Astronics (NASDAQ:ATRO) Sets New 52-Week High on Strong Earnings

Astronics Co. (NASDAQ:ATRO) hit a new 52-week high during mid-day trading on Wednesday following a stronger than expected earnings report. The stock traded as high as $25.06 and last traded at $24.59, with a volume of 421822 shares. The stock had previously closed at $19.96.

The aerospace company reported $0.48 EPS for the quarter, beating the consensus estimate of $0.21 by $0.27. The business had revenue of $208.54 million for the quarter, compared to the consensus estimate of $194.91 million. Astronics had a positive return on equity of 6.94% and a negative net margin of 0.82%. During the same period last year, the business posted $0.35 EPS.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on the company. StockNews.com upgraded Astronics from a “hold” rating to a “buy” rating in a report on Thursday. Truist Financial lifted their price objective on Astronics from $17.00 to $23.00 and gave the stock a “hold” rating in a report on Wednesday.

Institutional Investors Weigh In On Astronics

Several hedge funds and other institutional investors have recently bought and sold shares of the business. Royce & Associates LP increased its holdings in Astronics by 18.7% during the 4th 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 last quarter. Dimensional Fund Advisors LP increased its holdings in Astronics by 6.2% during the 4th quarter. Dimensional Fund Advisors LP now owns 998,506 shares of the aerospace company’s stock worth $15,936,000 after purchasing an additional 58,149 shares during the last quarter. State Street Corp grew its position in shares of Astronics by 6.7% in the 3rd quarter. State Street Corp now owns 924,070 shares of the aerospace company’s stock worth $18,001,000 after acquiring an additional 58,356 shares in the last quarter. Schonfeld Strategic Advisors LLC grew its position in shares of Astronics by 58.7% in the 4th quarter. Schonfeld Strategic Advisors LLC now owns 881,504 shares of the aerospace company’s stock worth $14,069,000 after acquiring an additional 325,904 shares in the last quarter. Finally, Geode Capital Management LLC grew its position in shares of Astronics by 2.0% in the 3rd quarter. Geode Capital Management LLC now owns 691,522 shares of the aerospace company’s stock worth $13,474,000 after acquiring an additional 13,469 shares in the last quarter. 56.68% of the stock is currently owned by hedge funds and other institutional investors.

Astronics Trading Down 1.6 %

The company has a market cap of $863.92 million, a price-to-earnings ratio of -128.94 and a beta of 1.79. The firm has a 50-day moving average price of $17.84 and a 200 day moving average price of $18.27. The company has a current ratio of 2.83, a quick ratio of 1.46 and a debt-to-equity ratio of 0.72.

Astronics Company Profile

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.