Astronics Corporation $ATRO Shares Acquired by Emerald Advisers LLC

Key Points

• Emerald Advisers LLC boosted its stake in Astronics by 85% in the first quarter, buying an additional 206,399 shares and bringing its holdings to 449,126 shares worth about $30 million.
• Other institutional investors have also been active in the stock, and institutional ownership now stands at 56.68% of Astronics shares.
• Astronics reported better-than-expected quarterly results, with EPS of $0.49 versus estimates of $0.46 and revenue up 12% year over year to $230.62 million. Analysts currently rate the stock a Moderate Buy with an average price target of $74.17.

Emerald Advisers LLC lifted its holdings in shares of Astronics Corporation (NASDAQ:ATRO - Free Report) by 85.0% during the first quarter, according to its most recent disclosure with the SEC. The fund owned 449,126 shares of the aerospace company's stock after acquiring an additional 206,399 shares during the period. Emerald Advisers LLC owned approximately 1.26% of Astronics worth $29,970,000 at the end of the most recent quarter.

Several other hedge funds have also recently modified their holdings of the stock. Vanguard Group Inc. lifted its stake in shares of Astronics by 2.0% during the fourth quarter. Vanguard Group Inc. now owns 1,975,693 shares of the aerospace company's stock worth $107,162,000 after buying an additional 39,527 shares during the period. SG Americas Securities LLC purchased a new stake in shares of Astronics during the fourth quarter valued at $2,279,000. Luxor Capital Group LP acquired a new position in shares of Astronics in the 3rd quarter valued at $52,698,000. Linden Advisors LP acquired a new position in shares of Astronics in the 3rd quarter valued at $992,000. Finally, Calamos Advisors LLC purchased a new position in Astronics in the 4th quarter worth $1,070,000. Institutional investors and hedge funds own 56.68% of the company's stock.

Analyst Upgrades and Downgrades

A number of analysts have commented on ATRO shares. Wall Street Zen raised Astronics from a "buy" rating to a "strong-buy" rating in a research report on Sunday, June 21st. TD Cowen increased their price objective on Astronics from $70.83 to $83.33 and gave the company a "buy" rating in a report on Thursday, May 28th. Zacks Research cut Astronics from a "strong-buy" rating to a "hold" rating in a research note on Wednesday, May 13th. Truist Financial raised Astronics to a "strong-buy" rating in a report on Monday, May 4th. Finally, Weiss Ratings reiterated a "sell (d-)" rating on shares of Astronics in a research report on Monday, April 20th. Two research analysts have rated the stock with a Strong Buy rating, two have given a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $74.17.

Astronics Price Performance

Shares of Astronics stock opened at $72.03 on Tuesday. The firm has a market cap of $3.10 billion, a PE ratio of 73.25 and a beta of 1.13. Astronics Corporation has a twelve month low of $22.73 and a twelve month high of $88.72. The company has a quick ratio of 1.63, a current ratio of 2.97 and a debt-to-equity ratio of 2.07. The business has a 50-day moving average price of $72.54 and a 200 day moving average price of $64.05.

Astronics (NASDAQ:ATRO - Get Free Report) last issued its quarterly earnings results on Tuesday, May 12th. The aerospace company reported $0.49 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.46 by $0.03. Astronics had a return on equity of 49.34% and a net margin of 5.12%.The company had revenue of $230.62 million for the quarter, compared to the consensus estimate of $225.52 million. During the same quarter in the prior year, the business posted $0.37 earnings per share. Astronics's revenue for the quarter was up 12.0% on a year-over-year basis. Sell-side analysts predict that Astronics Corporation will post 2.38 earnings per share for the current fiscal year.

Astronics Company Profile

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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