Astronics (ATRO) Downgraded by Zacks Investment Research to Sell

Zacks Investment Research downgraded shares of Astronics (NASDAQ:ATRO) from a hold rating to a sell rating in a report released 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. “

A number of other equities research analysts have also weighed in on ATRO. BidaskClub lowered shares of Astronics from a buy rating to a hold rating in a report on Tuesday, February 27th. SunTrust Banks reduced their price objective on shares of Astronics to $39.00 and set an average rating on the stock in a report on Tuesday, February 27th. They noted that the move was a valuation call. Canaccord Genuity restated a buy rating and issued a $50.00 price objective (up from $48.00) on shares of Astronics in a report on Tuesday, February 27th. Finally, Dougherty & Co raised their price objective on shares of Astronics from $40.00 to $45.00 and gave the company a buy rating in a report on Monday, December 4th. One analyst has rated the stock with a sell rating, two have given a hold rating and two have given a buy rating to the company. The stock has an average rating of Hold and an average price target of $45.00.

Shares of ATRO stock opened at $38.56 on Wednesday. Astronics has a fifty-two week low of $23.95 and a fifty-two week high of $49.45. The firm has a market cap of $1,079.38, a price-to-earnings ratio of 59.32, a PEG ratio of 2.20 and a beta of 1.58. The company has a debt-to-equity ratio of 0.82, a current ratio of 3.06 and a quick ratio of 1.60.

Astronics (NASDAQ:ATRO) last announced its quarterly earnings data on Monday, February 26th. The aerospace company reported $0.41 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.44 by ($0.03). Astronics had a net margin of 3.15% and a return on equity of 10.82%. The firm had revenue of $171.32 million during the quarter, compared to analyst estimates of $179.33 million. sell-side analysts anticipate that Astronics will post 1.75 earnings per share for the current fiscal year.

Astronics announced that its Board of Directors has approved a stock buyback program on Monday, December 18th that authorizes the company to buyback $50.00 million in outstanding shares. This buyback authorization authorizes the aerospace company to purchase shares of its stock through open market purchases. Stock buyback programs are often a sign that the company’s board of directors believes its shares are undervalued.

In related news, VP Mark Peabody sold 2,000 shares of Astronics stock in a transaction on Friday, January 19th. The shares were sold at an average price of $44.16, for a total transaction of $88,320.00. Following the sale, the vice president now directly owns 23,368 shares in the company, valued at approximately $1,031,930.88. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Insiders have sold a total of 14,000 shares of company stock worth $573,300 over the last quarter. 16.45% of the stock is owned by company insiders.

Large investors have recently made changes to their positions in the stock. Aperio Group LLC acquired a new stake in Astronics during the 4th quarter worth $283,000. Teacher Retirement System of Texas acquired a new stake in Astronics during the 4th quarter worth $308,000. Unison Advisors LLC acquired a new stake in Astronics during the 4th quarter worth $313,000. BlueCrest Capital Management Ltd acquired a new stake in Astronics during the 4th quarter worth $326,000. Finally, Catalyst Capital Advisors LLC acquired a new stake in Astronics during the 4th quarter worth $328,000. Hedge funds and other institutional investors own 68.94% of the company’s stock.

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Astronics Company Profile

Astronics Corporation is a supplier of products to the aerospace, defense, electronics and semiconductor industries. The Company’s products and services include electrical power generation, distribution and motion systems, lighting and safety systems, avionics products, aircraft structures, systems certification and automated test systems.

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