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

Key Points

• Connor Clark & Lunn Investment Management acquired 138,811 Astronics shares worth approximately $11.28 million, representing a 0.32% stake. Institutional investors and hedge funds collectively own 56.68% of the company.
• Analyst sentiment is generally positive: Astronics has an average “Buy” rating and a consensus price target of $74.17, although one firm maintains a “Sell” rating.
• Astronics exceeded quarterly expectations, reporting $0.70 in earnings per share versus the $0.59 consensus and $259.96 million in revenue, up 46.9% year over year.

Connor Clark & Lunn Investment Management Ltd. bought a new position in shares of Astronics Corporation (NASDAQ:ATRO - Free Report) during the 2nd quarter, according to its most recent disclosure with the SEC. The institutional investor bought 138,811 shares of the aerospace company's stock, valued at approximately $11,280,000. Connor Clark & Lunn Investment Management Ltd. owned 0.32% of Astronics as of its most recent SEC filing.

Other hedge funds also recently added to or reduced their stakes in the company. Globeflex Capital L P acquired a new position in shares of Astronics in the second quarter worth $328,000. Quantbot Technologies LP acquired a new stake in shares of Astronics in the second quarter valued at $1,032,000. Ieq Capital LLC acquired a new stake in shares of Astronics in the second quarter valued at $1,641,000. Allworth Financial LP purchased a new position in Astronics in the second quarter valued at $46,000. Finally, Lisanti Capital Growth LLC purchased a new position in Astronics in the second quarter valued at $998,000. 56.68% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several research firms recently commented on ATRO. Truist Financial raised Astronics to a "strong-buy" rating in a research note on Monday, May 4th. TD Cowen increased their price target on Astronics from $70.83 to $83.33 and gave the company a "buy" rating in a research report on Thursday, May 28th. Wall Street Zen upgraded Astronics from a "buy" rating to a "strong-buy" rating in a research note on Sunday, August 16th. Weiss Ratings reissued a "sell (d-)" rating on shares of Astronics in a research report on Friday, July 17th. Finally, Zacks Research upgraded shares of Astronics from a "hold" rating to a "strong-buy" rating in a research note on Monday, July 20th. Three investment analysts have rated the stock with a Strong Buy rating, two have given a Buy rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the company presently has an average rating of "Buy" and an average target price of $74.17.

Astronics Stock Performance

Shares of ATRO opened at $77.51 on Thursday. The company has a market capitalization of $3.33 billion, a price-to-earnings ratio of 45.59 and a beta of 1.15. Astronics Corporation has a 52-week low of $29.65 and a 52-week high of $94.46. The company has a quick ratio of 1.63, a current ratio of 2.97 and a debt-to-equity ratio of 1.57. The stock has a 50 day moving average price of $76.13 and a 200 day moving average price of $68.29.

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 for the quarter, compared to analysts' expectations of $245.30 million. Astronics had a net margin of 8.40% and a return on equity of 67.69%. The company's revenue was up 46.9% on a year-over-year basis. Research analysts predict that Astronics Corporation will post 2.74 EPS 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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