Astronics Shares Upgraded: Analysts Weigh in on Stock Performance

Shares of Astronics Corporation (NASDAQ:ATRO) received a significant upgrade from Wall Street Zen, moving from a buy rating to a strong-buy rating according to a research report released on October 8, 2023. This positive shift is part of a broader reassessment of the company’s stock by several other analysts in recent weeks.

On the same day, Weiss Ratings maintained a “sell (d-)” rating on Astronics. In contrast, Zacks Research raised its rating from “hold” to “strong-buy” in an analysis published on November 4, 2023. Additionally, Truist Financial increased its price target for Astronics from $49.00 to $58.00, while affirming a “buy” rating on October 15, 2023. Craig Hallum also initiated coverage, setting a price objective of $60.00 and issuing a “buy” rating.

Overall, the stock has garnered one strong buy rating, four buy ratings, and one sell rating from analysts. According to MarketBeat.com, Astronics currently holds an average rating of “Moderate Buy” with a consensus target price of $61.00.

Recent Earnings Report Highlights

Astronics released its latest earnings results on November 4, 2023, reporting earnings per share (EPS) of $0.49 for the quarter, surpassing the consensus estimate of $0.42 by $0.07. The company’s revenue reached $211.45 million, slightly exceeding analyst expectations of $210.80 million. Astronics also reported a return on equity of 22.89%, although it faced a net margin of -0.45%. Looking ahead, the company has set its fiscal year 2025 guidance at an anticipated EPS of $0.82.

Insider Transactions and Institutional Investments

In related news, James Mulato, an insider at Astronics, sold 1,129 shares of the company’s stock on September 5, 2023, at an average price of $38.16, amounting to a total of $43,082.64. Following this transaction, Mulato’s remaining shares totalled 1,066, valued at approximately $40,678.56. This sale represented a significant 51.44% decrease in his holdings. This transaction was disclosed in a filing with the Securities and Exchange Commission.

Institutional investors continue to play a significant role in Astronics’ stock. Brighton Jones LLC increased its stake by 3.1% during the third quarter, now holding 7,085 shares valued at $323,000. Covestor Ltd boosted its holdings by 25.4%, owning 1,068 shares worth $49,000. Also, US Bancorp DE expanded its position by 41.0%, acquiring an additional 281 shares for a total of 966 shares valued at $44,000. Approximately 56.68% of Astronics’ stock is now held by institutional investors.

Founded in the United States, Astronics Corporation designs and manufactures products for the aerospace, defense, and electronics industries. The company operates in two segments: Aerospace and Test Systems. The Aerospace segment provides a range of products including lighting and safety systems, electrical power generation systems, and avionics products, serving customers across North America, Europe, Asia, and South America.

As the market continues to react to these developments, investors and analysts alike will be closely monitoring Astronics’ performance and strategic direction in the coming months.