Astronics (NASDAQ:ATRO) Sees Unusually-High Trading Volume – Still a Buy?

Astronics Co. (NASDAQ:ATRO) saw unusually-high trading volume on Thursday . Approximately 184,970 shares changed hands during mid-day trading, a decline of 25% from the previous session’s volume of 245,981 shares.The stock last traded at $24.80 and had previously closed at $25.08.

Analyst Upgrades and Downgrades

ATRO has been the topic of a number of analyst reports. StockNews.com upgraded Astronics from a “hold” rating to a “buy” rating in a research note on Thursday, March 6th. Truist Financial boosted their target price on Astronics from $17.00 to $23.00 and gave the stock a “hold” rating in a research note on Wednesday, March 5th.

Astronics Stock Performance

The company has a current ratio of 2.83, a quick ratio of 1.46 and a debt-to-equity ratio of 0.72. The firm’s fifty day moving average price is $19.58 and its 200-day moving average price is $18.55. The firm has a market cap of $886.66 million, a price-to-earnings ratio of -132.08 and a beta of 1.74.

Astronics (NASDAQ:ATRO) last released its quarterly earnings data on Tuesday, March 4th. The aerospace company reported $0.48 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.21 by $0.27. Astronics had a negative net margin of 0.82% and a positive return on equity of 6.94%. The company had revenue of $208.54 million during the quarter, compared to the consensus estimate of $194.91 million. During the same quarter in the prior year, the firm posted $0.35 earnings per share. Analysts expect that Astronics Co. will post 0.82 earnings per share for the current year.

Insider Buying and Selling

In other news, Director Robert S. Keane sold 77,099 shares of the stock in a transaction that occurred on Friday, March 7th. The stock was sold at an average price of $24.55, for a total value of $1,892,780.45. Following the completion of the sale, the director now directly owns 6,346 shares of the company’s stock, valued at approximately $155,794.30. This represents a 92.39 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 10.86% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Astronics

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Millennium Management LLC grew its stake in shares of Astronics by 881.6% during the 4th quarter. Millennium Management LLC now owns 414,823 shares of the aerospace company’s stock worth $6,621,000 after purchasing an additional 372,565 shares during the period. Schonfeld Strategic Advisors LLC grew its holdings in shares of Astronics by 58.7% during the fourth quarter. Schonfeld Strategic Advisors LLC now owns 881,504 shares of the aerospace company’s stock worth $14,069,000 after buying an additional 325,904 shares in the last quarter. Ameriprise Financial Inc. raised its position in shares of Astronics by 493.7% in the fourth quarter. Ameriprise Financial Inc. now owns 363,286 shares of the aerospace company’s stock valued at $5,798,000 after buying an additional 302,092 shares during the last quarter. Royce & Associates LP lifted its stake in shares of Astronics by 18.7% during the fourth quarter. Royce & Associates LP now owns 1,150,355 shares of the aerospace company’s stock valued at $18,360,000 after buying an additional 181,619 shares during the period. Finally, Renaissance Technologies LLC boosted its position in Astronics by 139.3% during the fourth quarter. Renaissance Technologies LLC now owns 286,700 shares of the aerospace company’s stock worth $4,576,000 after acquiring an additional 166,900 shares during the last quarter. 56.68% of the stock is currently owned by hedge funds and other institutional investors.

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.