Bank of New York Mellon Corp Decreases Holdings in Astronics Corporation $ATRO

Key Points

• Bank of New York Mellon reduced its Astronics stake by 15.1% in the first quarter, selling 20,488 shares and retaining 115,298 shares worth approximately $7.7 million. Institutional investors collectively own 56.68% of ATRO.
• Analyst sentiment is largely positive: the stock has an average “Buy” rating and an average price target of $74.17, although Weiss Ratings maintains a sell rating.
• Astronics reported quarterly EPS of $0.49, exceeding estimates of $0.46, while revenue rose 12% year over year to $230.62 million. Shares opened at $69.49, versus a 52-week range of $22.73 to $88.72.

Bank of New York Mellon Corp lowered its stake in Astronics Corporation (NASDAQ:ATRO - Free Report) by 15.1% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 115,298 shares of the aerospace company's stock after selling 20,488 shares during the period. Bank of New York Mellon Corp owned approximately 0.32% of Astronics worth $7,694,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in ATRO. IFP Advisors Inc raised its holdings in Astronics by 389.6% in the 3rd quarter. IFP Advisors Inc now owns 563 shares of the aerospace company's stock worth $26,000 after purchasing an additional 448 shares in the last quarter. Allworth Financial LP lifted its holdings in shares of Astronics by 57.1% during the fourth quarter. Allworth Financial LP now owns 528 shares of the aerospace company's stock valued at $29,000 after purchasing an additional 192 shares during the last quarter. EverSource Wealth Advisors LLC raised its stake in Astronics by 147.6% during the second quarter. EverSource Wealth Advisors LLC now owns 894 shares of the aerospace company's stock valued at $30,000 after buying an additional 533 shares during the last quarter. Quarry LP raised its position in shares of Astronics by 33.6% in the 4th quarter. Quarry LP now owns 568 shares of the aerospace company's stock worth $31,000 after purchasing an additional 143 shares during the last quarter. Finally, Leonteq Securities AG bought a new position in shares of Astronics in the fourth quarter worth approximately $33,000. 56.68% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of brokerages recently weighed in on ATRO. Truist Financial upgraded shares of Astronics to a "strong-buy" rating in a research report on Monday, May 4th. Zacks Research upgraded shares of Astronics from a "hold" rating to a "strong-buy" rating in a research note on Monday, July 20th. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Astronics in a report on Friday, July 17th. TD Cowen upped their price target on Astronics from $70.83 to $83.33 and gave the stock a "buy" rating in a research note on Thursday, May 28th. Finally, Wall Street Zen upgraded Astronics from a "buy" rating to a "strong-buy" rating in a research report on Sunday, June 21st. Three analysts have rated the stock with a Strong Buy rating, two have given a Buy rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat, the company currently has an average rating of "Buy" and an average target price of $74.17.

Astronics Stock Performance

NASDAQ ATRO opened at $69.49 on Monday. The company has a market capitalization of $2.99 billion, a price-to-earnings ratio of 70.67 and a beta of 1.15. Astronics Corporation has a one year low of $22.73 and a one year high of $88.72. The company has a debt-to-equity ratio of 2.07, a quick ratio of 1.63 and a current ratio of 2.97. The company's 50-day simple moving average is $73.45 and its two-hundred day simple moving average is $66.06.

Astronics (NASDAQ:ATRO - Get Free Report) last announced its earnings results on Tuesday, May 12th. The aerospace company reported $0.49 EPS for the quarter, topping analysts' consensus estimates of $0.46 by $0.03. The business had revenue of $230.62 million during the quarter, compared to the consensus estimate of $225.52 million. Astronics had a net margin of 5.12% and a return on equity of 49.34%. The firm's revenue was up 12.0% on a year-over-year basis. During the same period in the previous year, the company posted $0.37 earnings per share. Equities analysts forecast that Astronics Corporation will post 2.62 EPS 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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