Algert Global LLC Boosts Stake in Astronics Corporation $ATRO

Key Points

• Algert Global increased its Astronics stake by 45.9% in the second quarter, ending with 126,902 shares valued at approximately $10.3 million. Institutional investors collectively own 56.68% of ATRO.
• Analyst sentiment is generally positive, with an average rating of “Buy” and a consensus price target of $74.17, though Weiss Ratings maintained a “sell” rating.
• Astronics exceeded quarterly expectations, reporting $0.70 in earnings per share versus $0.59 expected and $259.96 million in revenue, up 46.9% year over year.

Algert Global LLC grew its holdings in shares of Astronics Corporation (NASDAQ:ATRO - Free Report) by 45.9% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 126,902 shares of the aerospace company's stock after acquiring an additional 39,934 shares during the period. Algert Global LLC owned about 0.30% of Astronics worth $10,312,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also modified their holdings of ATRO. Connor Clark & Lunn Investment Management Ltd. acquired a new position in shares of Astronics in the second quarter worth about $11,280,000. Globeflex Capital L P acquired a new stake in Astronics during the 2nd quarter valued at approximately $328,000. Quantbot Technologies LP purchased a new stake in Astronics during the 2nd quarter worth approximately $1,032,000. Ieq Capital LLC purchased a new stake in Astronics during the 2nd quarter worth approximately $1,641,000. Finally, Allworth Financial LP acquired a new position in shares of Astronics in the 2nd quarter valued at approximately $46,000. 56.68% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

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

Astronics Stock Performance

Shares of ATRO stock opened at $74.50 on Wednesday. The company has a quick ratio of 1.63, a current ratio of 2.97 and a debt-to-equity ratio of 1.57. The business has a 50 day moving average of $76.18 and a two-hundred day moving average of $68.17. Astronics Corporation has a 52 week low of $29.65 and a 52 week high of $94.46. The company has a market cap of $3.20 billion, a P/E ratio of 43.82 and a beta of 1.15.

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

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.

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