Zacks Investment Research Lowers Astronics (ATRO) to Sell

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Zacks Investment Research downgraded shares of Astronics (NASDAQ:ATRO) from a hold rating to a sell rating in a research note published on Wednesday morning.

According to Zacks, “Astronics Corporation is a manufacturer of specialized lighting and electronics for the cockpit, cabin and exteriors of military, commercial transport and private business jet aircraft. A major lighting and electronics supplier to the aircraft industry, its strategy is to expand from a components and subsystems supplier to an aircraft lighting systems integrator, increasing the value and content it provides to various aircraft platforms. Luminescent Systems Inc. is Astronics’ primary operating subsidiary which produces its aerospace and defense products. “

A number of other research analysts have also recently issued reports on the company. BidaskClub raised Astronics from a hold rating to a buy rating in a report on Tuesday, December 18th. TheStreet raised Astronics from a c+ rating to a b- rating in a report on Tuesday, October 9th. ValuEngine cut Astronics from a buy rating to a hold rating in a report on Friday, October 12th. Finally, Canaccord Genuity cut their price objective on Astronics from $44.00 to $38.00 and set a hold rating for the company in a report on Tuesday, October 16th. One investment analyst has rated the stock with a sell rating and four have issued a hold rating to the company’s stock. The stock presently has a consensus rating of Hold and an average target price of $41.33.

Shares of NASDAQ ATRO opened at $32.69 on Wednesday. The firm has a market cap of $1.06 billion, a price-to-earnings ratio of 26.15, a P/E/G ratio of 1.92 and a beta of 1.81. Astronics has a 52-week low of $27.56 and a 52-week high of $46.56. The company has a debt-to-equity ratio of 0.70, a current ratio of 3.11 and a quick ratio of 1.79.

In related news, EVP James S. Kramer sold 3,200 shares of Astronics stock in a transaction dated Wednesday, November 21st. The stock was sold at an average price of $30.06, for a total value of $96,192.00. Following the completion of the transaction, the executive vice president now directly owns 39,632 shares of the company’s stock, valued at $1,191,337.92. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders own 16.57% of the company’s stock.

Institutional investors have recently added to or reduced their stakes in the stock. CNB Bank bought a new position in shares of Astronics in the fourth quarter valued at about $33,000. First Interstate Bank raised its holdings in Astronics by 17.5% during the 4th quarter. First Interstate Bank now owns 3,555 shares of the aerospace company’s stock worth $108,000 after purchasing an additional 530 shares during the last quarter. Jane Street Group LLC bought a new stake in Astronics during the 3rd quarter worth about $230,000. Trexquant Investment LP bought a new stake in Astronics during the 3rd quarter worth about $325,000. Finally, 22NW LP bought a new stake in Astronics during the 4th quarter worth about $228,000. 57.99% of the stock is owned by institutional investors and hedge funds.

Astronics Company Profile

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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