Shares of Astronics Corporation (NASDAQ:ATRO) received a significant boost as Wall Street Zen upgraded its rating from “buy” to “strong-buy” in a research report released on October 8, 2023. This upgrade reflects a growing confidence in the aerospace and electronics manufacturer, particularly following its recent earnings results.
In addition to Wall Street Zen’s upgrade, other analysts have also expressed varying opinions on the stock. On October 10, 2023, Craig Hallum initiated coverage with a “buy” rating, setting a price target of $60.00. Meanwhile, Zacks Research elevated its rating from “hold” to “strong-buy” on November 4, 2023. Notably, Truist Financial increased its price target from $49.00 to $58.00 while maintaining a “buy” rating.
Currently, the consensus among analysts indicates a “Moderate Buy” rating for Astronics, with an average target price of $61.00. Among the analysts covering the stock, one has issued a “strong buy” rating, four have rated it as a “buy,” and one has given it a “sell” rating.
Positive Financial Performance
Astronics recently reported its earnings for the quarter ending November 4, 2023. The company announced earnings per share (EPS) of $0.49, surpassing the consensus estimate of $0.42 by $0.07. Furthermore, the firm posted revenues of $211.45 million, slightly exceeding analyst expectations of $210.80 million. The company’s return on equity stood at 22.89%, although it recorded a negative net margin of 0.45%.
In light of these results, Astronics has provided its guidance for fiscal year 2025, anticipating an EPS of $0.82 for the current year, according to sell-side analysts.
Insider Trading 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, amounting to a total of $43,082.64. Following this transaction, Mulato holds 1,066 shares valued at approximately $40,678.56, representing a decrease of 51.44% in his position. The transaction was disclosed in a filing with the Securities and Exchange Commission, accessible on their website.
Institutional investors hold a significant portion of Astronics’ stock, with approximately 56.68% owned by various hedge funds. Recently, Brighton Jones LLC increased its stake by 3.1%, owning 7,085 shares valued at $323,000 after acquiring additional shares. Similarly, Covestor Ltd raised its stake by 25.4%, now holding 1,068 shares worth $49,000.
In summary, Astronics Corporation’s recent upgrades and positive earnings report have garnered attention from analysts and investors alike. With a robust outlook and significant institutional backing, the company appears well-positioned within the aerospace and electronics sectors.
