Astronics (NASDAQ:ATRO) Trading Down 3.1% on Analyst Downgrade

Astronics Co. (NASDAQ:ATRO) dropped 3.1% during mid-day trading 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 trading, a decline of 88% from the average daily volume of 142,959 shares. The stock had previously closed at $21.04.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Point72 Asset Management L.P. purchased a new position in Astronics in the 2nd quarter worth $25,000. nVerses Capital LLC purchased a new stake in shares of Astronics in the 2nd quarter valued at $28,000. Public Employees Retirement System of Ohio purchased a new position in shares of Astronics during the first quarter worth $31,000. Allspring Global Investments Holdings LLC lifted its position in Astronics by 4,973.1% during the second quarter. Allspring Global Investments Holdings LLC now owns 10,958 shares of the aerospace company’s stock valued at $219,000 after purchasing an additional 10,742 shares during the period. Finally, SG Americas Securities LLC boosted its holdings in Astronics by 115.4% in the third quarter. SG Americas Securities LLC now owns 11,387 shares of the aerospace company’s stock valued at $222,000 after purchasing an additional 6,101 shares during the last quarter. Hedge funds and other institutional investors own 56.68% of the company’s stock.

Astronics Price Performance

The firm has a 50-day simple moving average of $19.97 and a two-hundred day simple moving average of $19.58. The company has a market capitalization of $689.87 million, a price-to-earnings ratio of -25.71 and a beta of 1.82. The company has a current ratio of 2.92, a quick ratio of 1.50 and a debt-to-equity ratio of 0.67.

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