5 Best Mid Cap Defense Stocks to Buy

2. Astronics Corporation (NASDAQ:ATRO)

Number of Hedge Fund Holders: 42

Astronics Corporation (NASDAQ:ATRO) is among the 8 Best Mid Cap Defense Stocks to Buy. As of the close of business on June 24, the stock is a Strong Buy with an average share price upside potential of 21%.

On May 28, TD Cowen analyst Gautam Khanna lifted the firm’s price target on the stock to $100 from $85 and maintained a Buy rating. The adjustment came after the company was awarded a long-awaited order from the Army for the TS-4549/T Radio Test Sets Program.

A day earlier, Astronics Corporation (NASDAQ:ATRO) announced that Astronics Test Systems had received a purchase order from the Army for the program. The order will cover deliveries over the next 20 months and is valued at $44.7 million.

Through this order, a full-rate production stage of the TS-4549/T Radio Test Sets Program has been initiated. The company had originally received an IDIQ contract for the program back in June 2024. It was funded at $215 million, of which $145 million now remains.

Last month, the company reported robust results for the first quarter of 2026, with sales growing 12% year-over-year to $230.6 million. Net income per diluted share was logged at $0.67, improving from $0.26 in the prior year’s period. Moreover, Astronics ended the quarter with a record backlog of $734.3 million.

Astronics Corporation (NASDAQ:ATRO) provides advanced technologies to global aerospace, defense, and electronics clients. Some of its offerings include lighting and safety systems, aircraft electronics integration, automated test systems, and distribution and motion systems, among other products and services.