Astronics (NASDAQ:ATRO) Reaches New 12-Month High Following Better-Than-Expected Earnings

Shares of Astronics Co. (NASDAQ:ATRO) hit a new 52-week high during trading on Wednesday following a stronger than expected earnings report. The company traded as high as $25.06 and last traded at $24.59, with a volume of 421822 shares changing hands. 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 during the quarter, compared to analyst estimates of $194.91 million. Astronics had a negative net margin of 0.82% and a positive return on equity of 6.94%. During the same period in the prior year, the business earned $0.35 earnings per share.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on ATRO. StockNews.com downgraded Astronics from a “buy” rating to a “hold” rating in a report on Wednesday, February 26th. Truist Financial decreased their target price on shares of Astronics from $20.00 to $17.00 and set a “hold” rating for the company in a report on Tuesday, January 14th.

Institutional Trading of Astronics

Hedge funds have recently modified their holdings of the business. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in Astronics by 4.3% during the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 16,422 shares of the aerospace company’s stock valued at $262,000 after purchasing an additional 684 shares in the last quarter. Franklin Resources Inc. boosted its stake in shares of Astronics by 3.4% during the 4th quarter. Franklin Resources Inc. now owns 20,882 shares of the aerospace company’s stock valued at $333,000 after buying an additional 693 shares during the period. RiverPark Advisors LLC grew its holdings in shares of Astronics by 3.5% during the 3rd quarter. RiverPark Advisors LLC now owns 30,394 shares of the aerospace company’s stock valued at $592,000 after acquiring an additional 1,015 shares in the last quarter. Swiss National Bank increased its stake in shares of Astronics by 2.2% in the fourth quarter. Swiss National Bank now owns 54,800 shares of the aerospace company’s stock worth $875,000 after acquiring an additional 1,200 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. raised its holdings in shares of Astronics by 1.8% during the third quarter. Charles Schwab Investment Management Inc. now owns 81,169 shares of the aerospace company’s stock worth $1,581,000 after acquiring an additional 1,432 shares in the last quarter. Hedge funds and other institutional investors own 56.68% of the company’s stock.

Astronics Trading Up 23.0 %

The company has a fifty day moving average of $17.67 and a 200-day moving average of $18.23. The company has a debt-to-equity ratio of 0.72, a current ratio of 2.83 and a quick ratio of 1.46. The firm has a market capitalization of $865.65 million, a PE ratio of -129.19 and a beta of 1.79.

About Astronics

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.