Longboard Asset Management LP Purchases New Position in Astronics Corporation $ATRO

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 purchased a new stake in shares of Astronics Corporation (NASDAQ:ATRO - Free Report) in the second quarter, according to its most recent disclosure with the SEC. The firm purchased 6,633 shares of the aerospace company's stock, valued at approximately $222,000.

Several other hedge funds and other institutional investors also recently made changes to their positions in the business. Earnest Partners LLC bought a new position in Astronics in the 1st quarter valued at about $12,774,000. Millennium Management LLC increased its stake in Astronics by 881.6% during the 4th quarter. Millennium Management LLC now owns 414,823 shares of the aerospace company's stock valued at $6,621,000 after purchasing an additional 372,565 shares in the last quarter. Ameriprise Financial Inc. raised its position in shares of Astronics by 493.7% during the fourth quarter. Ameriprise Financial Inc. now owns 363,286 shares of the aerospace company's stock valued at $5,798,000 after buying an additional 302,092 shares during the last quarter. Envestnet Asset Management Inc. bought a new position in shares of Astronics in the first quarter worth about $5,521,000. Finally, Jane Street Group LLC raised its position in shares of Astronics by 579.4% in the 1st quarter. Jane Street Group LLC now owns 230,492 shares of the aerospace company's stock valued at $5,571,000 after purchasing an additional 196,568 shares during the last quarter. 56.68% of the stock is owned by institutional investors and hedge funds.

Astronics Stock Down 0.8%

NASDAQ:ATRO traded down $0.32 on Friday, reaching $41.60. The stock had a trading volume of 903,808 shares, compared to its average volume of 1,033,698. Astronics Corporation has a 12-month low of $14.13 and a 12-month high of $46.61. The company has a current ratio of 3.04, a quick ratio of 1.63 and a debt-to-equity ratio of 0.59. The stock has a market cap of $1.47 billion, a P/E ratio of -346.64 and a beta of 1.69. The company has a 50-day moving average of $36.13 and a 200 day moving average of $30.65.

Astronics (NASDAQ:ATRO - Get Free Report) last released its quarterly earnings results on Wednesday, August 6th. The aerospace company reported $0.38 EPS for the quarter, beating analysts' consensus estimates 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 firm had revenue of $204.68 million for the quarter, compared to analyst estimates of $208.29 million. On average, research analysts predict that Astronics Corporation will post 0.82 earnings per share for the current year.

Wall Street Analyst Weigh In

ATRO has been the subject of several research reports. Zacks Research raised Astronics to a "strong-buy" rating in a research report on Friday, August 8th. Wall Street Zen cut Astronics from a "strong-buy" rating to a "hold" rating in a report on Saturday, August 9th. Finally, Truist Financial upgraded Astronics from a "hold" rating to a "buy" rating and set a $49.00 price target on the stock in a report on Friday, July 11th. One analyst has rated the stock with a Strong Buy rating and one has given a Buy rating to the company. According to data from MarketBeat.com, Astronics currently has a consensus rating of "Strong Buy" and a consensus price target of $49.00.

Insider Activity

In other news, insider James Mulato sold 1,129 shares of the company's stock in a transaction that occurred on Friday, September 5th. The stock was sold at an average price of $38.16, for a total value of $43,082.64. Following the sale, the insider directly owned 1,066 shares in the company, valued at approximately $40,678.56. This represents a 51.44% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Company insiders own 9.39% of the company's stock.

Astronics Company Profile

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.