Astronics (NASDAQ:ATRO) Stock Falls 3.9% - What's Next?

Key Points

• Astronics shares fell 3.9% to approximately $59.92, with trading volume down 63% from the average session. The stock remains well below its 50-day and 200-day moving averages of $72.29 and $70.43, respectively.
• Analyst sentiment remains broadly positive, with an average rating of “Buy” and an average price target of $89.58. However, Zacks Research and Weiss Ratings downgraded the stock to “Hold,” while TD Cowen cut its price target to $90 from $100.
• Astronics reported stronger-than-expected quarterly results, posting EPS of $0.70 versus the $0.59 consensus estimate and revenue of $259.96 million, up 46.9% year over year. Institutional investors own 56.68% of the company’s shares.

Astronics Corporation (NASDAQ:ATRO - Get Free Report) was down 3.9% on Tuesday. The company traded as low as $59.02 and last traded at $59.9180. 266,026 shares traded hands during trading, a decline of 63% from the average session volume of 724,077 shares. The stock had previously closed at $62.33.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on ATRO shares. Zacks Research lowered shares of Astronics from a "strong-buy" rating to a "hold" rating in a report on Monday, September 7th. TD Cowen reaffirmed a "buy" rating and set a $90.00 price objective (down from $100.00) on shares of Astronics in a research note on Friday, October 9th. Wall Street Zen upgraded Astronics from a "buy" rating to a "strong-buy" rating in a report on Sunday, August 16th. Finally, Weiss Ratings lowered Astronics from a "buy (b-)" rating to a "hold (c+)" rating in a report on Thursday, October 8th. Two equities research analysts have rated the stock with a Strong Buy rating, two have assigned a Buy rating and two have assigned a Hold rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of "Buy" and an average price target of $89.58.

Astronics Stock Down 4.5%

The company has a debt-to-equity ratio of 1.57, a quick ratio of 1.63 and a current ratio of 2.97. The firm's fifty day simple moving average is $72.29 and its 200 day simple moving average is $70.43. The stock has a market capitalization of $2.56 billion, a price-to-earnings ratio of 35.03 and a beta of 1.25.

Astronics (NASDAQ:ATRO - Get Free Report) last issued its quarterly earnings data on Tuesday, August 11th. The aerospace company reported $0.70 earnings per share (EPS) for the quarter, topping 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 company had revenue of $259.96 million during the quarter, compared to the consensus estimate of $245.30 million. The company's quarterly revenue was up 46.9% compared to the same quarter last year. On average, sell-side analysts forecast that Astronics Corporation will post 2.72 earnings per share for the current year.

Hedge Funds Weigh In On Astronics

A number of large investors have recently added to or reduced their stakes in the company. Nykredit A S bought a new position in shares of Astronics during the second quarter worth about $40,000. Fifth Third Bancorp raised its position in Astronics by 877.2% in the 1st quarter. Fifth Third Bancorp now owns 557 shares of the aerospace company's stock valued at $37,000 after buying an additional 500 shares during the last quarter. Optiver Holding B.V. raised its position in Astronics by 3,921.4% in the 1st quarter. Optiver Holding B.V. now owns 563 shares of the aerospace company's stock valued at $38,000 after buying an additional 549 shares during the last quarter. Allworth Financial LP bought a new stake in Astronics in the 2nd quarter valued at approximately $46,000. Finally, Meeder Asset Management Inc. bought a new stake in Astronics in the 2nd quarter valued at approximately $62,000. Institutional investors own 56.68% of the company's stock.

About Astronics

Astronics Corporation is a aerospace and defense company that designs and manufactures advanced technologies for commercial, military and business aircraft. Its products and systems are used by original equipment manufacturers, airlines, aircraft operators and defense contractors.

The company's offerings include aircraft electrical power systems, lighting and cabin-management systems, connectivity and inflight entertainment equipment, avionics and specialized aerospace components. Astronics also develops automated test systems and related equipment used to test and support electronic systems in the aerospace, defense and other high-technology industries.

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

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