Astronics (NASDAQ:ATRO) Trading Down 3.1% After Analyst Downgrade

Shares of Astronics Co. (NASDAQ:ATRO - Get Free Report) dropped 3.1% on Friday after Truist Financial lowered their price target on the stock from $22.00 to $20.00. Truist Financial currently has a hold rating on the stock. Astronics traded as low as $20.38 and last traded at $20.38. Approximately 17,618 shares were traded during trading, a decline of 88% from the average daily volume of 142,959 shares. The stock had previously closed at $21.04.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the stock. Point72 Asset Management L.P. acquired a new position in Astronics in the 2nd quarter worth $25,000. nVerses Capital LLC acquired a new position in shares of Astronics during the second quarter worth about $28,000. Public Employees Retirement System of Ohio acquired a new stake in Astronics in the 1st quarter valued at approximately $31,000. Allspring Global Investments Holdings LLC lifted its stake in Astronics by 4,973.1% in the 2nd quarter. Allspring Global Investments Holdings LLC now owns 10,958 shares of the aerospace company's stock valued at $219,000 after acquiring an additional 10,742 shares in the last quarter. Finally, SG Americas Securities LLC boosted its position in Astronics by 115.4% during the 3rd quarter. SG Americas Securities LLC now owns 11,387 shares of the aerospace company's stock worth $222,000 after acquiring an additional 6,101 shares during the last quarter. Institutional investors and hedge funds own 56.68% of the company's stock.

Astronics Stock Down 9.6 %

The company has a current ratio of 2.92, a quick ratio of 1.50 and a debt-to-equity ratio of 0.67. The company has a market capitalization of $662.35 million, a P/E ratio of -24.86 and a beta of 1.82. The firm's 50 day moving average price is $19.97 and its two-hundred day moving average price is $19.58.

Astronics (NASDAQ:ATRO - Get Free Report) last issued its quarterly earnings results on Thursday, August 1st. The aerospace company reported $0.04 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.17 by ($0.13). Astronics had a negative net margin of 1.57% and a negative return on equity of 0.31%. The business had revenue of $198.11 million during the quarter, compared to analyst estimates of $191.19 million. During the same quarter in the previous year, the firm posted ($0.37) earnings per share. Equities research analysts forecast that Astronics Co. will post 0.36 EPS for the current year.

About Astronics

Astronics Corporation, through its subsidiaries, designs and manufactures products for the aerospace, defense, and electronics industries in the United States, rest of North America, Asia, Europe, South America, and internationally. The company operates in two segments, Aerospace and Test Systems. The Aerospace segment offers lighting and safety systems, electrical power generation systems, distribution and seat motions systems, aircraft structures, avionics products, system certification, and other products.