Jupiter Topco LLC Purchases New Stake in Astronics Corporation $ATRO

Key Points

• Jupiter Topco LLC acquired 13,400 Astronics shares in the second quarter, valued at approximately $1.09 million. Institutional investors collectively own 56.68% of the company.
• Analyst sentiment is broadly positive, with a consensus “Buy” rating and an average price target of $74.17, although one analyst maintains a sell rating.
• Astronics reported quarterly EPS of $0.70, beating estimates of $0.59, while revenue rose 46.9% year over year to $259.96 million.

Jupiter Topco LLC acquired a new position in shares of Astronics Corporation (NASDAQ:ATRO - Free Report) in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 13,400 shares of the aerospace company's stock, valued at approximately $1,089,000.

Other hedge funds have also added to or reduced their stakes in the company. Allworth Financial LP grew 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 acquiring an additional 192 shares during the period. Fifth Third Bancorp raised its holdings in shares of Astronics by 877.2% in the 1st quarter. Fifth Third Bancorp now owns 557 shares of the aerospace company's stock worth $37,000 after purchasing an additional 500 shares during the period. Optiver Holding B.V. lifted its stake in Astronics by 3,921.4% in the first quarter. Optiver Holding B.V. now owns 563 shares of the aerospace company's stock valued at $38,000 after purchasing an additional 549 shares during the last quarter. IFP Advisors Inc grew its holdings in Astronics by 389.6% during the third quarter. IFP Advisors Inc now owns 563 shares of the aerospace company's stock valued at $26,000 after purchasing an additional 448 shares during the period. Finally, Quarry LP increased its position in Astronics by 33.6% in the fourth quarter. Quarry LP now owns 568 shares of the aerospace company's stock worth $31,000 after buying an additional 143 shares during the last quarter. Institutional investors own 56.68% of the company's stock.

Wall Street Analysts Forecast Growth

ATRO has been the topic of a number of recent research reports. Wall Street Zen raised Astronics from a "buy" rating to a "strong-buy" rating in a research report on Sunday, August 16th. Zacks Research raised shares of Astronics from a "hold" rating to a "strong-buy" rating in a report on Monday, July 20th. Weiss Ratings reiterated a "sell (d-)" rating on shares of Astronics in a research note on Friday, July 17th. 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. Three investment analysts have rated the stock with a Strong Buy rating, two have issued a Buy rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, Astronics currently has a consensus rating of "Buy" and an average target price of $74.17.

Astronics Stock Performance

NASDAQ ATRO opened at $76.26 on Friday. The company's 50 day simple moving average is $74.99 and its two-hundred day simple moving average is $68.81. The company has a debt-to-equity ratio of 1.57, a current ratio of 2.97 and a quick ratio of 1.63. Astronics Corporation has a 1 year low of $30.72 and a 1 year high of $94.46. The stock has a market capitalization of $3.28 billion, a PE ratio of 44.86 and a beta of 1.20.

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

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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