Shooting for the stratosphere is routine for the aircraft that use the electronics equipment made by Astronics Corporation (Nasdaq: ATRO). Small-cap investors who decided to bet on the East Aurora, N.Y.-based company about this time last year have seen their money similarly soar, with the stock recently tripling in value.

Year to date, Astronics shares are up roughly 160%, and better than 60% in just the past six months. By comparison, the Dow Jones Aerospace Index is up 21% for the year and a measly 5% in the past six months.

For those arriving late to the Astronics party, a sudden sell-off after Federal Reserve policymakers tossed some cold water on Wall Street’s interest-rate expectations on Dec. 11 could provide an opportunity to buy into the company, since its shares have dropped more than 15% below the recent highs.

Still, analysts who track this trusted maker of electronic and lighting components in an industry where failure is not an option have taken a neutral stance, with three rating it at “hold.”

In 2007, the share price of Astronics has seemingly climbed faster than the military, commercial and business-jet aircraft that utilize the high-performance components that it makes at four North American plants. Astronics hit 52-week highs in late November and early December, most recently topping at $54.20 on Dec. 3. Since then, it’s been sliding lower — and without any news out, perhaps it’s just suffering along with the overall market that remains in a funk. The pullback has meant Astronics is trading back below $45. The stock closed at $41.20 on Tuesday.

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