Astronics Corporation (NASDAQ:ATRO) Short Interest Down 30.9% in September

Key Points

• Astronics Corporation saw a significant reduction in short interest in September, decreasing by 30.9% to a total of 3,070,000 shares.
• Insider James Mulato sold 1,129 shares at an average price of $38.16, reducing his ownership in the company by 51.44%.
• Institutional investors have increased their holdings, with EverSource Wealth Advisors boosting its stake by 147.6% in the second quarter.

Astronics Corporation (NASDAQ:ATRO - Get Free Report) was the target of a large decrease in short interest in September. As of September 15th, there was short interest totaling 3,070,000 shares, a decrease of 30.9% from the August 31st total of 4,440,000 shares. Based on an average daily volume of 774,200 shares, the days-to-cover ratio is currently 4.0 days. Based on an average daily volume of 774,200 shares, the days-to-cover ratio is currently 4.0 days.

Insider Activity at Astronics

In related news, insider James Mulato sold 1,129 shares of Astronics stock in a transaction dated Friday, September 5th. The stock was sold at an average price of $38.16, for a total value of $43,082.64. Following the completion of the transaction, the insider directly owned 1,066 shares in the company, valued at approximately $40,678.56. This trade represents a 51.44% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders own 9.39% of the company's stock.

Hedge Funds Weigh In On Astronics

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. EverSource Wealth Advisors LLC lifted its holdings in shares of Astronics by 147.6% in the second quarter. EverSource Wealth Advisors LLC now owns 894 shares of the aerospace company's stock valued at $30,000 after purchasing an additional 533 shares in the last quarter. Signaturefd LLC boosted its position in Astronics by 88.5% during the 1st quarter. Signaturefd LLC now owns 1,446 shares of the aerospace company's stock worth $35,000 after acquiring an additional 679 shares during the period. Penserra Capital Management LLC purchased a new position in Astronics during the 2nd quarter valued at about $66,000. Osaic Holdings Inc. grew its position in Astronics by 30.0% during the second quarter. Osaic Holdings Inc. now owns 2,294 shares of the aerospace company's stock valued at $77,000 after purchasing an additional 529 shares in the last quarter. Finally, CWM LLC grew its position in Astronics by 192.2% during the first quarter. CWM LLC now owns 2,592 shares of the aerospace company's stock valued at $63,000 after purchasing an additional 1,705 shares in the last quarter. 56.68% of the stock is currently owned by hedge funds and other institutional investors.

Astronics Stock Performance

NASDAQ:ATRO opened at $47.23 on Monday. The company has a current ratio of 3.04, a quick ratio of 1.63 and a debt-to-equity ratio of 0.59. The company has a 50-day moving average of $38.08 and a 200-day moving average of $32.12. Astronics has a twelve month low of $14.13 and a twelve month high of $47.50. The firm has a market cap of $1.67 billion, a price-to-earnings ratio of -393.55 and a beta of 1.68.

Astronics (NASDAQ:ATRO - Get Free Report) last issued its earnings results on Wednesday, August 6th. The aerospace company reported $0.38 earnings per share for the quarter, topping analysts' consensus estimates of $0.33 by $0.05. Astronics had a negative net margin of 0.45% and a positive return on equity of 22.89%. The firm had revenue of $204.68 million during the quarter, compared to analysts' expectations of $208.29 million. Analysts forecast that Astronics will post 0.82 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of brokerages have recently weighed in on ATRO. Zacks Research upgraded Astronics to a "strong-buy" rating in a report on Friday, August 8th. Truist Financial raised shares of Astronics from a "hold" rating to a "buy" rating and set a $49.00 price objective for the company in a report on Friday, July 11th. Wall Street Zen lowered shares of Astronics from a "strong-buy" rating to a "hold" rating in a research note on Saturday, August 9th. Finally, Weiss Ratings restated a "sell (d-)" rating on shares of Astronics in a research report on Saturday, September 27th. One investment analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $49.00.

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.

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