Inspire Investing LLC Makes New Investment in Astronics Corporation $ATRO

Key Points

• Inspire Investing LLC acquired 38,394 Astronics shares worth approximately $2.6 million, representing about 0.09% of the aerospace company. Institutional investors collectively own 56.68% of ATRO.
• Astronics reported quarterly EPS of $0.70, exceeding estimates of $0.59, while revenue rose 46.9% year over year to $259.96 million. Analysts expect full-year EPS of $2.72.
• ATRO shares opened at $57.89, well below their 52-week high of $94.46. Analysts maintain a consensus “Moderate Buy” rating with an average price target of $89.58.

Inspire Investing LLC acquired a new position in shares of Astronics Corporation (NASDAQ:ATRO - Free Report) in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 38,394 shares of the aerospace company's stock, valued at approximately $2,589,000. Inspire Investing LLC owned about 0.09% of Astronics as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors have also added to or reduced their stakes in ATRO. BlackRock Inc. bought a new position in Astronics in the 2nd quarter worth approximately $248,395,000. Emerald Advisers LLC raised its holdings in Astronics by 85.0% during the 1st quarter. Emerald Advisers LLC now owns 449,126 shares of the aerospace company's stock valued at $29,970,000 after acquiring an additional 206,399 shares during the period. Renaissance Technologies LLC raised its holdings in Astronics by 320.4% during the 1st quarter. Renaissance Technologies LLC now owns 222,920 shares of the aerospace company's stock valued at $14,875,000 after acquiring an additional 169,900 shares during the period. Bank of America Corp DE bought a new stake in Astronics during the 2nd quarter valued at $13,223,000. Finally, Nicholas Investment Partners LP purchased a new stake in shares of Astronics during the second quarter worth $11,717,000. Hedge funds and other institutional investors own 56.68% of the company's stock.

Astronics Price Performance

Shares of Astronics stock opened at $57.89 on Monday. Astronics Corporation has a 52-week low of $34.58 and a 52-week high of $94.46. The stock has a market capitalization of $2.49 billion, a price-to-earnings ratio of 34.05 and a beta of 1.25. The company has a fifty day moving average of $70.09 and a 200-day moving average of $70.46. The company has a debt-to-equity ratio of 1.57, a quick ratio of 1.63 and a current ratio of 2.97.

Astronics (NASDAQ:ATRO - Get Free Report) last announced its quarterly earnings results on Tuesday, August 11th. The aerospace company reported $0.70 EPS for the quarter, topping analysts' consensus estimates of $0.59 by $0.11. The business had revenue of $259.96 million for the quarter, compared to analysts' expectations of $245.30 million. Astronics had a return on equity of 67.69% and a net margin of 8.40%. The firm's revenue for the quarter was up 46.9% compared to the same quarter last year. Equities research analysts expect that Astronics Corporation will post 2.72 EPS for the current year.

Analysts Set New Price Targets

A number of research analysts have weighed in on ATRO shares. Zacks Research lowered Astronics from a "strong-buy" rating to a "hold" rating in a report on Monday, September 7th. Wall Street Zen raised shares of Astronics from a "buy" rating to a "strong-buy" rating in a report on Sunday, August 16th. Weiss Ratings downgraded shares of Astronics from a "buy (b-)" rating to a "hold (c+)" rating in a report on Thursday, October 8th. KeyCorp initiated coverage on shares of Astronics in a research report on Thursday. They issued a "sector weight" rating for the company. Finally, TD Cowen reaffirmed a "buy" rating and set a $90.00 price objective (down from $100.00) on shares of Astronics in a research note on Friday, October 9th. Two investment analysts have rated the stock with a Strong Buy rating, two have given a Buy rating and three have assigned a Hold rating to the company. According to data from MarketBeat.com, Astronics presently has a consensus rating of "Moderate Buy" and a consensus target price of $89.58.

About Astronics

Astronics Corporation is a aerospace and defense company that designs and manufactures advanced technologies for commercial, military and business aircraft. Its products and systems are used by original equipment manufacturers, airlines, aircraft operators and defense contractors.

The company's offerings include aircraft electrical power systems, lighting and cabin-management systems, connectivity and inflight entertainment equipment, avionics and specialized aerospace components. Astronics also develops automated test systems and related equipment used to test and support electronic systems in the aerospace, defense and other high-technology industries.

Founded in 1968 and headquartered in East Aurora, New York, Astronics serves customers in the United States and international markets through its manufacturing and engineering operations.

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