Counterpoint Mutual Funds LLC Buys New Position in Astronics Corporation $ATRO

Key Points

• Counterpoint Mutual Funds LLC has purchased 12,110 shares of Astronics Corporation, valued at approximately $405,000, during the second quarter.
• Insider James Mulato sold 1,129 shares of Astronics, reducing his position by 51.44%, amidst a backdrop of growing institutional investment in the company.
• Astronics has seen varied analyst ratings, with Zacks Research upgrading it to a “strong-buy” and a consensus price target of $49.00.

Counterpoint Mutual Funds LLC purchased a new stake in Astronics Corporation (NASDAQ:ATRO - Free Report) during the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund purchased 12,110 shares of the aerospace company's stock, valued at approximately $405,000.

Several other hedge funds also recently modified their holdings of the stock. Wealth Enhancement Advisory Services LLC acquired a new stake in Astronics in the second quarter worth $260,000. Longboard Asset Management LP bought a new stake in Astronics in the 2nd quarter valued at about $222,000. First Bank & Trust acquired a new position in Astronics during the 2nd quarter worth approximately $257,000. Goldman Sachs Group Inc. raised its stake in Astronics by 26.1% during the 1st quarter. Goldman Sachs Group Inc. now owns 222,486 shares of the aerospace company's stock worth $5,377,000 after buying an additional 46,054 shares during the period. Finally, Jane Street Group LLC boosted its holdings in Astronics by 579.4% in the first quarter. Jane Street Group LLC now owns 230,492 shares of the aerospace company's stock worth $5,571,000 after acquiring an additional 196,568 shares in the last quarter. Institutional investors own 56.68% of the company's stock.

Insider Activity at Astronics

In related news, insider James Mulato sold 1,129 shares of the firm's stock in a transaction that occurred on Friday, September 5th. The shares were sold at an average price of $38.16, for a total value of $43,082.64. Following the completion of the transaction, the insider directly owned 1,066 shares of the company's stock, valued at approximately $40,678.56. This trade represents a 51.44% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 10.83% of the company's stock.

Wall Street Analyst Weigh In

ATRO has been the topic of a number of research reports. Wall Street Zen lowered Astronics from a "strong-buy" rating to a "hold" rating in a research report on Saturday, August 9th. Zacks Research upgraded shares of Astronics to a "strong-buy" rating in a report on Friday, August 8th. Finally, Truist Financial raised shares of Astronics from a "hold" rating to a "buy" rating and set a $49.00 price objective on the stock in a research note on Friday, July 11th. One analyst has rated the stock with a Strong Buy rating and one has given a Buy rating to the company's stock. According to MarketBeat, Astronics presently has an average rating of "Strong Buy" and a consensus price target of $49.00.

Astronics Stock Down 0.3%

Shares of NASDAQ ATRO opened at $42.51 on Wednesday. The company has a debt-to-equity ratio of 0.59, a current ratio of 3.04 and a quick ratio of 1.63. The stock has a market capitalization of $1.51 billion, a PE ratio of -354.22 and a beta of 1.69. Astronics Corporation has a one year low of $14.13 and a one year high of $46.61. The business's fifty day moving average price is $36.41 and its 200-day moving average price is $30.94.

Astronics (NASDAQ:ATRO - Get Free Report) last announced its quarterly earnings data on Wednesday, August 6th. The aerospace company reported $0.38 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.33 by $0.05. The business had revenue of $204.68 million for the quarter, compared to analysts' expectations of $208.29 million. Astronics had a positive return on equity of 22.89% and a negative net margin of 0.45%. On average, equities research analysts anticipate that Astronics Corporation will post 0.82 EPS 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.

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