Hsbc Holdings PLC Buys Shares of 93,903 Astronics Corporation $ATRO

Key Points

• Hsbc Holdings PLC purchased 93,903 Astronics shares worth approximately $7.4 million, giving it about a 0.22% stake. Institutional investors and hedge funds collectively own 56.68% of the company.
• Astronics reported quarterly earnings of $0.70 per share, exceeding the $0.59 analyst consensus, while revenue rose 46.9% year over year to $259.96 million.
• Analyst sentiment is generally positive, with a consensus “Buy” rating and a $74.17 price target, although one analyst maintained a sell rating. ATRO recently traded at $75.71, with a market capitalization of approximately $3.26 billion.

Hsbc Holdings PLC purchased a new position in Astronics Corporation (NASDAQ:ATRO - Free Report) during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund purchased 93,903 shares of the aerospace company's stock, valued at approximately $7,385,000. Hsbc Holdings PLC owned about 0.22% of Astronics at the end of the most recent quarter.

Other large investors have also made changes to their positions in the company. Quarry LP lifted its holdings in shares of Astronics by 33.6% during the 4th quarter. Quarry LP now owns 568 shares of the aerospace company's stock valued at $31,000 after purchasing an additional 143 shares during the last quarter. EverSource Wealth Advisors LLC grew its stake in Astronics by 19.8% during the 4th quarter. EverSource Wealth Advisors LLC now owns 1,137 shares of the aerospace company's stock worth $62,000 after buying an additional 188 shares during the last quarter. Allworth Financial LP grew its stake in Astronics by 57.1% during the 4th quarter. Allworth Financial LP now owns 528 shares of the aerospace company's stock worth $29,000 after buying an additional 192 shares during the last quarter. US Bancorp DE increased its position in Astronics by 41.0% during the 3rd quarter. US Bancorp DE now owns 966 shares of the aerospace company's stock valued at $44,000 after buying an additional 281 shares in the last quarter. Finally, Hazlett Burt & Watson Inc. increased its position in Astronics by 24.5% during the 4th quarter. Hazlett Burt & Watson Inc. now owns 1,525 shares of the aerospace company's stock valued at $83,000 after buying an additional 300 shares in the last quarter. 56.68% of the stock is owned by institutional investors and hedge funds.

Astronics Stock Performance

Shares of ATRO opened at $75.71 on Friday. The stock has a 50-day moving average of $75.98 and a two-hundred day moving average of $68.44. Astronics Corporation has a one year low of $29.65 and a one year high of $94.46. The company has a debt-to-equity ratio of 1.57, a quick ratio of 1.63 and a current ratio of 2.97. The stock has a market cap of $3.26 billion, a P/E ratio of 44.54 and a beta of 1.15.

Astronics (NASDAQ:ATRO - Get Free Report) last announced its quarterly earnings data on Tuesday, August 11th. The aerospace company reported $0.70 earnings per share for the quarter, beating analysts' consensus estimates of $0.59 by $0.11. Astronics had a return on equity of 67.69% and a net margin of 8.40%.The business had revenue of $259.96 million for the quarter, compared to analyst estimates of $245.30 million. Astronics's quarterly revenue was up 46.9% compared to the same quarter last year. As a group, research analysts predict that Astronics Corporation will post 2.74 EPS for the current year.

Analyst Ratings Changes

Several equities research analysts have weighed in on ATRO shares. Wall Street Zen raised Astronics from a "buy" rating to a "strong-buy" rating in a report on Sunday, August 16th. Truist Financial upgraded shares of Astronics to a "strong-buy" rating in a report on Monday, May 4th. TD Cowen increased their price objective 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. Weiss Ratings reiterated a "sell (d-)" rating on shares of Astronics in a research note on Friday, July 17th. Finally, Zacks Research raised shares of Astronics from a "hold" rating to a "strong-buy" rating in a research report on Monday, July 20th. Three equities research analysts have rated the stock with a Strong Buy rating, two have given a Buy rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat, Astronics currently has an average rating of "Buy" and a consensus price target of $74.17.

Astronics Company 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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