Cove Street Capital LLC Takes Position in Astronics Corporation $ATRO

Key Points

• Cove Street Capital LLC has acquired a new stake in Astronics Corporation, purchasing 16,555 shares valued at approximately $400,000 in Q1.
• Astronics reported an EPS of $0.38 for the last quarter, exceeding estimates, though it reported a revenue of $204.68 million, slightly below expectations.
• Analysts currently have a consensus rating of "Strong Buy" for Astronics, with an average target price set at $49.00 per share.

Cove Street Capital LLC bought a new stake in Astronics Corporation (NASDAQ:ATRO - Free Report) during the first quarter, according to its most recent disclosure with the SEC. The institutional investor bought 16,555 shares of the aerospace company's stock, valued at approximately $400,000.

Other hedge funds have also bought and sold shares of the company. Bosun Asset Management LLC bought a new stake in Astronics in the first quarter valued at approximately $975,000. AQR Capital Management LLC boosted its holdings in Astronics by 20.4% in the 1st quarter. AQR Capital Management LLC now owns 112,210 shares of the aerospace company's stock valued at $2,712,000 after purchasing an additional 18,975 shares during the period. Advisors Asset Management Inc. increased its holdings in shares of Astronics by 22.2% during the first quarter. Advisors Asset Management Inc. now owns 118,145 shares of the aerospace company's stock worth $2,856,000 after purchasing an additional 21,454 shares during the period. PDT Partners LLC raised its holdings in Astronics by 39.6% in the 1st quarter. PDT Partners LLC now owns 88,785 shares of the aerospace company's stock valued at $2,146,000 after acquiring an additional 25,203 shares in the last quarter. Finally, Cubist Systematic Strategies LLC lifted its position in Astronics by 90.8% during the first quarter. Cubist Systematic Strategies LLC now owns 301,880 shares of the aerospace company's stock worth $7,296,000 after purchasing an additional 143,669 shares during the period. 56.68% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

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

Astronics Stock Performance

Astronics stock traded down $0.29 during mid-day trading on Monday, reaching $38.39. 746,612 shares of the company's stock were exchanged, compared to its average volume of 535,971. The firm has a market capitalization of $1.36 billion, a PE ratio of -319.89 and a beta of 1.69. The company has a quick ratio of 1.63, a current ratio of 3.04 and a debt-to-equity ratio of 0.59. Astronics Corporation has a one year low of $14.13 and a one year high of $39.50. The business's fifty day simple moving average is $34.61 and its 200 day simple moving average is $29.37.

Astronics (NASDAQ:ATRO - Get Free Report) last released its earnings results on Wednesday, August 6th. The aerospace company reported $0.38 earnings per share for the quarter, beating analysts' consensus estimates of $0.33 by $0.05. Astronics had a negative net margin of 0.45% and a positive return on equity of 22.89%. The firm had revenue of $204.68 million during the quarter, compared to the consensus estimate of $208.29 million. On average, sell-side analysts expect that Astronics Corporation will post 0.82 earnings per share for the current year.

About Astronics

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.