Point72 Asset Management L.P. Acquires 19,744 Shares of Astronics Co. (NASDAQ:ATRO)

Point72 Asset Management L.P. grew its holdings in Astronics Co. (NASDAQ:ATRO - Free Report) by 368.6% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 25,100 shares of the aerospace company's stock after acquiring an additional 19,744 shares during the quarter. Point72 Asset Management L.P. owned 0.07% of Astronics worth $401,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. AlphaQuest LLC grew its holdings in shares of Astronics by 355.5% during the fourth quarter. AlphaQuest LLC now owns 3,576 shares of the aerospace company's stock worth $57,000 after buying an additional 2,791 shares in the last quarter. KLP Kapitalforvaltning AS bought a new position in Astronics in the fourth quarter valued at approximately $73,000. Arcadia Investment Management Corp MI bought a new position in Astronics in the fourth quarter valued at approximately $135,000. Freestone Grove Partners LP bought a new position in Astronics in the fourth quarter valued at approximately $172,000. Finally, Victory Capital Management Inc. bought a new position in Astronics in the fourth quarter valued at approximately $178,000. 56.68% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other news, Director Robert S. Keane sold 77,099 shares of Astronics stock in a transaction on Friday, March 7th. The stock was sold at an average price of $24.55, for a total value of $1,892,780.45. Following the transaction, the director now owns 6,346 shares in the company, valued at approximately $155,794.30. This trade represents a 92.39% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Corporate insiders own 9.39% of the company's stock.

Astronics Stock Performance

NASDAQ:ATRO traded up $1.53 during mid-day trading on Tuesday, hitting $31.72. 350,697 shares of the stock were exchanged, compared to its average volume of 320,572. The stock has a market capitalization of $1.12 billion, a price-to-earnings ratio of -166.94 and a beta of 1.44. The firm's 50-day simple moving average is $24.89 and its 200 day simple moving average is $20.45. The company has a debt-to-equity ratio of 0.72, a quick ratio of 1.46 and a current ratio of 2.83. Astronics Co. has a fifty-two week low of $14.13 and a fifty-two week high of $33.04.

Astronics (NASDAQ:ATRO - Get Free Report) last posted its quarterly earnings data on Tuesday, May 6th. The aerospace company reported $0.44 EPS for the quarter, topping analysts' consensus estimates of $0.25 by $0.19. Astronics had a positive return on equity of 6.94% and a negative net margin of 0.82%. The firm had revenue of $205.94 million for the quarter, compared to analyst estimates of $192.53 million. As a group, equities analysts anticipate that Astronics Co. will post 0.82 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of research firms have recently issued reports on ATRO. Wall Street Zen cut Astronics from a "strong-buy" rating to a "buy" rating in a research report on Wednesday, May 21st. Truist Financial cut their price objective on Astronics from $23.00 to $21.00 and set a "hold" rating for the company in a research report on Thursday, April 17th.

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.