Astronics Co. (NASDAQ:ATRO) Sees Large Drop in Short Interest

Astronics Co. (NASDAQ:ATRO) was the target of a large drop in short interest during the month of July. As of July 15th, there was short interest totalling 723,500 shares, a drop of 15.8% from the June 30th total of 859,700 shares. Based on an average daily volume of 457,900 shares, the short-interest ratio is currently 1.6 days. Currently, 3.2% of the shares of the company are short sold.

In other news, Director Jeffry D. Frisby bought 4,100 shares of the business’s stock in a transaction that occurred on Thursday, May 7th. The stock was acquired at an average cost of $8.78 per share, for a total transaction of $35,998.00. Company insiders own 14.81% of the company’s stock.

Several institutional investors and hedge funds have recently made changes to their positions in ATRO. International Value Advisers LLC increased its stake in Astronics by 82.9% in the first quarter. International Value Advisers LLC now owns 3,778,722 shares of the aerospace company’s stock valued at $34,689,000 after acquiring an additional 1,712,954 shares during the last quarter. Principal Financial Group Inc. bought a new position in Astronics in the first quarter valued at approximately $4,952,000. Assenagon Asset Management S.A. increased its stake in Astronics by 490.3% in the second quarter. Assenagon Asset Management S.A. now owns 628,661 shares of the aerospace company’s stock valued at $6,639,000 after acquiring an additional 522,164 shares during the last quarter. Paradice Investment Management LLC increased its stake in Astronics by 41.3% in the first quarter. Paradice Investment Management LLC now owns 1,304,066 shares of the aerospace company’s stock valued at $11,971,000 after acquiring an additional 381,268 shares during the last quarter. Finally, Mondrian Investment Partners LTD increased its stake in Astronics by 114.3% in the first quarter. Mondrian Investment Partners LTD now owns 332,257 shares of the aerospace company’s stock valued at $3,050,000 after acquiring an additional 177,217 shares during the last quarter. 67.13% of the stock is currently owned by institutional investors.

Shares of ATRO opened at $8.70 on Friday. Astronics has a 12 month low of $6.99 and a 12 month high of $38.04. The firm’s 50 day moving average is $9.84 and its 200-day moving average is $14.14. The stock has a market capitalization of $267.57 million, a PE ratio of -2.87 and a beta of 1.69. The company has a current ratio of 4.11, a quick ratio of 2.85 and a debt-to-equity ratio of 1.06.

Astronics (NASDAQ:ATRO) last announced its earnings results on Wednesday, May 6th. The aerospace company reported ($2.17) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.07) by ($2.10). Astronics had a positive return on equity of 3.49% and a negative net margin of 12.89%. The business had revenue of $157.58 million for the quarter, compared to the consensus estimate of $129.52 million. Equities research analysts predict that Astronics will post -0.78 earnings per share for the current fiscal year.

Several brokerages recently issued reports on ATRO. BidaskClub downgraded shares of Astronics from a “sell” rating to a “strong sell” rating in a research note on Wednesday. Canaccord Genuity cut their target price on shares of Astronics from $14.00 to $10.00 and set a “hold” rating for the company in a research note on Thursday, May 7th. Zacks Investment Research downgraded shares of Astronics from a “hold” rating to a “sell” rating in a research report on Friday, July 17th. SunTrust Banks cut their price objective on shares of Astronics from $7.00 to $6.00 and set a “sell” rating for the company in a research report on Thursday, May 7th. Finally, TheStreet downgraded shares of Astronics from a “c-” rating to a “d” rating in a research report on Wednesday, May 6th. Three equities research analysts have rated the stock with a sell rating, two have issued a hold rating and one has assigned a buy rating to the company’s stock. Astronics currently has a consensus rating of “Hold” and a consensus target price of $18.00.

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.

Read More: What Does Beta Mean In Stock Selection?

Receive News & Ratings for Astronics Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Astronics and related companies with MarketBeat.com's FREE daily email newsletter.