Assenagon Asset Management S.A. Trims Stock Position in Astronics Corporation $ATRO

Key Points

• Assenagon Asset Management S.A. has reduced its ownership of Astronics Corporation shares by 69% in the second quarter, now holding 39,909 shares valued at approximately $1.34 million.
• Astronics reported earnings of $0.38 per share for the latest quarter, exceeding analysts' expectations of $0.33, although revenue fell short at $204.68 million against the expected $208.29 million.
• Insider trading saw significant activity with James Mulato selling 1,129 shares at an average price of $38.16, marking a 51.44% decrease in their ownership of Astronics stock.

Assenagon Asset Management S.A. lessened its holdings in shares of Astronics Corporation (NASDAQ:ATRO - Free Report) by 69.0% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 39,909 shares of the aerospace company's stock after selling 88,848 shares during the period. Assenagon Asset Management S.A. owned approximately 0.11% of Astronics worth $1,336,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also recently made changes to their positions in the company. Signaturefd LLC raised its holdings in shares of Astronics by 88.5% during the first quarter. Signaturefd LLC now owns 1,446 shares of the aerospace company's stock worth $35,000 after purchasing an additional 679 shares during the last quarter. CWM LLC raised its holdings in shares of Astronics by 192.2% during the first quarter. CWM LLC now owns 2,592 shares of the aerospace company's stock worth $63,000 after purchasing an additional 1,705 shares during the last quarter. Public Employees Retirement System of Ohio grew its position in Astronics by 167.1% during the fourth quarter. Public Employees Retirement System of Ohio now owns 4,156 shares of the aerospace company's stock valued at $66,000 after buying an additional 2,600 shares during the period. GAMMA Investing LLC grew its position in Astronics by 16,616.7% during the first quarter. GAMMA Investing LLC now owns 6,018 shares of the aerospace company's stock valued at $145,000 after buying an additional 5,982 shares during the period. Finally, Longboard Asset Management LP acquired a new stake in Astronics during the second quarter valued at $222,000. Hedge funds and other institutional investors own 56.68% of the company's stock.

Astronics Stock Up 2.3%

Shares of ATRO opened at $44.71 on Friday. The company has a debt-to-equity ratio of 0.59, a quick ratio of 1.63 and a current ratio of 3.04. Astronics Corporation has a one year low of $14.13 and a one year high of $46.61. The stock has a market capitalization of $1.58 billion, a price-to-earnings ratio of -372.55 and a beta of 1.69. The stock has a 50 day moving average price of $36.95 and a 200 day moving average price of $31.30.

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

Insider Buying and Selling at Astronics

In related news, insider James Mulato sold 1,129 shares of the business's stock in a transaction dated Friday, September 5th. The shares were sold at an average price of $38.16, for a total transaction of $43,082.64. Following the transaction, the insider directly owned 1,066 shares in the company, valued at approximately $40,678.56. The trade was a 51.44% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Corporate insiders own 9.39% of the company's stock.

Analyst Ratings Changes

Several analysts recently commented on the stock. Zacks Research upgraded shares of Astronics to a "strong-buy" rating in a research report on Friday, August 8th. Wall Street Zen lowered shares of Astronics from a "strong-buy" rating to a "hold" rating in a research report on Saturday, August 9th. Finally, Truist Financial upgraded shares of Astronics from a "hold" rating to a "buy" rating and set a $49.00 price target on the stock in a research report on Friday, July 11th. One analyst has rated the stock with a Strong Buy rating and one has assigned a Buy rating to the company's stock. Based on data from MarketBeat.com, Astronics presently has an average rating of "Strong Buy" and a consensus price target of $49.00.

Astronics Company 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.

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