Federated Hermes Inc. Buys 20,136 Shares of Astronics Corporation (NASDAQ:ATRO)

Key Points

• Federated Hermes Inc. increased its stake in Astronics Corporation by 56.2%, holding 55,980 shares valued at approximately $1.35 million as of the end of the latest quarter.
• Astronics reported earnings of $0.44 per share for the most recent quarter, exceeding analysts' expectations of $0.25, along with revenues of $205.94 million.
• Wall Street analysts have had mixed ratings, with some upgrading Astronics to a "buy" while others changed their rating from "strong-buy" to "buy."

Federated Hermes Inc. lifted its stake in Astronics Corporation (NASDAQ:ATRO - Free Report) by 56.2% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 55,980 shares of the aerospace company's stock after acquiring an additional 20,136 shares during the quarter. Federated Hermes Inc. owned 0.16% of Astronics worth $1,353,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also recently made changes to their positions in ATRO. KLP Kapitalforvaltning AS purchased a new stake in Astronics during the fourth quarter valued at $73,000. JPMorgan Chase & Co. grew its stake in shares of Astronics by 154.3% during the 4th quarter. JPMorgan Chase & Co. now owns 236,406 shares of the aerospace company's stock valued at $3,773,000 after purchasing an additional 143,452 shares during the period. Franklin Resources Inc. grew its stake in shares of Astronics by 3.4% during the 4th quarter. Franklin Resources Inc. now owns 20,882 shares of the aerospace company's stock valued at $333,000 after purchasing an additional 693 shares during the period. Trexquant Investment LP increased its position in shares of Astronics by 46.4% during the 4th quarter. Trexquant Investment LP now owns 57,900 shares of the aerospace company's stock valued at $924,000 after purchasing an additional 18,339 shares during the last quarter. Finally, ExodusPoint Capital Management LP bought a new position in shares of Astronics in the 4th quarter worth approximately $1,783,000. 56.68% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of analysts have commented on the stock. Truist Financial upgraded shares of Astronics from a "hold" rating to a "buy" rating and set a $49.00 price target on the stock in a research report on Friday, July 11th. Wall Street Zen cut Astronics from a "strong-buy" rating to a "buy" rating in a report on Wednesday, May 21st.

Astronics Stock Performance

Shares of NASDAQ ATRO traded up $0.50 during trading on Friday, hitting $30.51. The company had a trading volume of 970,531 shares, compared to its average volume of 516,626. Astronics Corporation has a 12 month low of $14.13 and a 12 month high of $37.31. The company has a debt-to-equity ratio of 0.60, a quick ratio of 1.49 and a current ratio of 2.74. The firm has a market capitalization of $1.08 billion, a P/E ratio of -254.23 and a beta of 1.64. The stock has a 50 day simple moving average of $33.75 and a 200 day simple moving average of $26.72.

Astronics (NASDAQ:ATRO - Get Free Report) last released its earnings results on Wednesday, August 6th. The aerospace company reported $0.38 EPS for the quarter, topping analysts' consensus estimates of $0.33 by $0.05. Astronics had a negative net margin of 0.45% and a positive return on equity of 23.21%. The company had revenue of $204.68 million for the quarter, compared to analysts' expectations of $208.29 million. As a group, analysts anticipate that Astronics Corporation will post 0.82 earnings per share for the current year.

Astronics Company Profile

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.