Hsbc Holdings PLC Has $8.12 Million Holdings in Astronics Corporation $ATRO

Key Points

• HSBC Holdings PLC sharply increased its stake in Astronics, boosting its position by 2,291.3% in the fourth quarter to 148,309 shares worth about $8.12 million, or 0.42% of the company.
• Analyst sentiment is mixed but leans positive, with Astronics holding an average “Moderate Buy” rating and a consensus price target of $74.17 after recent upgrades from TD Cowen, Truist Financial, and Wall Street Zen.
• Astronics reported better-than-expected quarterly results, posting EPS of $0.49 versus estimates of $0.46 and revenue of $230.62 million, up 12% year over year, while shares recently traded around $71.17.

Hsbc Holdings PLC increased its position in shares of Astronics Corporation (NASDAQ:ATRO - Free Report) by 2,291.3% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 148,309 shares of the aerospace company's stock after buying an additional 142,107 shares during the period. Hsbc Holdings PLC owned 0.42% of Astronics worth $8,120,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. IFP Advisors Inc lifted its stake in Astronics by 389.6% in the third quarter. IFP Advisors Inc now owns 563 shares of the aerospace company's stock valued at $26,000 after acquiring an additional 448 shares during the last quarter. Allworth Financial LP increased its stake in shares of 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 purchasing an additional 192 shares during the last quarter. EverSource Wealth Advisors LLC raised its holdings in shares of Astronics by 147.6% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 894 shares of the aerospace company's stock valued at $30,000 after purchasing an additional 533 shares during the period. Quarry LP lifted its stake in Astronics by 33.6% in 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. Finally, Leonteq Securities AG acquired a new stake in Astronics in the 4th quarter valued at about $33,000. 56.68% of the stock is owned by institutional investors.

Analyst Ratings Changes

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

Astronics Stock Up 1.4%

Shares of ATRO opened at $71.17 on Thursday. Astronics Corporation has a 52 week low of $22.73 and a 52 week high of $88.72. The firm has a market cap of $3.06 billion, a P/E ratio of 72.38 and a beta of 1.13. The firm's 50-day simple moving average is $71.71 and its 200 day simple moving average is $63.50. The company has a debt-to-equity ratio of 2.07, a quick ratio of 1.63 and a current ratio of 2.97.

Astronics (NASDAQ:ATRO - Get Free Report) last issued its quarterly earnings data on Tuesday, May 12th. The aerospace company reported $0.49 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.46 by $0.03. Astronics had a net margin of 5.12% and a return on equity of 49.34%. The firm had revenue of $230.62 million during the quarter, compared to the consensus estimate of $225.52 million. During the same period last year, the business posted $0.37 earnings per share. The business's revenue for the quarter was up 12.0% compared to the same quarter last year. On average, analysts forecast that Astronics Corporation will post 2.23 earnings per share 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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