Luxor Capital Group LP Has $593,000 Position in Astronics Corporation $ATRO

Key Points

• Luxor Capital Group cut its Astronics stake by 98% in Q1, selling 444,423 shares and leaving it with 8,882 shares valued at about $593,000.
• Analyst sentiment on Astronics is mixed but generally positive: the stock has a Buy consensus rating and an average price target of $74.17, though Weiss Ratings reiterated a sell rating.
• Astronics recently beat earnings expectations, reporting $0.49 EPS on $230.62 million in revenue, with quarterly revenue up 12% year over year.

Luxor Capital Group LP lessened its holdings in Astronics Corporation (NASDAQ:ATRO - Free Report) by 98.0% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 8,882 shares of the aerospace company's stock after selling 444,423 shares during the quarter. Luxor Capital Group LP's holdings in Astronics were worth $593,000 at the end of the most recent reporting period.

Other hedge funds have also added to or reduced their stakes in the company. Capital International Investors raised its stake in shares of Astronics by 31.5% during the fourth quarter. Capital International Investors now owns 1,849,886 shares of the aerospace company's stock valued at $100,338,000 after acquiring an additional 442,886 shares during the last quarter. State Street Corp grew its stake in shares of Astronics by 26.2% in the fourth quarter. State Street Corp now owns 1,832,179 shares of the aerospace company's stock worth $99,377,000 after purchasing an additional 379,811 shares during the last quarter. Congruence Capital LLC bought a new stake in shares of Astronics in the fourth quarter worth $19,658,000. Millennium Management LLC increased its holdings in Astronics by 80.1% in the first quarter. Millennium Management LLC now owns 746,956 shares of the aerospace company's stock valued at $18,054,000 after purchasing an additional 332,133 shares during the period. Finally, Lazard Asset Management LLC increased its holdings in Astronics by 4,791.1% in the third quarter. Lazard Asset Management LLC now owns 236,140 shares of the aerospace company's stock valued at $10,770,000 after purchasing an additional 231,312 shares during the period. 56.68% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research analysts have commented on the company. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Astronics in a report on Friday, July 17th. Wall Street Zen raised Astronics from a "buy" rating to a "strong-buy" rating in a research note on Sunday, June 21st. TD Cowen increased their price target on Astronics from $70.83 to $83.33 and gave the company a "buy" rating in a research note on Thursday, May 28th. Truist Financial upgraded Astronics to a "strong-buy" rating in a research report on Monday, May 4th. Finally, Zacks Research raised Astronics from a "hold" rating to a "strong-buy" rating in a research note on Monday, July 20th. Three research analysts have rated the stock with a Strong Buy rating, two have issued a Buy rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat, Astronics currently has an average rating of "Buy" and a consensus price target of $74.17.

Astronics Stock Performance

Shares of ATRO stock opened at $69.85 on Friday. The company has a market cap of $3.00 billion, a price-to-earnings ratio of 71.03 and a beta of 1.13. Astronics Corporation has a 52 week low of $22.73 and a 52 week high of $88.72. The company has a quick ratio of 1.63, a current ratio of 2.97 and a debt-to-equity ratio of 2.07. The firm has a 50 day moving average of $73.37 and a 200-day moving average of $65.41.

Astronics (NASDAQ:ATRO - Get Free Report) last released its earnings results on Tuesday, May 12th. The aerospace company reported $0.49 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.46 by $0.03. The company had revenue of $230.62 million for the quarter, compared to the consensus estimate of $225.52 million. Astronics had a net margin of 5.12% and a return on equity of 49.34%. Astronics's quarterly revenue was up 12.0% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.37 EPS. On average, equities analysts forecast that Astronics Corporation will post 2.62 earnings per share for the current year.

About Astronics

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.