Shares of Astronics Corporation (NASDAQ: ATRO) received an upgrade from a buy rating to a strong-buy rating by Wall Street Zen in a research report released on October 4, 2023. This marks a significant endorsement for the aerospace company, which has recently shown promising financial results. The positive momentum is further supported by several other analysts who have weighed in on Astronics in the past weeks, indicating a growing confidence in the company’s performance.
In a contrasting view, Weiss Ratings maintained a “sell (d-)” rating on Astronics on October 8, 2023, reflecting a divergence in analyst opinions. Meanwhile, Zacks Research boosted its rating from “hold” to “strong-buy” on November 4, 2023, a sentiment echoed by Truist Financial, which raised its price target for Astronics from $49.00 to $58.00 in a report issued on October 15, 2023. Additionally, Craig Hallum initiated coverage with a “buy” rating and a price objective of $60.00 on October 10, 2023. Currently, one analyst has rated the stock with a strong buy, four have given it a buy rating, and one has assigned a sell rating. According to MarketBeat.com, Astronics holds an average rating of “Moderate Buy” and has a consensus target price of $61.00.
Positive Earnings Report and Financial Guidance
Astronics released its latest earnings results on November 4, 2023, reporting earnings per share of $0.49 for the quarter, surpassing the consensus estimate of $0.42 by $0.07. The company’s revenue for the quarter reached $211.45 million, slightly exceeding analyst expectations of $210.80 million. Despite these positive results, Astronics reported a negative net margin of 0.45% and a return on equity of 22.89%. Looking ahead, the company has set its fiscal year 2025 guidance, with analysts projecting earnings per share of $0.82 for the current year.
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 about $40,678.56, reflecting a significant decrease in his holdings by 51.44%. This sale was disclosed in a filing with the Securities and Exchange Commission, which is accessible through their website. Notably, company insiders own 9.39% of Astronics’ stock.
Institutional Investor Activity
Recent activity from hedge funds indicates a growing interest in Astronics. Brighton Jones LLC increased its stake in the company by 3.1% during the third quarter, now owning 7,085 shares valued at approximately $323,000. Covestor Ltd also boosted its stake by 25.4%, acquiring an additional 216 shares. Other notable investors include US Bancorp DE, which grew its position by 41.0%, and Ameritas Investment Partners Inc., which raised its stake by 13.6% during the second quarter. Overall, institutional investors hold 56.68% of Astronics’ stock.
Astronics Corporation is engaged in designing and manufacturing products for the aerospace, defense, and electronics industries across multiple regions, including the United States, North America, Asia, Europe, and South America. The company operates through two main segments: Aerospace and Test Systems, providing a wide range of products, including lighting systems, electrical power generation systems, and avionics products.
As Astronics continues to navigate the complexities of the aerospace market, the mixed analyst ratings and insider transactions reflect a dynamic environment for investors and stakeholders alike.
