Quantbot Technologies LP Takes Position in Astronics Corporation $ATRO

Quantbot Technologies LP purchased a new stake in Astronics Corporation (NASDAQ:ATRO) in the second quarter, Holdings Channel.com reports. The institutional investor purchased 12,695 shares of the aerospace company’s stock, valued at approximately $1,032,000.

Other institutional investors have also recently bought and sold shares of the company. BlackRock Inc. acquired a new stake in Astronics during the 2nd quarter worth about $248,395,000. Capital International Investors boosted its holdings in shares of Astronics by 31.5% in the fourth quarter. Capital International Investors now owns 1,849,886 shares of the aerospace company’s stock worth $100,338,000 after buying an additional 442,886 shares during the period. State Street Corp increased its position in shares of Astronics by 26.2% in the fourth quarter. State Street Corp now owns 1,832,179 shares of the aerospace company’s stock worth $99,377,000 after acquiring an additional 379,811 shares in the last quarter. Congruence Capital LLC purchased a new position in shares of Astronics in the fourth quarter worth approximately $19,658,000. Finally, Millennium Management LLC raised its holdings in shares of Astronics by 80.1% during the first quarter. Millennium Management LLC now owns 746,956 shares of the aerospace company’s stock valued at $18,054,000 after acquiring an additional 332,133 shares during the period. Hedge funds and other institutional investors own 56.68% of the company’s stock.

Astronics Price Performance

Shares of ATRO opened at $77.51 on Thursday. The business’s 50-day moving average is $76.13 and its 200-day moving average is $68.29. The company has a debt-to-equity ratio of 1.57, a current ratio of 2.97 and a quick ratio of 1.63. The company has a market capitalization of $3.33 billion, a price-to-earnings ratio of 45.59 and a beta of 1.15. Astronics Corporation has a fifty-two week low of $29.65 and a fifty-two week high of $94.46.

Astronics (NASDAQ:ATRO) last posted its quarterly earnings results on Tuesday, August 11th. The aerospace company reported $0.70 EPS for the quarter, topping the consensus estimate of $0.59 by $0.11. Astronics had a net margin of 8.40% and a return on equity of 67.69%. The business had revenue of $259.96 million during the quarter, compared to analysts’ expectations of $245.30 million. Astronics’s quarterly revenue was up 46.9% on a year-over-year basis. Equities research analysts expect that Astronics Corporation will post 2.74 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on ATRO shares. Zacks Research upgraded shares of Astronics from a “hold” rating to a “strong-buy” rating in a research report on Monday, July 20th. Truist Financial upgraded shares of Astronics to a “strong-buy” rating in a research report on Monday, May 4th. Weiss Ratings reissued a “sell (d-)” rating on shares of Astronics in a research note on Friday, July 17th. TD Cowen increased their target price on Astronics from $70.83 to $83.33 and gave the company a “buy” rating in a report on Thursday, May 28th. Finally, Wall Street Zen raised Astronics from a “buy” rating to a “strong-buy” rating in a research report on Sunday, August 16th. Three research analysts have rated the stock with a Strong Buy rating, two have given a Buy rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Buy” and a consensus target price of $74.17.

About Astronics

Astronics Corporation (NASDAQ: ATRO) is a global leader in the design and manufacture of advanced technologies primarily for the aerospace, defense and semiconductor industries. Headquartered in East Aurora, New York, the company was founded in 1968 and has grown through a combination of internal development and strategic acquisitions. Astronics operates multiple business units focused on power conversion, distribution and control; cabin electronics and connectivity; aircraft lighting and safety solutions; and automated test systems.

The company’s aerospace products include onboard power generation and management systems, in-flight entertainment and connectivity hardware, LED and fluorescent lighting for aircraft cabins and cockpits, and safety equipment such as escape slide power units.