Bank of New York Mellon Corp Makes New $7.72 Million Investment in Astronics Corporation $ATRO

Key Points

• Bank of New York Mellon acquired 95,037 Astronics shares worth approximately $7.72 million, while institutional investors collectively own 56.68% of the company.
• Analyst sentiment is broadly positive: Astronics has a consensus “Buy” rating and an average price target of $74.17, despite one analyst maintaining a sell rating.
• Astronics exceeded quarterly expectations, reporting $0.70 in earnings per share versus $0.59 expected and $259.96 million in revenue, up 46.9% year over year.

Bank of New York Mellon Corp acquired a new stake in shares of Astronics Corporation (NASDAQ:ATRO - Free Report) during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund acquired 95,037 shares of the aerospace company's stock, valued at approximately $7,723,000. Bank of New York Mellon Corp owned about 0.22% of Astronics as of its most recent SEC filing.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Vanguard Group Inc. lifted its stake in shares of Astronics by 2.0% during the 4th quarter. Vanguard Group Inc. now owns 1,975,693 shares of the aerospace company's stock worth $107,162,000 after acquiring an additional 39,527 shares during the last quarter. Emerald Advisers LLC boosted its holdings in Astronics by 85.0% during the 1st quarter. Emerald Advisers LLC now owns 449,126 shares of the aerospace company's stock valued at $29,970,000 after acquiring an additional 206,399 shares during the period. Bank of America Corp DE grew its position in Astronics by 81.9% in the 1st quarter. Bank of America Corp DE now owns 199,722 shares of the aerospace company's stock valued at $13,327,000 after acquiring an additional 89,950 shares during the last quarter. Emerald Mutual Fund Advisers Trust grew its position in Astronics by 78.1% in the 1st quarter. Emerald Mutual Fund Advisers Trust now owns 279,159 shares of the aerospace company's stock valued at $18,628,000 after acquiring an additional 122,440 shares during the last quarter. Finally, Hennion & Walsh Asset Management Inc. increased its stake in Astronics by 20.6% in the second quarter. Hennion & Walsh Asset Management Inc. now owns 79,689 shares of the aerospace company's stock worth $6,476,000 after purchasing an additional 13,613 shares during the period. Hedge funds and other institutional investors own 56.68% of the company's stock.

Analysts Set New Price Targets

A number of research analysts have recently commented on ATRO shares. Wall Street Zen upgraded shares of Astronics from a "buy" rating to a "strong-buy" rating in a report on Sunday, August 16th. Zacks Research raised shares of Astronics from a "hold" rating to a "strong-buy" rating in a research report on Monday, July 20th. Weiss Ratings reissued a "sell (d-)" rating on shares of Astronics in a research report on Friday, July 17th. Finally, TD Cowen upped their target price on shares of Astronics from $70.83 to $83.33 and gave the stock a "buy" rating in a research note on Thursday, May 28th. Three research analysts have rated the stock with a Strong Buy rating, two have issued a Buy rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of "Buy" and an average target price of $74.17.

Astronics Stock Performance

Shares of Astronics stock opened at $74.53 on Friday. The firm has a market cap of $3.21 billion, a P/E ratio of 43.84 and a beta of 1.20. The company has a current ratio of 2.97, a quick ratio of 1.63 and a debt-to-equity ratio of 1.57. Astronics Corporation has a 12 month low of $30.68 and a 12 month high of $94.46. The stock's fifty day moving average price is $75.15 and its 200-day moving average price is $68.76.

Astronics (NASDAQ:ATRO - Get Free Report) last released its quarterly earnings data 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 during the quarter, compared to analyst estimates 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% on a year-over-year basis. On average, equities research analysts expect that Astronics Corporation will post 2.74 earnings per share for the current fiscal year.

Astronics 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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