SunTrust Banks Reiterates “Hold” Rating for Astronics (NASDAQ:ATRO)

SunTrust Banks reiterated their hold rating on shares of Astronics (NASDAQ:ATRO) in a research report report published on Tuesday, January 9th. They currently have a $44.00 target price on the aerospace company’s stock. SunTrust Banks also issued estimates for Astronics’ FY2018 earnings at $2.22 EPS and FY2019 earnings at $2.43 EPS.

A number of other brokerages have also recently issued reports on ATRO. BidaskClub upgraded Astronics from a buy rating to a strong-buy rating in a research note on Friday, December 22nd. Zacks Investment Research upgraded Astronics from a hold rating to a buy rating and set a $46.00 price objective on the stock in a research note on Tuesday, January 2nd. Canaccord Genuity reiterated a buy rating and set a $46.00 price objective on shares of Astronics in a research note on Tuesday, December 12th. Finally, Dougherty & Co upped their price objective on Astronics from $40.00 to $45.00 and gave the stock a buy rating in a research note on Monday, December 4th. One research analyst has rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. Astronics has an average rating of Buy and a consensus target price of $45.25.

Astronics (NASDAQ ATRO) traded down $0.35 during midday trading on Tuesday, reaching $45.44. The company’s stock had a trading volume of 110,476 shares, compared to its average volume of 157,558. The company has a market cap of $1,300.00, a PE ratio of 38.51, a price-to-earnings-growth ratio of 2.30 and a beta of 1.52. The company has a debt-to-equity ratio of 0.52, a current ratio of 3.07 and a quick ratio of 1.57. Astronics has a 12-month low of $23.95 and a 12-month high of $49.45.

Astronics (NASDAQ:ATRO) last released its earnings results on Tuesday, November 7th. The aerospace company reported $0.21 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.35 by ($0.14). The firm had revenue of $149.64 million during the quarter, compared to the consensus estimate of $154.90 million. Astronics had a net margin of 5.80% and a return on equity of 10.29%. The company’s revenue was down 3.5% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.41 EPS. sell-side analysts forecast that Astronics will post 1.29 earnings per share for the current fiscal year.

Astronics announced that its Board of Directors has initiated a share repurchase program on Monday, December 18th that authorizes the company to buyback $50.00 million in outstanding shares. This buyback authorization authorizes the aerospace company to reacquire shares of its stock through open market purchases. Stock buyback programs are often an indication that the company’s leadership believes its stock is undervalued.

In related news, Director Robert J. Mckenna sold 45,000 shares of the business’s stock in a transaction that occurred on Tuesday, November 21st. The stock was sold at an average price of $39.00, for a total transaction of $1,755,000.00. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Corporate insiders own 16.45% of the company’s stock.

Several hedge funds have recently bought and sold shares of ATRO. Russell Investments Group Ltd. increased its holdings in shares of Astronics by 918.3% during the 2nd quarter. Russell Investments Group Ltd. now owns 18,330 shares of the aerospace company’s stock worth $559,000 after acquiring an additional 16,530 shares during the last quarter. Schwab Charles Investment Management Inc. increased its holdings in shares of Astronics by 8.6% during the 2nd quarter. Schwab Charles Investment Management Inc. now owns 87,636 shares of the aerospace company’s stock worth $2,671,000 after acquiring an additional 6,922 shares during the last quarter. Rhumbline Advisers increased its holdings in shares of Astronics by 9.2% during the 2nd quarter. Rhumbline Advisers now owns 26,768 shares of the aerospace company’s stock worth $816,000 after acquiring an additional 2,248 shares during the last quarter. Bank of New York Mellon Corp grew its holdings in Astronics by 2.6% in the 2nd quarter. Bank of New York Mellon Corp now owns 101,491 shares of the aerospace company’s stock valued at $3,092,000 after buying an additional 2,571 shares in the last quarter. Finally, Legal & General Group Plc grew its holdings in Astronics by 10.7% in the 2nd quarter. Legal & General Group Plc now owns 5,630 shares of the aerospace company’s stock valued at $172,000 after buying an additional 546 shares in the last quarter. 65.77% of the stock is currently owned by institutional investors and hedge funds.

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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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