Astronics (ATRO) Given New $38.00 Price Target at Canaccord Genuity

Astronics (NASDAQ:ATRO) had its target price cut by Canaccord Genuity from $44.00 to $38.00 in a research report released on Tuesday morning. They currently have a hold rating on the aerospace company’s stock.

A number of other research analysts also recently issued reports on the stock. BidaskClub downgraded shares of Astronics from a hold rating to a sell rating in a research report on Saturday. ValuEngine downgraded shares of Astronics from a buy rating to a hold rating in a research report on Friday, October 12th. TheStreet upgraded shares of Astronics from a c+ rating to a b- rating in a research report on Tuesday, October 9th. Finally, Zacks Investment Research downgraded shares of Astronics from a buy rating to a hold rating in a research report on Monday, October 8th. One analyst has rated the stock with a sell rating, four have given a hold rating and one has assigned a buy rating to the company’s stock. The stock presently has a consensus rating of Hold and a consensus price target of $42.25.

Shares of ATRO opened at $34.58 on Tuesday. The firm has a market cap of $1.22 billion, a PE ratio of 26.88, a P/E/G ratio of 2.73 and a beta of 1.92. The company has a debt-to-equity ratio of 0.75, a quick ratio of 1.68 and a current ratio of 3.05. Astronics has a 1-year low of $31.25 and a 1-year high of $49.45.

Astronics (NASDAQ:ATRO) last posted its earnings results on Friday, August 3rd. The aerospace company reported $0.49 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.40 by $0.09. The company had revenue of $208.60 million during the quarter, compared to the consensus estimate of $195.91 million. Astronics had a net margin of 2.50% and a return on equity of 10.28%. The firm’s quarterly revenue was up 38.1% on a year-over-year basis. During the same period in the previous year, the firm posted $0.26 earnings per share. Sell-side analysts anticipate that Astronics will post 1.6 EPS for the current fiscal year.

In other Astronics news, CEO Peter J. Gundermann sold 47,322 shares of the company’s stock in a transaction dated Friday, August 3rd. The shares were sold at an average price of $45.00, for a total value of $2,129,490.00. Following the completion of the transaction, the chief executive officer now owns 54,743 shares in the company, valued at $2,463,435. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider James S. Kramer sold 11,800 shares of the company’s stock in a transaction dated Wednesday, August 22nd. The stock was sold at an average price of $46.02, for a total transaction of $543,036.00. Following the completion of the transaction, the insider now owns 42,003 shares of the company’s stock, valued at approximately $1,932,978.06. The disclosure for this sale can be found here. Insiders own 16.57% of the company’s stock.

Institutional investors have recently modified their holdings of the business. Bank of Montreal Can acquired a new position in shares of Astronics in the second quarter worth about $105,000. DDD Partners LLC acquired a new position in shares of Astronics in the second quarter worth about $324,000. Mesirow Financial Investment Management Inc. raised its position in shares of Astronics by 21.0% in the second quarter. Mesirow Financial Investment Management Inc. now owns 9,783 shares of the aerospace company’s stock worth $352,000 after acquiring an additional 1,699 shares during the period. Aperio Group LLC raised its position in shares of Astronics by 33.4% in the second quarter. Aperio Group LLC now owns 11,026 shares of the aerospace company’s stock worth $397,000 after acquiring an additional 2,763 shares during the period. Finally, Ancora Advisors LLC acquired a new position in shares of Astronics in the first quarter worth about $504,000. Institutional investors and hedge funds own 71.13% of the company’s stock.

Astronics Company Profile

Astronics Corporation, through its subsidiaries, designs and manufactures products for the aerospace, defense, electronics, and semiconductor industries worldwide. It operates in two segments, Aerospace and Test Systems. The Aerospace segment offers lighting and safety systems; electrical power generation, distribution, and motions systems; aircraft structures; avionics products; system certification; and connectivity and other products.

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