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

Astronics Co. (NASDAQ:ATRO) was the target of a significant decrease in short interest during the month of November. As of November 15th, there was short interest totalling 357,300 shares, a decrease of 16.8% from the October 31st total of 429,700 shares. Based on an average trading volume of 212,800 shares, the days-to-cover ratio is presently 1.7 days.

Astronics Stock Performance

Shares of Astronics stock traded up $0.11 during trading hours on Friday, hitting $16.15. 406,873 shares of the company’s stock traded hands, compared to its average volume of 175,907. The company has a fifty day simple moving average of $18.48 and a 200-day simple moving average of $19.63. The company has a debt-to-equity ratio of 0.72, a current ratio of 2.83 and a quick ratio of 1.46. The stock has a market capitalization of $569.48 million, a price-to-earnings ratio of -85.00 and a beta of 1.83. Astronics has a 12-month low of $14.13 and a 12-month high of $23.74.

Institutional Investors Weigh In On Astronics

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in ATRO. State Street Corp increased its holdings in Astronics by 6.7% during the 3rd quarter. State Street Corp now owns 924,070 shares of the aerospace company’s stock worth $18,001,000 after acquiring an additional 58,356 shares during the period. Assenagon Asset Management S.A. bought a new position in Astronics in the third quarter valued at $964,000. Algert Global LLC raised its holdings in shares of Astronics by 367.2% during the 3rd quarter. Algert Global LLC now owns 56,072 shares of the aerospace company’s stock valued at $1,092,000 after buying an additional 44,070 shares in the last quarter. Cubist Systematic Strategies LLC bought a new stake in shares of Astronics in the 2nd quarter worth approximately $857,000. Finally, Dimensional Fund Advisors LP boosted its position in Astronics by 4.8% during the second quarter. Dimensional Fund Advisors LP now owns 888,942 shares of the aerospace company’s stock valued at $17,806,000 after buying an additional 40,438 shares during the period. 56.68% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Separately, Truist Financial lowered their price objective on shares of Astronics from $22.00 to $20.00 and set a “hold” rating for the company in a research note on Friday, October 18th.

About Astronics

Astronics Corporation, through its subsidiaries, designs and manufactures products for the aerospace, defense, and electronics industries in the United States, rest of North America, Asia, Europe, South America, and internationally. The company operates in two segments, Aerospace and Test Systems. The Aerospace segment offers lighting and safety systems, electrical power generation systems, distribution and seat motions systems, aircraft structures, avionics products, system certification, and other products.