6,633 Shares in Astronics Corporation $ATRO Acquired by Longboard Asset Management LP

Key Points

• Longboard Asset Management LP has acquired 6,633 shares of Astronics Corporation (NASDAQ:ATRO), worth approximately $222,000, as disclosed in its recent SEC filing.
• Several institutional investors have significantly increased their positions in Astronics, with Assenagon Asset Management raising holdings by 224.1% and Point72 Asset Management by 368.6% in recent quarters.
• Astronics recently received mixed analyst ratings, with Zacks upgrading it to a "strong-buy" while Wall Street Zen downgraded it to a "hold," highlighting a broad range of sentiment toward the stock.

Longboard Asset Management LP bought a new stake in Astronics Corporation (NASDAQ:ATRO - Free Report) in the second quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor bought 6,633 shares of the aerospace company's stock, valued at approximately $222,000.

A number of other hedge funds have also modified their holdings of the business. First Bank & Trust acquired a new stake in shares of Astronics in the second quarter valued at about $257,000. Goldman Sachs Group Inc. increased its position in Astronics by 26.1% during the first quarter. Goldman Sachs Group Inc. now owns 222,486 shares of the aerospace company's stock worth $5,377,000 after purchasing an additional 46,054 shares during the last quarter. Jane Street Group LLC increased its position in Astronics by 579.4% during the first quarter. Jane Street Group LLC now owns 230,492 shares of the aerospace company's stock worth $5,571,000 after purchasing an additional 196,568 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its position in Astronics by 22.3% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 71,791 shares of the aerospace company's stock worth $1,735,000 after purchasing an additional 13,104 shares during the last quarter. Finally, Millennium Management LLC increased its position in Astronics by 80.1% during the first quarter. Millennium Management LLC now owns 746,956 shares of the aerospace company's stock worth $18,054,000 after purchasing an additional 332,133 shares during the last quarter. 56.68% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Astronics

In related news, insider James Mulato sold 1,129 shares of Astronics stock in a transaction that occurred on Friday, September 5th. The shares were sold at an average price of $38.16, for a total value of $43,082.64. Following the completion of the transaction, the insider owned 1,066 shares in the company, valued at $40,678.56. The trade was a 51.44% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 10.83% of the stock is owned by corporate insiders.

Astronics Stock Up 2.5%

Shares of NASDAQ ATRO traded up $1.05 during midday trading on Monday, hitting $42.65. The company's stock had a trading volume of 489,766 shares, compared to its average volume of 1,038,869. The business's fifty day simple moving average is $36.26 and its two-hundred day simple moving average is $30.86. The company has a debt-to-equity ratio of 0.59, a current ratio of 3.04 and a quick ratio of 1.63. Astronics Corporation has a 1 year low of $14.13 and a 1 year high of $46.61. The firm has a market capitalization of $1.51 billion, a price-to-earnings ratio of -355.39 and a beta of 1.69.

Astronics (NASDAQ:ATRO - Get Free Report) last posted its quarterly earnings data on Wednesday, August 6th. The aerospace company reported $0.38 EPS for the quarter, beating the consensus estimate of $0.33 by $0.05. Astronics had a negative net margin of 0.45% and a positive return on equity of 22.89%. The business had revenue of $204.68 million during the quarter, compared to analyst estimates of $208.29 million. On average, equities analysts predict that Astronics Corporation will post 0.82 EPS for the current year.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on the stock. Truist Financial upgraded shares of Astronics from a "hold" rating to a "buy" rating and set a $49.00 price objective for the company in a research report on Friday, July 11th. Wall Street Zen cut shares of Astronics from a "strong-buy" rating to a "hold" rating in a research report on Saturday, August 9th. Finally, Zacks Research upgraded shares of Astronics to a "strong-buy" rating in a research report on Friday, August 8th. One analyst has rated the stock with a Strong Buy rating and one has given a Buy rating to the company's stock. According to data from MarketBeat, the stock currently has a consensus rating of "Strong Buy" and an average target price of $49.00.

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.