162,725 Shares of Astronics Corporation $ATRO Acquired by Bank of America Corp DE

Key Points

• Bank of America acquired 162,725 Astronics shares during the second quarter, valued at approximately $13.2 million and representing about 0.38% of the aerospace company.
• Institutional interest remains strong, with BlackRock initiating a sizable position and total institutional ownership reaching 56.68% of Astronics’ outstanding shares.
• Analysts maintain a generally positive outlook, with the stock holding an average “Buy” rating and a $74.17 price target. Astronics also beat quarterly earnings and revenue estimates, reporting $0.70 EPS and $259.96 million in revenue.

Bank of America Corp DE acquired a new stake in shares of Astronics Corporation (NASDAQ:ATRO - Free Report) during the 2nd quarter, according to its most recent disclosure with the SEC. The fund acquired 162,725 shares of the aerospace company's stock, valued at approximately $13,223,000. Bank of America Corp DE owned approximately 0.38% of Astronics as of its most recent filing with the SEC.

Several other hedge funds also recently made changes to their positions in ATRO. BlackRock Inc. bought a new position in shares of Astronics in the 2nd quarter worth about $248,395,000. Capital International Investors increased its stake in Astronics by 31.5% during the 4th quarter. Capital International Investors now owns 1,849,886 shares of the aerospace company's stock valued at $100,338,000 after purchasing an additional 442,886 shares in the last quarter. Dimensional Fund Advisors LP raised its holdings in Astronics by 5.3% in the first quarter. Dimensional Fund Advisors LP now owns 673,760 shares of the aerospace company's stock worth $44,951,000 after buying an additional 34,018 shares during the last quarter. Emerald Advisers LLC increased its holdings in shares of Astronics by 85.0% in the 1st quarter. Emerald Advisers LLC now owns 449,126 shares of the aerospace company's stock worth $29,970,000 after purchasing an additional 206,399 shares in the last quarter. Finally, Congruence Capital LLC purchased a new position in shares of Astronics in the fourth quarter worth $19,658,000. 56.68% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on ATRO shares. Weiss Ratings upgraded shares of Astronics from a "sell (d-)" rating to a "buy (b-)" rating in a report on Tuesday. Wall Street Zen upgraded Astronics from a "buy" rating to a "strong-buy" rating in a research note on Sunday, August 16th. Finally, Zacks Research cut Astronics from a "strong-buy" rating to a "hold" rating in a research report on Monday, September 7th. Two equities research analysts have rated the stock with a Strong Buy rating, three have issued a Buy rating and one has issued a Hold rating to the stock. According to MarketBeat.com, the company currently has an average rating of "Buy" and an average target price of $74.17.

Astronics Trading Up 0.1%

Shares of Astronics stock opened at $69.22 on Friday. Astronics Corporation has a 1-year low of $34.58 and a 1-year high of $94.46. The company's fifty day simple moving average is $74.27 and its 200-day simple moving average is $69.36. 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 stock has a market capitalization of $2.98 billion, a PE ratio of 40.72 and a beta of 1.20.

Astronics (NASDAQ:ATRO - Get Free Report) last released its earnings results on Tuesday, August 11th. The aerospace company reported $0.70 earnings per share for the quarter, beating the consensus estimate of $0.59 by $0.11. The company had revenue of $259.96 million for the quarter, compared to the consensus estimate of $245.30 million. Astronics had a return on equity of 67.69% and a net margin of 8.40%.Astronics's revenue for the quarter was up 46.9% compared to the same quarter last year. As a group, equities analysts anticipate that Astronics Corporation will post 2.74 earnings per share for the current year.

Astronics Profile

Astronics Corporation NASDAQ: ATRO designs and manufactures advanced aerospace and defense systems and equipment. Its products include aircraft lighting, electrical power and distribution systems, cabin electronics, connectivity solutions, avionics, and other specialized components used in commercial, business, general aviation, and military aircraft.

The company also provides automated test systems and related equipment used to test aerospace, defense, and other electronic systems. Its offerings support aircraft manufacturers, airlines, defense contractors, and maintenance organizations, as well as customers in the space and transportation markets.

Founded in 1968 and headquartered in East Aurora, New York, Astronics serves customers through operations and sales activities in the United States and international markets.

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