Astronics Co. (NASDAQ:ATRO – Get Free Report)’s share price hit a new 52-week high on Wednesday following a better than expected earnings announcement. The stock traded as high as $25.06 and last traded at $24.59, with a volume of 421822 shares traded. The stock had previously closed at $19.96.
The aerospace company reported $0.48 earnings per share for the quarter, topping the consensus estimate of $0.21 by $0.27. Astronics had a positive return on equity of 6.94% and a negative net margin of 0.82%. The business had revenue of $208.54 million during the quarter, compared to the consensus estimate of $194.91 million. During the same period in the prior year, the company earned $0.35 EPS.
Analyst Upgrades and Downgrades
Several equities analysts have commented on ATRO shares. StockNews.com downgraded Astronics from a “buy” rating to a “hold” rating in a research report on Wednesday, February 26th. Truist Financial increased their target price on Astronics from $17.00 to $23.00 and gave the company a “hold” rating in a research report on Wednesday.
Institutional Investors Weigh In On Astronics
Institutional investors and hedge funds have recently made changes to their positions in the stock. AlphaQuest LLC increased its stake in shares of Astronics by 355.5% in the fourth quarter. AlphaQuest LLC now owns 3,576 shares of the aerospace company’s stock valued at $57,000 after buying an additional 2,791 shares during the period. Public Employees Retirement System of Ohio grew its stake in Astronics by 167.1% during the fourth quarter. Public Employees Retirement System of Ohio now owns 4,156 shares of the aerospace company’s stock worth $66,000 after purchasing an additional 2,600 shares during the period. KLP Kapitalforvaltning AS acquired a new stake in Astronics during the fourth quarter worth approximately $73,000. Point72 Asset Management L.P. grew its stake in Astronics by 337.9% during the third quarter. Point72 Asset Management L.P. now owns 5,356 shares of the aerospace company’s stock worth $104,000 after purchasing an additional 4,133 shares during the period. Finally, Point72 Asia Singapore Pte. Ltd. acquired a new stake in Astronics during the third quarter worth approximately $106,000. Institutional investors and hedge funds own 56.68% of the company’s stock.
Astronics Stock Up 24.8 %
The firm has a 50 day moving average of $17.67 and a 200 day moving average of $18.23. The firm has a market cap of $878.38 million, a price-to-earnings ratio of -131.10 and a beta of 1.79. The company has a quick ratio of 1.46, a current ratio of 2.83 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.
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