected and revenue of $259.96 million, up 46.9% year over year.

Astronics Corporation (NASDAQ:ATRO - Get Free Report) was down 3.2% during trading on Thursday . The company traded as low as $65.20 and last traded at $64.1310. Approximately 59,879 shares were traded during mid-day trading, a decline of 92% from the average daily volume of 739,505 shares. The stock had previously closed at $66.28.

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on the stock. Weiss Ratings restated a "sell (d-)" rating on shares of Astronics in a report on Friday, July 17th. Wall Street Zen upgraded Astronics from a "buy" rating to a "strong-buy" rating in a research report on Sunday, August 16th. TD Cowen raised their price objective on Astronics from $70.83 to $83.33 and gave the stock a "buy" rating in a research note on Thursday, May 28th. Finally, Zacks Research cut Astronics from a "strong-buy" rating to a "hold" rating in a report on Monday, September 7th. Two equities research analysts have rated the stock with a Strong Buy rating, two have issued a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $74.17.

Astronics Stock Performance

The firm's fifty day simple moving average is $74.61 and its 200 day simple moving average is $69.24. The company has a market capitalization of $2.74 billion, a price-to-earnings ratio of 37.44 and a beta of 1.20. The company has a debt-to-equity ratio of 1.57, a current ratio of 2.97 and a quick ratio of 1.63.

Astronics (NASDAQ:ATRO - Get Free Report) last issued its quarterly earnings results on Tuesday, August 11th. The aerospace company reported $0.70 EPS for the quarter, beating the consensus estimate of $0.59 by $0.11. Astronics had a net margin of 8.40% and a return on equity of 67.69%. The business had revenue of $259.96 million during the quarter, compared to the consensus estimate of $245.30 million. The business's revenue for the quarter was up 46.9% on a year-over-year basis. On average, sell-side analysts forecast that Astronics Corporation will post 2.74 EPS for the current year.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the business. Nykredit A S acquired a new stake in Astronics during the 2nd quarter worth about $40,000. Allworth Financial LP boosted its holdings in shares of Astronics by 57.1% during the fourth quarter. Allworth Financial LP now owns 528 shares of the aerospace company's stock worth $29,000 after purchasing an additional 192 shares during the period. Fifth Third Bancorp boosted its holdings in shares of Astronics by 877.2% during the first quarter. Fifth Third Bancorp now owns 557 shares of the aerospace company's stock worth $37,000 after purchasing an additional 500 shares during the period. Optiver Holding B.V. grew its position in Astronics by 3,921.4% during the first quarter. Optiver Holding B.V. now owns 563 shares of the aerospace company's stock valued at $38,000 after purchasing an additional 549 shares in the last quarter. Finally, Leonteq Securities AG purchased a new position in Astronics during the fourth quarter valued at approximately $33,000. 56.68% of the stock is owned by institutional investors and hedge funds.

Astronics Company Profile

Astronics Corporation NASDAQ: ATRO designs and manufactures advanced aerospace and defense systems and equipment. Its products include aircraft lighting, electrical power and distribution systems, cabin electronics, connectivity solutions, avionics, and other specialized components used in commercial, business, general aviation, and military aircraft.

The company also provides automated test systems and related equipment used to test aerospace, defense, and other electronic systems. Its offerings support aircraft manufacturers, airlines, defense contractors, and maintenance organizations, as well as customers in the space and transportation markets.

Founded in 1968 and headquartered in East Aurora, New York, Astronics serves customers through operations and sales activities in the United States and international markets.

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