BlackRock Inc. Invests $248.40 Million in Astronics Corporation $ATRO

Key Points

• BlackRock acquired 3.06 million Astronics shares worth approximately $248.4 million, giving it a 7.11% stake. Institutional investors collectively own 56.68% of the aerospace company.
• Analyst sentiment is generally positive: Astronics has a consensus “Buy” rating and an average price target of $74.17, although Weiss Ratings maintained a “sell” rating.
• Astronics reported quarterly EPS of $0.70, exceeding estimates by $0.11, while revenue rose 46.9% year over year to $259.96 million. Shares opened at $77.51, with a market capitalization of about $3.33 billion.

BlackRock Inc. purchased a new stake in shares of Astronics Corporation (NASDAQ:ATRO - Free Report) in the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor purchased 3,056,789 shares of the aerospace company's stock, valued at approximately $248,395,000. BlackRock Inc. owned 7.11% of Astronics as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also added to or reduced their stakes in ATRO. Deutsche Bank AG purchased a new stake in Astronics in the 2nd quarter worth about $4,869,000. Persistent Asset Partners Ltd purchased a new position in shares of Astronics in the second quarter valued at $70,000. Flputnam Investment Management Co. bought a new stake in shares of Astronics during the 2nd quarter valued at $686,000. Bank of New York Mellon Corp bought a new stake in shares of Astronics during the 2nd quarter valued at $7,723,000. Finally, Focus Partners Advisor Solutions LLC bought a new stake in shares of Astronics during the 2nd quarter valued at $225,000. Hedge funds and other institutional investors own 56.68% of the company's stock.

Analysts Set New Price Targets

ATRO has been the subject of several analyst reports. TD Cowen raised their target price on Astronics from $70.83 to $83.33 and gave the stock a "buy" rating in a research note on Thursday, May 28th. Zacks Research upgraded Astronics from a "hold" rating to a "strong-buy" rating in a research report on Monday, July 20th. Wall Street Zen raised shares of Astronics from a "buy" rating to a "strong-buy" rating in a report on Sunday, August 16th. Truist Financial upgraded shares of Astronics to a "strong-buy" rating in a research report on Monday, May 4th. Finally, Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Astronics in a research note on Friday, July 17th. 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. According to MarketBeat, the company presently has an average rating of "Buy" and a consensus price target of $74.17.

Astronics Stock Up 4.0%

Shares of ATRO opened at $77.51 on Thursday. The firm has a market cap of $3.33 billion, a P/E ratio of 45.59 and a beta of 1.15. The stock has a 50 day simple moving average of $76.13 and a two-hundred day simple moving average of $68.29. 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 1 year low of $29.65 and a 1 year high of $94.46.

Astronics (NASDAQ:ATRO - Get Free Report) last posted its quarterly earnings results on Tuesday, August 11th. The aerospace company reported $0.70 EPS for the quarter, topping the consensus estimate of $0.59 by $0.11. The firm had revenue of $259.96 million for the quarter, compared to the consensus estimate of $245.30 million. Astronics had a net margin of 8.40% and a return on equity of 67.69%. The firm's revenue for the quarter was up 46.9% compared to the same quarter last year. On average, analysts forecast 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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