Bank of America Corp DE Increases Stock Position in Astronics Co. (NASDAQ:ATRO)

Bank of America Corp DE boosted its holdings in Astronics Co. (NASDAQ:ATRO - Free Report) by 48.2% during the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 35,129 shares of the aerospace company's stock after acquiring an additional 11,427 shares during the quarter. Bank of America Corp DE owned 0.10% of Astronics worth $561,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. AlphaQuest LLC boosted its stake in Astronics by 355.5% in 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 purchased a new position in Astronics in the 4th quarter worth $73,000. Arcadia Investment Management Corp MI purchased a new position in Astronics in the 4th quarter worth $135,000. Freestone Grove Partners LP bought a new stake in Astronics in the fourth quarter worth $172,000. Finally, Victory Capital Management Inc. purchased a new stake in Astronics during the fourth quarter valued at about $178,000. Hedge funds and other institutional investors own 56.68% of the company's stock.

Astronics Stock Performance

Shares of NASDAQ ATRO traded down $0.96 during midday trading on Friday, hitting $34.85. 780,981 shares of the company's stock traded hands, compared to its average volume of 340,544. The firm has a fifty day moving average of $26.95 and a 200 day moving average of $21.81. Astronics Co. has a 1 year low of $14.13 and a 1 year high of $36.32. The company has a debt-to-equity ratio of 0.72, a quick ratio of 1.46 and a current ratio of 2.83. The stock has a market capitalization of $1.23 billion, a price-to-earnings ratio of -183.41 and a beta of 1.56.

Astronics (NASDAQ:ATRO - Get Free Report) last released its earnings results on Tuesday, May 6th. The aerospace company reported $0.44 earnings per share for the quarter, beating analysts' consensus estimates of $0.25 by $0.19. Astronics had a negative net margin of 0.82% and a positive return on equity of 6.94%. The company had revenue of $205.94 million for the quarter, compared to analysts' expectations of $192.53 million. On average, analysts forecast that Astronics Co. will post 0.82 earnings per share for the current year.

Wall Street Analysts Forecast Growth

ATRO has been the topic of a number of analyst reports. Truist Financial boosted their price objective on shares of Astronics from $24.00 to $32.00 and gave the company a "hold" rating in a research report on Thursday. Wall Street Zen lowered Astronics from a "strong-buy" rating to a "buy" rating in a research report on Wednesday, May 21st.

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.