Astronics (NASDAQ:ATRO) Trading Down 21.3% After Earnings Miss

Astronics Co. (NASDAQ:ATRO) was down 21.3% during mid-day trading on Monday after the company announced weaker than expected quarterly earnings. The stock traded as low as $27.63 and last traded at $28.00, approximately 1,119,935 shares were traded during trading. An increase of 426% from the average daily volume of 212,760 shares. The stock had previously closed at $35.56.

The aerospace company reported $0.20 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.35 by ($0.15). Astronics had a net margin of 14.61% and a return on equity of 15.16%. The company had revenue of $189.10 million for the quarter, compared to analysts’ expectations of $188.80 million. During the same quarter in the prior year, the firm earned $0.49 EPS. Astronics’s quarterly revenue was down 9.3% compared to the same quarter last year.

Several equities analysts recently issued reports on ATRO shares. BidaskClub cut shares of Astronics from a “hold” rating to a “sell” rating in a research report on Saturday, July 13th. SunTrust Banks cut shares of Astronics from a “hold” rating to a “sell” rating and reduced their price target for the company from $41.00 to $36.00 in a research report on Friday, June 14th. Zacks Investment Research lowered shares of Astronics from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, July 9th. ValuEngine lowered shares of Astronics from a “buy” rating to a “hold” rating in a research note on Monday, July 29th. Finally, Seaport Global Securities began coverage on shares of Astronics in a research note on Wednesday, May 1st. They set a “buy” rating and a $42.00 price objective on the stock. Two equities research analysts have rated the stock with a sell rating, three have assigned a hold rating and one has assigned a buy rating to the company’s stock. The company has a consensus rating of “Hold” and a consensus target price of $40.25.

In related news, VP Mark Peabody sold 3,000 shares of the business’s stock in a transaction dated Friday, July 5th. The shares were sold at an average price of $40.43, for a total transaction of $121,290.00. Following the sale, the vice president now owns 13,761 shares of the company’s stock, valued at $556,357.23. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders have sold 13,000 shares of company stock worth $516,870 in the last three months. 15.80% of the stock is currently owned by insiders.

Large investors have recently bought and sold shares of the stock. Connors Investor Services Inc. lifted its stake in shares of Astronics by 0.7% in the first quarter. Connors Investor Services Inc. now owns 56,960 shares of the aerospace company’s stock worth $1,864,000 after buying an additional 378 shares in the last quarter. PNC Financial Services Group Inc. lifted its stake in shares of Astronics by 196.6% in the first quarter. PNC Financial Services Group Inc. now owns 872 shares of the aerospace company’s stock worth $29,000 after buying an additional 578 shares in the last quarter. Pinnacle Associates Ltd. lifted its stake in shares of Astronics by 4.0% in the first quarter. Pinnacle Associates Ltd. now owns 15,670 shares of the aerospace company’s stock worth $513,000 after buying an additional 600 shares in the last quarter. Swiss National Bank lifted its stake in shares of Astronics by 1.8% in the second quarter. Swiss National Bank now owns 40,255 shares of the aerospace company’s stock worth $1,619,000 after buying an additional 700 shares in the last quarter. Finally, Legal & General Group Plc lifted its stake in shares of Astronics by 23.7% in the fourth quarter. Legal & General Group Plc now owns 4,015 shares of the aerospace company’s stock worth $122,000 after buying an additional 770 shares in the last quarter. 65.18% of the stock is currently owned by institutional investors and hedge funds.

The company has a 50 day moving average of $39.11. The stock has a market cap of $1.16 billion, a PE ratio of 19.86, a P/E/G ratio of 2.00 and a beta of 1.36. The company has a debt-to-equity ratio of 0.25, a quick ratio of 1.50 and a current ratio of 2.44.

Astronics Company Profile (NASDAQ:ATRO)

Astronics Corporation, through its subsidiaries, designs and manufactures products for the aerospace, defense, electronics, and semiconductor industries worldwide. It operates in two segments, Aerospace and Test Systems. The Aerospace segment offers lighting and safety systems; electrical power generation, distribution, and motions systems; aircraft structures; avionics products; system certification; and connectivity and other products.

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