Astronics Corporation (NASDAQ: ATRO) experienced a notable upgrade from Wall Street Zen on Monday, moving its rating from “buy” to “strong-buy.” This change reflects growing confidence in the company’s financial performance and market outlook. Several analysts have recently provided insights into Astronics, contributing to a mixed but generally optimistic view of the stock.
Analyst Ratings Shift for Astronics
In addition to Wall Street Zen’s upgrade, Zacks Research elevated Astronics from a “hold” rating to a “strong-buy” on November 4, 2023. Meanwhile, Weiss Ratings maintained a “sell (d-)” rating as of October 8, highlighting the variability in analyst perspectives. Truist Financial also raised its price target for Astronics from $49.00 to $58.00 and assigned a “buy” rating on October 15, 2023. Furthermore, Craig Hallum initiated coverage on October 10, 2023, with a “buy” rating and a price objective of $60.00.
Overall, the stock has received one “strong buy” rating, four “buy” ratings, and one “sell” rating. According to MarketBeat.com, Astronics currently holds an average rating of “moderate buy” with a consensus target price of $61.00.
Positive Earnings Report and Insider Transactions
Astronics released its latest earnings results on November 4, 2023, reporting earnings of $0.49 per share, surpassing analyst expectations of $0.42 by $0.07. The company generated revenue of $211.45 million, slightly exceeding the estimated $210.80 million. Astronics recorded a positive return on equity of 22.89%, although it faced a negative net margin of 0.45%.
In related news, insider James Mulato sold 1,129 shares of Astronics stock on September 5, 2023, at an average price of $38.16, totaling approximately $43,082.64. Following this transaction, Mulato retained 1,066 shares, valued at around $40,678.56, representing a significant 51.44% decrease in his position. The sale was disclosed in a filing with the Securities and Exchange Commission, which is publicly accessible.
Currently, insiders hold approximately 9.39% of Astronics’ stock, indicating a substantial institutional presence.
Institutional Investment Activity
Hedge funds have been active in acquiring and disposing of shares in Astronics. Notably, Brighton Jones LLC increased its stake by 3.1% in the third quarter, now owning 7,085 shares valued at around $323,000. Covestor Ltd also boosted its stake by 25.4%, bringing its ownership to 1,068 shares valued at $49,000.
Additionally, US Bancorp DE raised its position by 41.0% in the same period, now holding 966 shares worth $44,000. Ameritas Investment Partners Inc. increased its stake by 13.6%, owning 3,091 shares valued at $103,000. WINTON GROUP Ltd also lifted its holdings by 4.6%, now owning 8,644 shares worth $394,000.
As it stands, approximately 56.68% of Astronics’ shares are held by institutional investors, underscoring significant interest from the investment community.
Astronics Corporation designs and manufactures products for multiple sectors, including aerospace, defense, and electronics. With its two primary segments, Aerospace and Test Systems, the company continues to focus on innovation in lighting, safety systems, and other critical aerospace technologies.
