Astronics Corporation (ATRO) Sees Large Growth in Short Interest

Astronics Corporation (NASDAQ:ATRO) was the recipient of a significant growth in short interest during the month of October. As of October 31st, there was short interest totalling 1,341,896 shares, a growth of 35.8% from the October 13th total of 988,188 shares. Approximately 6.4% of the company’s shares are sold short. Based on an average trading volume of 165,523 shares, the short-interest ratio is currently 8.1 days.

Several equities analysts have recently issued reports on ATRO shares. SunTrust Banks, Inc. reaffirmed a “hold” rating and set a $30.00 price target on shares of Astronics Corporation in a research note on Thursday, October 12th. BidaskClub downgraded shares of Astronics Corporation from a “sell” rating to a “strong sell” rating in a research note on Monday, July 24th. Zacks Investment Research raised shares of Astronics Corporation from a “strong sell” rating to a “hold” rating in a research note on Tuesday, October 17th. Canaccord Genuity reissued a “buy” rating and set a $36.00 target price on shares of Astronics Corporation in a research note on Thursday, October 5th. Finally, Dougherty & Co lifted their target price on shares of Astronics Corporation from $35.00 to $40.00 and gave the stock a “buy” rating in a research note on Wednesday, November 8th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and two have issued a buy rating to the company. The company presently has an average rating of “Hold” and an average price target of $37.25.

Astronics Corporation (ATRO) opened at $38.22 on Monday. Astronics Corporation has a 52 week low of $23.95 and a 52 week high of $41.03. The firm has a market cap of $1,096.95, a price-to-earnings ratio of 32.39, a P/E/G ratio of 1.89 and a beta of 1.04. The company has a debt-to-equity ratio of 0.46, a quick ratio of 1.70 and a current ratio of 3.30.

Astronics Corporation (NASDAQ:ATRO) last posted its quarterly earnings results on Tuesday, November 7th. The aerospace company reported $0.21 earnings per share for the quarter, missing the consensus estimate of $0.35 by ($0.14). Astronics Corporation had a net margin of 5.80% and a return on equity of 10.24%. The company had revenue of $149.64 million during the quarter, compared to the consensus estimate of $154.90 million. During the same period last year, the firm posted $0.41 earnings per share. The company’s revenue for the quarter was down 3.5% on a year-over-year basis. analysts expect that Astronics Corporation will post 1.35 EPS for the current fiscal year.

A number of institutional investors and hedge funds have recently bought and sold shares of the business. FMR LLC increased its stake in Astronics Corporation by 46.5% in the second quarter. FMR LLC now owns 2,028,637 shares of the aerospace company’s stock valued at $61,813,000 after purchasing an additional 643,968 shares in the last quarter. Royal Bank of Canada increased its stake in Astronics Corporation by 5.5% in the second quarter. Royal Bank of Canada now owns 1,519,555 shares of the aerospace company’s stock valued at $46,301,000 after purchasing an additional 79,281 shares in the last quarter. Vanguard Group Inc. increased its stake in Astronics Corporation by 4.1% in the second quarter. Vanguard Group Inc. now owns 982,669 shares of the aerospace company’s stock valued at $29,942,000 after purchasing an additional 38,743 shares in the last quarter. Dimensional Fund Advisors LP increased its stake in Astronics Corporation by 9.7% in the second quarter. Dimensional Fund Advisors LP now owns 753,832 shares of the aerospace company’s stock valued at $22,969,000 after purchasing an additional 66,950 shares in the last quarter. Finally, State Street Corp increased its stake in Astronics Corporation by 24.7% in the second quarter. State Street Corp now owns 641,261 shares of the aerospace company’s stock valued at $19,543,000 after purchasing an additional 127,165 shares in the last quarter. 64.45% of the stock is owned by hedge funds and other institutional investors.

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About Astronics Corporation

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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