Acadian Asset Management LLC Sells 92,628 Shares of Astronics Corporation $ATRO

Key Points

• Acadian Asset Management LLC has sold 92,628 shares of Astronics Corporation, reducing its stake by 55.1%, leaving it with 75,403 shares worth $1,818,000.
• Astronics reported earnings of $0.38 per share, surpassing estimates and showing a positive return on equity of 22.89%, although it had a negative net margin of 0.45% in their latest quarterly results.
• The stock has shown strong performance, with a significant increase of over 100% year-to-date and institutional investors controlling 56.68% of its shares.

Acadian Asset Management LLC decreased its position in shares of Astronics Corporation (NASDAQ:ATRO - Free Report) by 55.1% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 75,403 shares of the aerospace company's stock after selling 92,628 shares during the period. Acadian Asset Management LLC owned about 0.21% of Astronics worth $1,818,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds also recently modified their holdings of the company. Assenagon Asset Management S.A. increased its holdings in shares of Astronics by 224.1% during the first quarter. Assenagon Asset Management S.A. now owns 128,757 shares of the aerospace company's stock worth $3,112,000 after buying an additional 89,033 shares in the last quarter. Point72 Asset Management L.P. increased its holdings in shares of Astronics by 368.6% in the fourth quarter. Point72 Asset Management L.P. now owns 25,100 shares of the aerospace company's stock valued at $401,000 after purchasing an additional 19,744 shares in the last quarter. Deutsche Bank AG increased its holdings in shares of Astronics by 10.8% in the fourth quarter. Deutsche Bank AG now owns 90,509 shares of the aerospace company's stock valued at $1,445,000 after purchasing an additional 8,859 shares in the last quarter. Informed Momentum Co LLC acquired a new stake in shares of Astronics in the first quarter valued at approximately $3,070,000. Finally, Envestnet Asset Management Inc. acquired a new stake in shares of Astronics in the first quarter valued at approximately $5,521,000. Institutional investors and hedge funds own 56.68% of the company's stock.

Insider Buying and Selling at Astronics

In other news, insider James Mulato sold 1,129 shares of the company's stock in a transaction that occurred on Friday, September 5th. The shares were sold at an average price of $38.16, for a total transaction of $43,082.64. Following the completion of the sale, the insider owned 1,066 shares of the company's stock, valued at approximately $40,678.56. This represents a 51.44% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Company insiders own 9.39% of the company's stock.

Astronics Stock Performance

Shares of NASDAQ:ATRO traded down $0.32 on Friday, reaching $41.60. 903,808 shares of the company's stock were exchanged, compared to its average volume of 1,033,698. The company has a fifty day moving average of $36.13 and a 200-day moving average of $30.65. Astronics Corporation has a twelve month low of $14.13 and a twelve month high of $46.61. The company has a market capitalization of $1.47 billion, a price-to-earnings ratio of -346.64 and a beta of 1.69. The company has a current ratio of 3.04, a quick ratio of 1.63 and a debt-to-equity ratio of 0.59.

Astronics (NASDAQ:ATRO - Get Free Report) last announced its earnings results on Wednesday, August 6th. The aerospace company reported $0.38 earnings per share (EPS) 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 for the quarter, compared to analyst estimates of $208.29 million. On average, research analysts predict that Astronics Corporation will post 0.82 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of analysts recently weighed in on ATRO shares. Wall Street Zen lowered shares of Astronics from a "strong-buy" rating to a "hold" rating in a report on Saturday, August 9th. Truist Financial raised shares of Astronics from a "hold" rating to a "buy" rating and set a $49.00 price target for the company in a report on Friday, July 11th. Finally, Zacks Research raised shares of Astronics to a "strong-buy" rating in a report on Friday, August 8th. One equities research analyst has rated the stock with a Strong Buy rating and one has assigned a Buy rating to the company. According to MarketBeat.com, Astronics presently has an average rating of "Strong Buy" and an average price target of $49.00.

Astronics Profile

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.