Emerald Mutual Fund Advisers Trust Raises Position in Astronics Corporation $ATRO

Key Points

• Emerald Mutual Fund Advisers Trust boosted its stake in Astronics by 78.1% in Q1, buying an additional 122,440 shares and bringing its total holding to 279,159 shares worth about $18.6 million.
• Institutional interest in Astronics remains broad, with hedge funds and other investors owning 56.68% of the company’s stock.
• Analysts remain mixed but generally positive: Astronics has a Moderate Buy consensus rating, while TD Cowen recently raised its price target to $83.33 and several firms upgraded or downgraded the stock.

Emerald Mutual Fund Advisers Trust increased its stake in Astronics Corporation (NASDAQ:ATRO - Free Report) by 78.1% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 279,159 shares of the aerospace company's stock after purchasing an additional 122,440 shares during the quarter. Emerald Mutual Fund Advisers Trust owned approximately 0.78% of Astronics worth $18,628,000 at the end of the most recent quarter.

Several other institutional investors have also bought and sold shares of ATRO. IFP Advisors Inc increased its position in Astronics by 389.6% in the third quarter. IFP Advisors Inc now owns 563 shares of the aerospace company's stock worth $26,000 after buying an additional 448 shares during the last quarter. Allworth Financial LP lifted its position in shares of Astronics by 57.1% during the 4th quarter. Allworth Financial LP now owns 528 shares of the aerospace company's stock valued at $29,000 after buying an additional 192 shares during the last quarter. EverSource Wealth Advisors LLC lifted its position in shares of Astronics by 147.6% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 894 shares of the aerospace company's stock valued at $30,000 after buying an additional 533 shares during the last quarter. Quarry LP grew its stake in shares of Astronics by 33.6% during the 4th quarter. Quarry LP now owns 568 shares of the aerospace company's stock worth $31,000 after acquiring an additional 143 shares during the period. Finally, Leonteq Securities AG bought a new position in shares of Astronics during the 4th quarter worth $33,000. Hedge funds and other institutional investors own 56.68% of the company's stock.

Analyst Ratings Changes

Several brokerages recently weighed in on ATRO. Truist Financial raised Astronics to a "strong-buy" rating in a report on Monday, May 4th. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Astronics in a report on Monday, April 20th. Zacks Research lowered shares of Astronics from a "strong-buy" rating to a "hold" rating in a research report on Wednesday, May 13th. Wall Street Zen upgraded shares of Astronics from a "buy" rating to a "strong-buy" rating in a research note on Sunday, June 21st. Finally, TD Cowen boosted their price target on shares of Astronics from $70.83 to $83.33 and gave the company a "buy" rating in a research report on Thursday, May 28th. Two equities research analysts have rated the stock with a Strong Buy rating, two have given a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, Astronics presently has a consensus rating of "Moderate Buy" and an average target price of $74.17.

Astronics Price Performance

Astronics stock opened at $72.03 on Tuesday. The firm has a market capitalization of $3.10 billion, a P/E ratio of 73.25 and a beta of 1.13. Astronics Corporation has a one year low of $22.73 and a one year high of $88.72. The company has a debt-to-equity ratio of 2.07, a current ratio of 2.97 and a quick ratio of 1.63. The business has a fifty day moving average price of $72.54 and a 200-day moving average price of $64.05.

Astronics (NASDAQ:ATRO - Get Free Report) last released its quarterly earnings data on Tuesday, May 12th. The aerospace company reported $0.49 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.46 by $0.03. Astronics had a return on equity of 49.34% and a net margin of 5.12%.The company had revenue of $230.62 million for the quarter, compared to analyst estimates of $225.52 million. During the same period in the previous year, the company posted $0.37 EPS. The firm's revenue for the quarter was up 12.0% compared to the same quarter last year. As a group, equities research analysts forecast that Astronics Corporation will post 2.38 EPS for the current 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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