Astronics Corporation $ATRO Holdings Raised by West Branch Capital LLC

Key Points

• West Branch Capital increased its Astronics position by 771.9% in the third quarter to 49,700 shares worth approximately $3.35 million. Institutional investors and hedge funds collectively own 56.68% of the company.
• Astronics reported quarterly earnings of $0.70 per share, exceeding estimates of $0.59, while revenue rose 46.9% year over year to $259.96 million. The stock opened at $59.85, down 4.0%, and remains below its 50-day and 200-day moving averages.
• Analysts maintain a consensus “Buy” rating with an average price target of $89.58, although TD Cowen lowered its target from $100 to $90 and other firms recently downgraded the stock to “Hold.”

West Branch Capital LLC boosted its position in shares of Astronics Corporation (NASDAQ:ATRO - Free Report) by 771.9% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 49,700 shares of the aerospace company's stock after purchasing an additional 44,000 shares during the period. West Branch Capital LLC owned approximately 0.12% of Astronics worth $3,351,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently bought and sold shares of ATRO. BlackRock Inc. purchased a new stake in shares of Astronics in the 2nd quarter valued at approximately $248,395,000. Emerald Advisers LLC raised its position in shares of Astronics by 85.0% during the 1st quarter. Emerald Advisers LLC now owns 449,126 shares of the aerospace company's stock valued at $29,970,000 after buying an additional 206,399 shares during the period. Renaissance Technologies LLC raised its position in shares of Astronics by 320.4% during the 1st quarter. Renaissance Technologies LLC now owns 222,920 shares of the aerospace company's stock valued at $14,875,000 after buying an additional 169,900 shares during the period. Bank of America Corp DE purchased a new stake in shares of Astronics during the 2nd quarter valued at approximately $13,223,000. Finally, Nicholas Investment Partners LP acquired a new position in Astronics in the second quarter valued at approximately $11,717,000. 56.68% of the stock is currently owned by institutional investors and hedge funds.

Astronics Trading Down 4.0%

NASDAQ ATRO opened at $59.85 on Wednesday. The company has a debt-to-equity ratio of 1.57, a current ratio of 2.97 and a quick ratio of 1.63. The stock has a market capitalization of $2.57 billion, a P/E ratio of 28.01 and a beta of 1.25. The firm's 50-day moving average is $71.99 and its two-hundred day moving average is $70.43. Astronics Corporation has a 12 month low of $34.58 and a 12 month high of $94.46.

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, beating analysts' consensus estimates of $0.59 by $0.11. The business had revenue of $259.96 million during the quarter, compared to analysts' expectations of $245.30 million. Astronics had a net margin of 8.40% and a return on equity of 67.69%. Astronics's quarterly revenue was up 46.9% on a year-over-year basis. On average, sell-side analysts anticipate that Astronics Corporation will post 2.72 earnings per share for the current year.

Analysts Set New Price Targets

Several brokerages recently weighed in on ATRO. TD Cowen reiterated a "buy" rating and issued a $90.00 price objective (down from $100.00) on shares of Astronics in a research report on Friday, October 9th. Wall Street Zen raised Astronics from a "buy" rating to a "strong-buy" rating in a research note on Sunday, August 16th. Weiss Ratings downgraded Astronics from a "buy (b-)" rating to a "hold (c+)" rating in a research report on Thursday, October 8th. Finally, Zacks Research downgraded Astronics from a "strong-buy" rating to a "hold" rating in a research report on Monday, September 7th. Two investment analysts have rated the stock with a Strong Buy rating, two have issued a Buy rating and two have issued a Hold rating to the company. According to MarketBeat.com, the stock has a consensus rating of "Buy" and an average price target of $89.58.

About Astronics

Astronics Corporation is a aerospace and defense company that designs and manufactures advanced technologies for commercial, military and business aircraft. Its products and systems are used by original equipment manufacturers, airlines, aircraft operators and defense contractors.

The company's offerings include aircraft electrical power systems, lighting and cabin-management systems, connectivity and inflight entertainment equipment, avionics and specialized aerospace components. Astronics also develops automated test systems and related equipment used to test and support electronic systems in the aerospace, defense and other high-technology industries.

Founded in 1968 and headquartered in East Aurora, New York, Astronics serves customers in the United States and international markets through its manufacturing and engineering operations.

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