Astronics Corporation (NASDAQ: ATRO) has received a significant upgrade from Wall Street Zen, which elevated its rating from “buy” to “strong-buy.” This adjustment was announced in a research report sent to investors on Monday, reflecting an increasingly positive outlook for the aerospace manufacturer.
Analyst Ratings and Market Response
Following the upgrade by Wall Street Zen, other analysts have also provided varied perspectives on Astronics. Notably, Weiss Ratings reiterated a “sell (D-)” rating on October 8, 2023, indicating a more cautious stance. In contrast, Zacks Research upgraded its rating from “hold” to “strong-buy” on November 4, 2023. Meanwhile, Truist Financial increased its price target for Astronics from $49.00 to $58.00 and maintained a “buy” rating as of October 15, 2023. Craig Hallum initiated coverage on October 10, 2023, assigning a “buy” rating with a price objective of $60.00.
Currently, one analyst has rated Astronics with a “strong buy,” four have assigned a “buy” rating, while one has issued a “sell” rating. According to MarketBeat.com, the stock has an average rating of “moderate buy” and a consensus target price of $61.00.
Recent Financial Performance
Astronics reported its latest earnings results on November 4, 2023, showcasing a positive financial performance. The company posted earnings of $0.49 per share, surpassing analyst expectations of $0.42 by $0.07. The firm’s revenue for the quarter reached $211.45 million, slightly exceeding estimates of $210.80 million. Despite these gains, Astronics recorded a negative net margin of 0.45% and a return on equity of 22.89%.
Looking ahead, Astronics has set its fiscal year 2025 guidance at an earnings per share (EPS) of $0.82, which analysts anticipate for the current year.
Insider Activity and Institutional Holdings
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 holds 1,066 shares, valued at around $40,678.56, marking a significant decrease of 51.44% in his position. This sale was disclosed in a filing with the Securities and Exchange Commission, which is publicly accessible.
Insider ownership at Astronics stands at 9.39%. Furthermore, institutional investors have shown increased interest in the company, with hedge funds actively buying and selling shares. For instance, Brighton Jones LLC raised its stake by 3.1% in the third quarter, now owning 7,085 shares valued at $323,000. Covestor Ltd boosted its stake by 25.4%, while US Bancorp DE increased its position by 41.0%.
Overall, approximately 56.68% of Astronics’ stock is owned by institutional investors, indicating strong confidence in the company’s potential.
About Astronics Corporation
Astronics Corporation designs and manufactures products for the aerospace, defense, and electronics industries. The company operates internationally, catering to markets in North America, Asia, Europe, and South America. With two main segments—Aerospace and Test Systems—Astronics offers a range of products, including lighting and safety systems, electrical power generation systems, and avionics products.
As the company continues to attract attention from analysts and investors alike, its recent upgrades and financial performance may signal a promising future in the aerospace sector.
