Connor Clark & Lunn Investment Management Ltd. Grows Position in Astronics Corporation $ATRO

Key Points

• Connor Clark & Lunn Investment Management Ltd. increased its stake in Astronics Corporation by 93.6% in Q1, now owning 94,102 shares worth approximately $2.27 million.
• Astronics has seen significant interest from institutional investors, with 56.68% of its stock currently held by them following various stake increases by other funds.
• Analysts have mixed ratings for Astronics, with Truist Financial raising the rating to "buy" and setting a $49 price target, while Wall Street Zen downgraded it from "strong-buy" to "hold."

Connor Clark & Lunn Investment Management Ltd. grew its holdings in shares of Astronics Corporation (NASDAQ:ATRO - Free Report) by 93.6% during the first quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 94,102 shares of the aerospace company's stock after buying an additional 45,484 shares during the period. Connor Clark & Lunn Investment Management Ltd. owned approximately 0.27% of Astronics worth $2,274,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also recently modified their holdings of the business. Charles Schwab Investment Management Inc. boosted its holdings in shares of Astronics by 5.1% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 85,347 shares of the aerospace company's stock worth $2,063,000 after buying an additional 4,174 shares in the last quarter. Vanguard Group Inc. boosted its holdings in shares of Astronics by 1.7% during the 1st quarter. Vanguard Group Inc. now owns 1,601,632 shares of the aerospace company's stock worth $38,711,000 after buying an additional 27,025 shares in the last quarter. XTX Topco Ltd boosted its holdings in shares of Astronics by 28.1% during the 1st quarter. XTX Topco Ltd now owns 22,357 shares of the aerospace company's stock worth $540,000 after buying an additional 4,907 shares in the last quarter. Federated Hermes Inc. boosted its holdings in shares of Astronics by 56.2% during the 1st quarter. Federated Hermes Inc. now owns 55,980 shares of the aerospace company's stock worth $1,353,000 after buying an additional 20,136 shares in the last quarter. Finally, Equitable Trust Co. bought a new position in shares of Astronics during the 1st quarter worth approximately $251,000. 56.68% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on the company. Wall Street Zen cut Astronics from a "strong-buy" rating to a "hold" rating in a report on Saturday, August 9th. Zacks Research upgraded Astronics to a "strong-buy" rating in a report on Friday, August 8th. Finally, Truist Financial raised Astronics from a "hold" rating to a "buy" rating and set a $49.00 target price on the stock in a research report on Friday, July 11th. One research analyst has rated the stock with a Strong Buy rating and one has issued a Buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of "Strong Buy" and an average price target of $49.00.

Astronics Stock Down 1.8%

NASDAQ ATRO traded down $0.63 on Tuesday, reaching $34.41. The company had a trading volume of 119,500 shares, compared to its average volume of 516,888. The stock has a market capitalization of $1.22 billion, a P/E ratio of -286.43 and a beta of 1.64. The company's fifty day moving average is $33.84 and its 200 day moving average is $27.62. Astronics Corporation has a 52-week low of $14.13 and a 52-week high of $37.31. The company has a quick ratio of 1.63, a current ratio of 3.04 and a debt-to-equity ratio of 0.59.

Astronics (NASDAQ:ATRO - Get Free Report) last released its quarterly earnings results on Wednesday, August 6th. The aerospace company reported $0.38 EPS for the quarter, beating analysts' consensus estimates of $0.33 by $0.05. The business had revenue of $204.68 million during the quarter, compared to analyst estimates of $208.29 million. Astronics had a positive return on equity of 22.89% and a negative net margin of 0.45%. Sell-side analysts anticipate that Astronics Corporation will post 0.82 earnings per share for the current fiscal year.

About Astronics

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.