Astronics shares edge lower after 20% share distribution news
Astronics Corporation shares slid Monday morning as the aerospace and defense electronics firm said it will distribute 20% Class B stock. That move adds a new corporate-action date for ATRO shareholders. The stock dropped $1.48, or around 1.7%, to $85.52. Shares traded in the $84.71 to $88.40 range earlier. Stock distribution set to shift Astronics holders’ portfolios. Shareholders of record on June 15 get one Class B share for every five common or Class B shares they own, Astronics said. Fractional shares will be paid out in cash, with distribution due around June 29.