Astronics (ATRO) Cut to “Sell” at Zacks Investment Research

Zacks Investment Research lowered shares of Astronics (NASDAQ:ATRO) from a hold rating to a sell rating in a report issued on Wednesday morning.

According to Zacks, “Astronics Corporation is a manufacturer of specialized lighting and electronics for the cockpit, cabin and exteriors of military, commercial transport and private business jet aircraft. A major lighting and electronics supplier to the aircraft industry, its strategy is to expand from a components and subsystems supplier to an aircraft lighting systems integrator, increasing the value and content it provides to various aircraft platforms. Luminescent Systems Inc. is Astronics’ primary operating subsidiary which produces its aerospace and defense products. “

ATRO has been the subject of a number of other reports. BidaskClub upgraded shares of Astronics from a hold rating to a buy rating in a research report on Tuesday, December 18th. ValuEngine downgraded shares of Astronics from a hold rating to a sell rating in a research report on Thursday, November 1st. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and one has assigned a buy rating to the stock. The stock currently has an average rating of Hold and an average price target of $42.50.

ATRO stock opened at $35.31 on Wednesday. Astronics has a 12-month low of $27.56 and a 12-month high of $46.56. The company has a debt-to-equity ratio of 0.70, a current ratio of 3.11 and a quick ratio of 1.79. The company has a market cap of $1.13 billion, a PE ratio of 23.52, a P/E/G ratio of 2.09 and a beta of 1.81.

Astronics (NASDAQ:ATRO) last posted its quarterly earnings results on Thursday, February 21st. The aerospace company reported $0.37 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.34 by $0.03. Astronics had a net margin of 5.83% and a return on equity of 13.26%. The company had revenue of $202.92 million during the quarter, compared to the consensus estimate of $195.09 million. During the same period last year, the firm earned ($0.18) EPS. The company’s revenue for the quarter was up 18.4% on a year-over-year basis. On average, analysts forecast that Astronics will post 1.71 earnings per share for the current year.

Institutional investors have recently modified their holdings of the stock. Citadel Advisors LLC raised its position in shares of Astronics by 104.8% during the 3rd quarter. Citadel Advisors LLC now owns 74,554 shares of the aerospace company’s stock worth $3,243,000 after purchasing an additional 38,158 shares during the last quarter. California Public Employees Retirement System raised its position in shares of Astronics by 13.9% during the 2nd quarter. California Public Employees Retirement System now owns 21,529 shares of the aerospace company’s stock worth $774,000 after purchasing an additional 2,629 shares during the last quarter. Jane Street Group LLC acquired a new position in shares of Astronics during the 3rd quarter worth approximately $230,000. Vanguard Group Inc raised its position in shares of Astronics by 2.6% during the 3rd quarter. Vanguard Group Inc now owns 1,187,299 shares of the aerospace company’s stock worth $51,648,000 after purchasing an additional 30,545 shares during the last quarter. Finally, Scout Investments Inc. raised its position in shares of Astronics by 19.2% during the 4th quarter. Scout Investments Inc. now owns 137,547 shares of the aerospace company’s stock worth $4,188,000 after purchasing an additional 22,194 shares during the last quarter. Hedge funds and other institutional investors own 60.82% of the company’s stock.

About Astronics

Astronics Corporation, through its subsidiaries, designs and manufactures products for the aerospace, defense, electronics, and semiconductor industries worldwide. It operates in two segments, Aerospace and Test Systems. The Aerospace segment offers lighting and safety systems; electrical power generation, distribution, and motions systems; aircraft structures; avionics products; system certification; and connectivity and other products.

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