Astronics Receives Upgrades as Analysts Boost Stock Ratings

Astronics Corporation (NASDAQ: ATRO) has seen a notable shift in investor sentiment following recent upgrades from multiple analysts. On Monday, Wall Street Zen elevated its rating for Astronics from a buy to a strong-buy, reflecting growing confidence in the company’s performance.

Several other financial institutions have also weighed in on Astronics recently. Notably, Zacks Research upgraded its rating from hold to strong-buy on November 4, 2023. In contrast, Weiss Ratings reiterated a “sell (d-)” rating on October 8, 2023, indicating a mixed outlook among analysts. Truist Financial increased its price target for Astronics from $49.00 to $58.00 and issued a buy rating on October 15, 2023. Craig Hallum initiated coverage on the stock with a buy rating and a price objective of $60.00 on October 10, 2023. Currently, one analyst has assigned a strong buy rating, four have issued buy ratings, and one has given the stock a sell rating. According to MarketBeat.com, Astronics has an average rating of “Moderate Buy” and a consensus target price of $61.00.

Strong Earnings Report

Astronics released its latest earnings results on November 4, 2023. The aerospace firm reported earnings per share of $0.49 for the quarter, surpassing the consensus estimate of $0.42 by $0.07. Revenue for the quarter reached $211.45 million, slightly above analysts’ expectations of $210.80 million. The company recorded a positive return on equity of 22.89%, though it reported a negative net margin of 0.45%. For the fiscal year 2025, Astronics has set its guidance at an earnings per share of $0.82, as projected by sell-side analysts.

Insider Transactions and Institutional Investments

In related news, insider James Mulato sold 1,129 shares of Astronics stock on September 5, 2023, at an average price of $38.16, totaling approximately $43,082.64. Following this transaction, Mulato retained 1,066 shares valued at around $40,678.56, marking a 51.44% reduction in their position. This transaction was disclosed in a filing with the Securities and Exchange Commission, available through the SEC’s website. Company insiders collectively own 9.39% of Astronics’ stock.

Institutional investors have also been active, adjusting their stakes in the company. Brighton Jones LLC increased its stake by 3.1% in the third quarter, now holding 7,085 shares valued at approximately $323,000. Covestor Ltd boosted its position by 25.4% and now owns 1,068 shares worth $49,000. US Bancorp DE grew its stake by 41.0%, acquiring additional shares during the same period and now holding 966 shares valued at $44,000. Ameritas Investment Partners Inc. raised its stake by 13.6%, now owning 3,091 shares worth $103,000. WINTON GROUP Ltd also increased its holdings by 4.6%, owning 8,644 shares valued at $394,000. Overall, institutional investors hold 56.68% of Astronics’ stock.

Astronics Corporation designs and manufactures products for various sectors, including aerospace, defense, and electronics, operating primarily in the United States, North America, Asia, Europe, and South America. It operates through two segments: Aerospace and Test Systems, providing a range of products from lighting and safety systems to avionics and system certification services.

As analysts continue to evaluate Astronics’ performance, the recent upgrades and positive earnings report suggest a potentially promising trajectory for the company.