Short Interest in Astronics Co. (ATRO) Drops By 42.3%

Astronics Co. (NASDAQ:ATRO) was the recipient of a significant decrease in short interest in the month of March. As of March 29th, there was short interest totalling 354,723 shares, a decrease of 42.3% from the March 15th total of 614,796 shares. Based on an average daily volume of 164,007 shares, the days-to-cover ratio is currently 2.2 days. Currently, 1.5% of the shares of the stock are sold short.

Several research firms have recently weighed in on ATRO. Zacks Investment Research cut shares of Astronics from a “hold” rating to a “sell” rating in a report on Wednesday, February 13th. BidaskClub cut shares of Astronics from a “buy” rating to a “hold” rating in a report on Wednesday, March 6th. Three analysts have rated the stock with a hold rating and one has given a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and an average price target of $37.00.

Large investors have recently made changes to their positions in the stock. Bank of New York Mellon Corp grew its position in Astronics by 240.6% in the fourth quarter. Bank of New York Mellon Corp now owns 323,261 shares of the aerospace company’s stock worth $9,843,000 after acquiring an additional 228,363 shares in the last quarter. Jane Street Group LLC purchased a new position in Astronics in the third quarter worth $230,000. Vanguard Group Inc grew its position in Astronics by 2.6% in the third quarter. Vanguard Group Inc now owns 1,187,299 shares of the aerospace company’s stock worth $51,648,000 after acquiring an additional 30,545 shares in the last quarter. Scout Investments Inc. grew its position in Astronics by 19.2% in the fourth quarter. Scout Investments Inc. now owns 137,547 shares of the aerospace company’s stock worth $4,188,000 after acquiring an additional 22,194 shares in the last quarter. Finally, Vanguard Group Inc. grew its position in Astronics by 2.6% in the third quarter. Vanguard Group Inc. now owns 1,187,299 shares of the aerospace company’s stock worth $51,648,000 after acquiring an additional 30,545 shares in the last quarter. Institutional investors own 66.74% of the company’s stock.

Astronics stock opened at $32.45 on Tuesday. The firm has a market capitalization of $1.06 billion, a PE ratio of 23.01, a PEG ratio of 1.92 and a beta of 1.82. Astronics has a fifty-two week low of $27.56 and a fifty-two week high of $46.56. The company has a current ratio of 2.92, a quick ratio of 1.84 and a debt-to-equity ratio of 0.60.

Astronics (NASDAQ:ATRO) last released its quarterly earnings results on Thursday, February 21st. The aerospace company reported $0.37 earnings per share for the quarter, topping the consensus estimate of $0.34 by $0.03. The firm had revenue of $202.92 million for the quarter, compared to analysts’ expectations of $195.09 million. Astronics had a net margin of 5.83% and a return on equity of 12.95%. The business’s quarterly revenue was up 18.4% on a year-over-year basis. During the same quarter in the prior year, the firm posted ($0.18) earnings per share. As a group, sell-side analysts anticipate that Astronics will post 1.71 earnings per share for the current year.

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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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