Astronics Co. (NASDAQ:ATRO) – SunTrust Banks raised their FY2018 EPS estimates for shares of Astronics in a research report issued on Monday. SunTrust Banks analyst M. Ciarmoli now forecasts that the aerospace company will post earnings of $2.22 per share for the year, up from their previous estimate of $1.96. SunTrust Banks currently has a “Hold” rating and a $44.00 target price on the stock. SunTrust Banks also issued estimates for Astronics’ FY2019 earnings at $2.43 EPS.
Several other research analysts have also weighed in on the stock. Zacks Investment Research upgraded shares of Astronics from a “hold” rating to a “buy” rating and set a $46.00 price objective on the stock in a report on Tuesday, January 2nd. BidaskClub lowered shares of Astronics from a “strong-buy” rating to a “buy” rating in a report on Friday, December 29th. Canaccord Genuity reiterated a “buy” rating and set a $46.00 price objective on shares of Astronics in a report on Tuesday, December 12th. Finally, Dougherty & Co increased their price objective on shares of Astronics from $40.00 to $45.00 and gave the stock a “buy” rating in a report on Monday, December 4th. One investment analyst has rated the stock with a hold rating and four have assigned a buy rating to the company. The company presently has a consensus rating of “Buy” and a consensus target price of $45.25.
Astronics (NASDAQ:ATRO) last released its earnings results on Tuesday, November 7th. The aerospace company reported $0.21 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.35 by ($0.14). The firm had revenue of $149.64 million during the quarter, compared to analysts’ expectations of $154.90 million. Astronics had a net margin of 5.80% and a return on equity of 10.29%. Astronics’s revenue for the quarter was down 3.5% on a year-over-year basis. During the same quarter last year, the company posted $0.41 earnings per share.
Astronics declared that its board has approved a stock buyback plan on Monday, December 18th that allows the company to buyback $50.00 million in shares. This buyback authorization allows the aerospace company to repurchase shares of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s management believes its stock is undervalued.
In other Astronics news, Director Robert J. Mckenna sold 45,000 shares of the stock in a transaction that occurred on Tuesday, November 21st. The shares were sold at an average price of $39.00, for a total value of $1,755,000.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 16.45% of the stock is currently owned by corporate insiders.
Large investors have recently modified their holdings of the business. Legal & General Group Plc grew its position in Astronics by 10.7% in the second quarter. Legal & General Group Plc now owns 5,630 shares of the aerospace company’s stock valued at $172,000 after acquiring an additional 546 shares in the last quarter. BNP Paribas Arbitrage SA grew its position in Astronics by 26.4% in the second quarter. BNP Paribas Arbitrage SA now owns 5,999 shares of the aerospace company’s stock valued at $183,000 after acquiring an additional 1,254 shares in the last quarter. Marshall Wace North America L.P. acquired a new stake in Astronics in the second quarter valued at approximately $294,000. Tudor Investment Corp ET AL grew its position in Astronics by 28.5% in the second quarter. Tudor Investment Corp ET AL now owns 9,727 shares of the aerospace company’s stock valued at $296,000 after acquiring an additional 2,158 shares in the last quarter. Finally, Voya Investment Management LLC boosted its stake in shares of Astronics by 11.2% during the 2nd quarter. Voya Investment Management LLC now owns 10,719 shares of the aerospace company’s stock valued at $327,000 after buying an additional 1,078 shares during the last quarter. 65.77% of the stock is owned by institutional investors.
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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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