Truist Financial Lowers Astronics (NASDAQ:ATRO) Price Target to $20.00

Astronics (NASDAQ:ATRO) had its target price reduced by investment analysts at Truist Financial from $22.00 to $20.00 in a research report issued on Friday, Benzinga reports. The firm presently has a “hold” rating on the aerospace company’s stock. Truist Financial’s target price indicates a potential downside of 4.94% from the company’s previous close.

Astronics Price Performance

ATRO opened at $21.04 on Friday. The stock’s 50-day moving average price is $19.97 and its 200 day moving average price is $19.58. Astronics has a 12-month low of $14.11 and a 12-month high of $23.74. The company has a current ratio of 2.92, a quick ratio of 1.50 and a debt-to-equity ratio of 0.67. The firm has a market cap of $733.08 million, a price-to-earnings ratio of -27.32 and a beta of 1.82.

Astronics (NASDAQ:ATRO) last posted its earnings results on Thursday, August 1st. The aerospace company reported $0.04 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.17 by ($0.13). Astronics had a negative return on equity of 0.31% and a negative net margin of 1.57%. The firm had revenue of $198.11 million for the quarter, compared to analyst estimates of $191.19 million. During the same period in the previous year, the company posted ($0.37) EPS. As a group, sell-side analysts expect that Astronics will post 0.36 earnings per share for the current year.

Hedge Funds Weigh In On Astronics

Several hedge funds have recently bought and sold shares of the company. Cubist Systematic Strategies LLC purchased a new stake in Astronics during the 2nd quarter worth about $857,000. Advisors Asset Management Inc. increased its holdings in Astronics by 103.1% during the 1st quarter. Advisors Asset Management Inc. now owns 47,322 shares of the aerospace company’s stock worth $901,000 after purchasing an additional 24,027 shares during the period. First Eagle Investment Management LLC increased its holdings in Astronics by 8.5% during the 2nd quarter. First Eagle Investment Management LLC now owns 391,426 shares of the aerospace company’s stock worth $7,840,000 after purchasing an additional 30,550 shares during the period. GSA Capital Partners LLP increased its holdings in Astronics by 84.5% during the 1st quarter. GSA Capital Partners LLP now owns 33,248 shares of the aerospace company’s stock worth $633,000 after purchasing an additional 15,228 shares during the period. Finally, Dimensional Fund Advisors LP increased its holdings in Astronics by 4.8% during the 2nd quarter. Dimensional Fund Advisors LP now owns 888,942 shares of the aerospace company’s stock worth $17,806,000 after purchasing an additional 40,438 shares during the period. Institutional investors and hedge funds own 56.68% of the company’s stock.

About Astronics

Astronics Corporation, through its subsidiaries, designs and manufactures products for the aerospace, defense, and electronics industries in the United States, rest of North America, Asia, Europe, South America, and internationally. The company operates in two segments, Aerospace and Test Systems. The Aerospace segment offers lighting and safety systems, electrical power generation systems, distribution and seat motions systems, aircraft structures, avionics products, system certification, and other products.