Earnest Partners LLC Invests $12.77 Million in Astronics Corporation $ATRO

Key Points

• Earnest Partners LLC made a new investment in Astronics Corporation, purchasing 528,491 shares valued at approximately $12.77 million during the first quarter.
• Astronics reported a positive earnings per share (EPS) of $0.38, exceeding analysts' expectations of $0.33, alongside revenue of $204.68 million.
• Several analysts have upgraded Astronics' stock, with Zacks Research dubbing it a "strong-buy" and Truist Financial assigning a price target of $49.00.

Earnest Partners LLC bought a new position in Astronics Corporation (NASDAQ:ATRO - Free Report) during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm bought 528,491 shares of the aerospace company's stock, valued at approximately $12,774,000. Earnest Partners LLC owned 1.50% of Astronics as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also made changes to their positions in ATRO. Millennium Management LLC lifted its stake in shares of Astronics by 881.6% during the 4th quarter. Millennium Management LLC now owns 414,823 shares of the aerospace company's stock worth $6,621,000 after purchasing an additional 372,565 shares during the last quarter. Schonfeld Strategic Advisors LLC grew its holdings in shares of Astronics by 58.7% during the fourth quarter. Schonfeld Strategic Advisors LLC now owns 881,504 shares of the aerospace company's stock worth $14,069,000 after buying an additional 325,904 shares in the last quarter. Ameriprise Financial Inc. increased its position in Astronics by 493.7% during the fourth quarter. Ameriprise Financial Inc. now owns 363,286 shares of the aerospace company's stock worth $5,798,000 after purchasing an additional 302,092 shares during the last quarter. Envestnet Asset Management Inc. acquired a new stake in Astronics during the first quarter worth about $5,521,000. Finally, Nuveen LLC purchased a new position in shares of Astronics during the 1st quarter worth $3,947,000. 56.68% of the stock is currently owned by hedge funds and other institutional investors.

Astronics Stock Performance

NASDAQ:ATRO traded down $1.46 during mid-day trading on Monday, hitting $36.37. The stock had a trading volume of 836,587 shares, compared to its average volume of 757,287. The company has a 50 day simple moving average of $34.19 and a 200-day simple moving average of $28.71. The stock has a market capitalization of $1.29 billion, a price-to-earnings ratio of -303.06 and a beta of 1.69. The company has a current ratio of 3.04, a quick ratio of 1.63 and a debt-to-equity ratio of 0.59. Astronics Corporation has a 52 week low of $14.13 and a 52 week high of $38.26.

Astronics (NASDAQ:ATRO - Get Free Report) last announced its earnings results 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. 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 analyst estimates of $208.29 million. On average, research analysts expect that Astronics Corporation will post 0.82 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of research firms recently issued reports on ATRO. Truist Financial upgraded Astronics from a "hold" rating to a "buy" rating and set a $49.00 target price for the company in a report on Friday, July 11th. Wall Street Zen downgraded shares of Astronics from a "strong-buy" rating to a "hold" rating in a report on Saturday, August 9th. Finally, Zacks Research upgraded shares of Astronics to a "strong-buy" rating in a research report on Friday, August 8th. One investment analyst has rated the stock with a Strong Buy rating and one has given a Buy rating to the stock. According to MarketBeat, Astronics currently has a consensus rating of "Strong Buy" and an average target price of $49.00.

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.