Astronics (NASDAQ:ATRO) Shares Down 3.1% After Analyst Downgrade

Astronics Co. (NASDAQ:ATRO)’s share price was down 3.1% on Friday after Truist Financial lowered their price target on the stock from $22.00 to $20.00. Truist Financial currently has a hold rating on the stock. Astronics traded as low as $20.38 and last traded at $20.38. Approximately 17,618 shares were traded during mid-day trading, a decline of 88% from the average daily volume of 142,959 shares. The stock had previously closed at $21.04.

Institutional Investors Weigh In On Astronics

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. American International Group Inc. lifted its stake in shares of Astronics by 4.5% in the first quarter. American International Group Inc. now owns 13,662 shares of the aerospace company’s stock worth $260,000 after buying an additional 589 shares in the last quarter. The Manufacturers Life Insurance Company lifted its stake in Astronics by 10.8% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 11,195 shares of the aerospace company’s stock worth $224,000 after purchasing an additional 1,094 shares in the last quarter. Point72 Asset Management L.P. acquired a new position in shares of Astronics during the 2nd quarter worth approximately $25,000. nVerses Capital LLC purchased a new stake in shares of Astronics in the second quarter valued at approximately $28,000. Finally, Public Employees Retirement System of Ohio purchased a new position in Astronics during the first quarter worth approximately $31,000. Institutional investors and hedge funds own 56.68% of the company’s stock.

Astronics Stock Performance

The stock has a 50-day moving average of $19.97 and a 200 day moving average of $19.59. The stock has a market cap of $662.35 million, a PE ratio of -24.69 and a beta of 1.82. The company has a quick ratio of 1.50, a current ratio of 2.92 and a debt-to-equity ratio of 0.67.

Astronics (NASDAQ:ATRO) last announced its quarterly earnings results on Thursday, August 1st. The aerospace company reported $0.04 earnings per share for the quarter, missing the consensus estimate of $0.17 by ($0.13). Astronics had a negative net margin of 1.57% and a negative return on equity of 0.31%. The firm had revenue of $198.11 million for the quarter, compared to analyst estimates of $191.19 million. During the same period in the previous year, the firm posted ($0.37) EPS. Equities analysts predict that Astronics Co. will post 0.36 EPS for the current fiscal year.

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.