Astronics Co. (NASDAQ:ATRO) – Equities researchers at SunTrust Banks dropped their FY2017 earnings per share (EPS) estimates for shares of Astronics in a research report issued to clients and investors on Friday, according to Zacks Investment Research. SunTrust Banks analyst M. Ciarmoli now expects that the aerospace company will earn $1.34 per share for the year, down from their prior forecast of $1.35. SunTrust Banks has a “Hold” rating and a $48.00 price objective on the stock.
Several other research analysts have also commented on ATRO. Zacks Investment Research upgraded Astronics from a “hold” rating to a “buy” rating and set a $46.00 price target for the company in a research report on Tuesday, January 2nd. Canaccord Genuity reiterated a “buy” rating and issued a $40.00 price target on shares of Astronics in a research report on Tuesday, November 7th. BidaskClub upgraded Astronics from a “buy” rating to a “strong-buy” rating in a research report on Friday, December 22nd. Finally, Dougherty & Co lifted their price target on Astronics from $40.00 to $45.00 and gave the stock a “buy” rating in a research report on Monday, December 4th. Three equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the company. The company presently has an average rating of “Hold” and a consensus price target of $46.25.
Shares of Astronics (ATRO) traded up $1.01 during trading on Monday, hitting $41.43. The stock had a trading volume of 78,380 shares, compared to its average volume of 127,128. The stock has a market capitalization of $1,180.00, a price-to-earnings ratio of 34.79, a price-to-earnings-growth ratio of 2.00 and a beta of 1.58. The company has a current ratio of 3.07, a quick ratio of 1.57 and a debt-to-equity ratio of 0.52. Astronics has a 52-week low of $23.95 and a 52-week high of $49.45.
A number of hedge funds and other institutional investors have recently made changes to their positions in the business. FMR LLC lifted its stake in Astronics by 46.5% in the second quarter. FMR LLC now owns 2,028,637 shares of the aerospace company’s stock worth $61,813,000 after purchasing an additional 643,968 shares during the last quarter. Royal Bank of Canada lifted its stake in Astronics by 5.5% in the second quarter. Royal Bank of Canada now owns 1,519,555 shares of the aerospace company’s stock worth $46,301,000 after purchasing an additional 79,281 shares during the last quarter. Vanguard Group Inc. lifted its stake in Astronics by 4.1% in the second quarter. Vanguard Group Inc. now owns 982,669 shares of the aerospace company’s stock worth $29,942,000 after purchasing an additional 38,743 shares during the last quarter. ACK Asset Management LLC lifted its stake in Astronics by 18.1% in the fourth quarter. ACK Asset Management LLC now owns 926,700 shares of the aerospace company’s stock worth $38,430,000 after purchasing an additional 142,000 shares during the last quarter. Finally, Dimensional Fund Advisors LP lifted its stake in Astronics by 2.2% in the third quarter. Dimensional Fund Advisors LP now owns 770,713 shares of the aerospace company’s stock worth $22,929,000 after purchasing an additional 16,881 shares during the last quarter. 65.38% of the stock is owned by institutional investors and hedge funds.
In other Astronics news, Director Robert J. Mckenna sold 45,000 shares of the firm’s stock in a transaction dated Tuesday, November 21st. The shares were sold at an average price of $39.00, for a total value of $1,755,000.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Peter J. Gundermann sold 2,000 shares of the firm’s stock in a transaction dated Friday, February 9th. The stock was sold at an average price of $38.99, for a total transaction of $77,980.00. Following the completion of the sale, the chief executive officer now directly owns 29,595 shares of the company’s stock, valued at approximately $1,153,909.05. The disclosure for this sale can be found here. In the last quarter, insiders sold 49,000 shares of company stock valued at $1,919,940. 16.45% of the stock is currently owned by company insiders.
Astronics announced that its Board of Directors has initiated a stock buyback program on Monday, December 18th that permits the company to repurchase $50.00 million in shares. This repurchase authorization permits the aerospace company to reacquire shares of its stock through open market purchases. Shares repurchase programs are typically an indication that the company’s board of directors believes its shares are undervalued.
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Astronics Company Profile
Astronics Corporation is a supplier of products to the aerospace, defense, electronics and semiconductor industries. The Company’s products and services include electrical power generation, distribution and motion systems, lighting and safety systems, avionics products, aircraft structures, systems certification and automated test systems.
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