Astronics Corporation $ATRO Shares Bought by Assenagon Asset Management S.A.

Key Points

• Assenagon Asset Management increased its Astronics stake by 153.6% in the third quarter, acquiring 109,574 additional shares for a total of 180,916 shares valued at approximately $12.2 million.
• Institutional investors and hedge funds own 56.68% of Astronics. Analyst sentiment remains positive overall, with an average “Buy” rating and an average price target of $89.58, despite some recent downgrades.
• Astronics reported quarterly earnings of $0.70 per share, beating estimates of $0.59, while revenue rose 46.9% year over year to $259.96 million.

Assenagon Asset Management S.A. grew its position in Astronics Corporation (NASDAQ:ATRO - Free Report) by 153.6% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 180,916 shares of the aerospace company's stock after acquiring an additional 109,574 shares during the period. Assenagon Asset Management S.A. owned 0.42% of Astronics worth $12,197,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also modified their holdings of ATRO. Farther Finance Advisors LLC lifted its position in Astronics by 26.6% during the 3rd quarter. Farther Finance Advisors LLC now owns 857 shares of the aerospace company's stock worth $58,000 after buying an additional 180 shares in the last quarter. Nykredit A S acquired a new position in shares of Astronics during the second quarter worth approximately $40,000. Fifth Third Bancorp lifted its position in shares of Astronics by 877.2% during the first quarter. Fifth Third Bancorp now owns 557 shares of the aerospace company's stock worth $37,000 after purchasing an additional 500 shares in the last quarter. Petra Financial Advisors Inc. grew its stake in shares of Astronics by 5.3% during the first quarter. Petra Financial Advisors Inc. now owns 10,311 shares of the aerospace company's stock valued at $688,000 after purchasing an additional 519 shares during the last quarter. Finally, Optiver Holding B.V. grew its stake in shares of Astronics by 3,921.4% during the first quarter. Optiver Holding B.V. now owns 563 shares of the aerospace company's stock valued at $38,000 after purchasing an additional 549 shares during the last quarter. 56.68% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of analysts recently weighed in on ATRO shares. Zacks Research lowered shares of Astronics from a "strong-buy" rating to a "hold" rating in a report on Monday, September 7th. Weiss Ratings downgraded Astronics from a "buy (b-)" rating to a "hold (c+)" rating in a report on Thursday, October 8th. Wall Street Zen upgraded Astronics from a "buy" rating to a "strong-buy" rating in a research report on Sunday, August 16th. Finally, 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. Two equities research 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's stock. According to data from MarketBeat.com, Astronics presently has an average rating of "Buy" and an average price target of $89.58.

Astronics Stock Performance

ATRO stock opened at $62.33 on Tuesday. The business's fifty day moving average is $72.29 and its 200-day moving average is $70.43. The company has a quick ratio of 1.63, a current ratio of 2.97 and a debt-to-equity ratio of 1.57. The company has a market cap of $2.68 billion, a P/E ratio of 27.65 and a beta of 1.25. Astronics Corporation has a twelve month low of $34.58 and a twelve month high of $94.46.

Astronics (NASDAQ:ATRO - Get Free Report) last released its earnings results on Tuesday, August 11th. The aerospace company reported $0.70 earnings per share for the quarter, beating the consensus estimate of $0.59 by $0.11. Astronics had a return on equity of 67.69% and a net margin of 8.40%. The firm had revenue of $259.96 million for the quarter, compared to analyst estimates of $245.30 million. The company's revenue was up 46.9% compared to the same quarter last year. Equities research analysts forecast that Astronics Corporation will post 2.72 EPS for the current year.

About Astronics

Astronics Corporation is a diversified aerospace and defense technology company headquartered in East Aurora, New York. Founded in 1968, the company develops and manufactures advanced systems and components used in commercial aircraft, business and general aviation aircraft, military platforms, spacecraft, and other specialized applications.

Astronics' products include aircraft electrical power and distribution systems, cockpit and avionics equipment, cabin electronics, lighting systems, in-flight connectivity solutions, and aircraft structures.

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