Shares of Astronics Corporation (NASDAQ: ATRO) received an upgrade from a buy rating to a strong-buy rating by Wall Street Zen in a research report released to investors on Monday. This comes in the wake of a series of assessments from various equities analysts, reflecting a growing confidence in the aerospace and electronics manufacturer.
On November 4, 2023, Zacks Research elevated its rating from hold to strong-buy after the company reported positive earnings results. Astronics posted earnings per share (EPS) of $0.49, surpassing analyst expectations of $0.42 by $0.07. Revenue for the quarter reached $211.45 million, which was slightly above the anticipated $210.80 million.
In addition to Zacks, Truist Financial increased its price target on Astronics from $49.00 to $58.00, maintaining a buy rating. Similarly, Craig Hallum initiated coverage with a buy rating and set a price objective of $60.00 on the stock. Currently, one analyst rates the stock as a strong buy, while four have assigned a buy rating, and one has issued a sell rating. According to MarketBeat.com, Astronics holds an average rating of “Moderate Buy,” with a consensus target price of $61.00.
Insider Transactions and Institutional Holdings
In related news, insider James Mulato sold 1,129 shares of the company on September 5, 2023, at an average price of $38.16, totaling approximately $43,082.64. Following this transaction, Mulato’s remaining holdings amounted to 1,066 shares, valued at around $40,678.56, marking a 51.44% decrease in his position. This sale was reported to the Securities & Exchange Commission and is publicly accessible.
Institutional investors currently hold a significant portion of Astronics’ stock, with approximately 56.68% of shares owned by various hedge funds. For instance, Brighton Jones LLC increased its stake by 3.1% in the third quarter, now owning 7,085 shares valued at $323,000. Similarly, Covestor Ltd boosted its stake by 25.4%, owning 1,068 shares worth $49,000 after acquiring additional shares.
Other notable increases in holdings include US Bancorp DE, which grew its position by 41.0%, and Ameritas Investment Partners Inc., which raised its stake by 13.6% during the second quarter.
Astronics’ Market Position and Future Outlook
Founded to design and manufacture products for the aerospace, defense, and electronics industries, Astronics operates through two segments: Aerospace and Test Systems. The Aerospace segment offers a range of products, including lighting and safety systems, electrical power generation systems, and avionics products.
Analysts expect Astronics to maintain a positive outlook, with estimated earnings per share of $0.82 for the current fiscal year. The recent upgrades and strong earnings performance may signal a robust future for the company, as it continues to innovate and expand its market presence.
As Astronics navigates the evolving landscape of the aerospace sector, the recent analyst upgrades reflect a growing confidence among investors and market experts in the company’s potential for growth.
