Equitable Trust Co. Purchases Shares of 10,395 Astronics Corporation (NASDAQ:ATRO)

Key Points

• Equitable Trust Co. has acquired 10,395 shares of Astronics Corporation, valued at approximately $251,000, further indicating the growing interest in the aerospace company among institutional investors.
• In the last earnings report, Astronics posted an EPS of $0.44, exceeding analyst expectations of $0.25, with revenue reaching $205.94 million compared to expected $192.53 million.
• While analysts are showing mixed ratings, Truist Financial upgraded Astronics from "hold" to "buy" with a target price of $49.00, suggesting positive momentum for the stock.

Equitable Trust Co. acquired a new stake in Astronics Corporation (NASDAQ:ATRO - Free Report) during the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm acquired 10,395 shares of the aerospace company's stock, valued at approximately $251,000.

Other hedge funds have also added to or reduced their stakes in the company. Millennium Management LLC boosted its stake in shares of Astronics by 881.6% in the 4th quarter. Millennium Management LLC now owns 414,823 shares of the aerospace company's stock valued at $6,621,000 after purchasing an additional 372,565 shares in the last quarter. Schonfeld Strategic Advisors LLC grew its stake 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 during the last quarter. Ameriprise Financial Inc. increased its holdings in shares of 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 buying an additional 302,092 shares in the last quarter. Envestnet Asset Management Inc. bought a new position in shares of Astronics in the 1st quarter valued at $5,521,000. Finally, Renaissance Technologies LLC boosted its holdings in shares of Astronics by 139.3% during the 4th quarter. Renaissance Technologies LLC now owns 286,700 shares of the aerospace company's stock valued at $4,576,000 after acquiring an additional 166,900 shares in the last quarter. 56.68% of the stock is owned by institutional investors.

Astronics Trading Up 2.5%

Shares of NASDAQ:ATRO traded up $0.86 during mid-day trading on Wednesday, reaching $35.51. 176,922 shares of the company's stock were exchanged, compared to its average volume of 498,029. The company has a debt-to-equity ratio of 0.60, a quick ratio of 1.49 and a current ratio of 2.74. Astronics Corporation has a twelve month low of $14.13 and a twelve month high of $37.31. The firm has a market capitalization of $1.26 billion, a price-to-earnings ratio of -296.35 and a beta of 1.55. The business's fifty day moving average price is $33.19 and its 200-day moving average price is $25.91.

Astronics (NASDAQ:ATRO - Get Free Report) last announced its earnings results on Tuesday, May 6th. The aerospace company reported $0.44 EPS for the quarter, topping the consensus estimate of $0.25 by $0.19. The firm had revenue of $205.94 million for the quarter, compared to the consensus estimate of $192.53 million. Astronics had a positive return on equity of 18.45% and a negative net margin of 0.43%. On average, research analysts predict that Astronics Corporation will post 0.82 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several equities analysts have commented on the company. Truist Financial upgraded Astronics from a "hold" rating to a "buy" rating and set a $49.00 target price for the company in a research report on Friday, July 11th. Wall Street Zen lowered shares of Astronics from a "strong-buy" rating to a "buy" rating in a report on Wednesday, May 21st.

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.