Astronics Corporation $ATRO Stock Sold by AEGON ASSET MANAGEMENT UK Plc

Key Points

• AEGON Asset Management UK cut its Astronics stake by 21% in the third quarter, selling 51,510 shares; it held 193,538 shares worth about $13.0 million at quarter-end.
• Astronics reported quarterly EPS of $0.70, beating the $0.59 consensus, while revenue of $260 million exceeded estimates and rose 46.9% year over year.
• Analysts’ consensus rating is Moderate Buy, with an average price target of $89.58; TD Cowen lowered its target to $90 from $100.

AEGON ASSET MANAGEMENT UK Plc reduced its stake in Astronics Corporation (NASDAQ:ATRO - Free Report) by 21.0% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 193,538 shares of the aerospace company's stock after selling 51,510 shares during the period. AEGON ASSET MANAGEMENT UK Plc owned approximately 0.45% of Astronics worth $13,048,000 at the end of the most recent reporting period.

Other large investors have also recently added to or reduced their stakes in the company. BlackRock Inc. acquired a new position in Astronics during the 2nd quarter worth approximately $248,395,000. Dimensional Fund Advisors LP raised its stake in shares of Astronics by 5.3% during the first quarter. Dimensional Fund Advisors LP now owns 673,760 shares of the aerospace company's stock valued at $44,951,000 after purchasing an additional 34,018 shares during the period. Emerald Advisers LLC raised its stake in shares of Astronics by 85.0% during the first quarter. Emerald Advisers LLC now owns 449,126 shares of the aerospace company's stock valued at $29,970,000 after purchasing an additional 206,399 shares during the period. Emerald Mutual Fund Advisers Trust raised its stake in shares of Astronics by 78.1% during the first quarter. Emerald Mutual Fund Advisers Trust now owns 279,159 shares of the aerospace company's stock valued at $18,628,000 after purchasing an additional 122,440 shares during the period. Finally, First Trust Advisors LP lifted its position in shares of Astronics by 4.1% during the first quarter. First Trust Advisors LP now owns 253,492 shares of the aerospace company's stock worth $16,916,000 after purchasing an additional 10,014 shares in the last quarter. 56.68% of the stock is currently owned by institutional investors and hedge funds.

Astronics Stock Performance

Astronics stock opened at $58.99 on Tuesday. The company has a debt-to-equity ratio of 1.57, a current ratio of 2.97 and a quick ratio of 1.63. Astronics Corporation has a 12 month low of $38.13 and a 12 month high of $94.46. The company has a fifty day moving average price of $65.63 and a two-hundred day moving average price of $67.46. The company has a market cap of $2.54 billion, a PE ratio of 25.83 and a beta of 1.37.

Astronics (NASDAQ:ATRO - Get Free Report) last issued its earnings results on Tuesday, August 11th. The aerospace company reported $0.70 earnings per share for the quarter, topping analysts' consensus estimates of $0.59 by $0.11. The company had revenue of $259.96 million for 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 revenue for the quarter was up 46.9% compared to the same quarter last year. Research analysts expect that Astronics Corporation will post 2.72 earnings per share for the current year.

Analyst Ratings Changes

A number of equities research analysts recently weighed in on the stock. TD Cowen reaffirmed a "buy" rating and set a $90.00 price target (down from $100.00) on shares of Astronics in a report on Friday, October 9th. KeyCorp initiated coverage on shares of Astronics in a report on Thursday, October 22nd. They issued a "sector weight" rating on the stock. Wall Street Zen raised shares of Astronics from a "buy" rating to a "strong-buy" rating in a research report on Sunday. Zacks Research downgraded Astronics from a "strong-buy" rating to a "hold" rating in a research note on Monday, September 7th. Finally, Weiss Ratings downgraded Astronics from a "buy (b-)" rating to a "hold (c+)" rating in a research note on Thursday, October 8th. Two research analysts have rated the stock with a Strong Buy rating, two have issued a Buy rating and three have assigned a Hold rating to the company's stock. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $89.58.

About Astronics

Astronics Corporation designs and manufactures technologies for the aerospace, defense and other industries. Its aerospace products include aircraft lighting, electrical power generation and distribution systems, cabin electronics, connectivity solutions and avionics-related equipment used on commercial and military aircraft.

The company also develops test systems, including automated equipment used to test aerospace and defense electronics. Astronics serves aircraft manufacturers, airlines, defense organizations and other customers, with products and services reaching markets around the world.

Founded in 1968, Astronics is headquartered in East Aurora, New York.

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