PDT Partners LLC Invests $3.42 Million in Astronics Corporation $ATRO

Key Points

• PDT Partners LLC initiated a $3.42 million position in Astronics, purchasing 42,108 shares and holding approximately 0.10% of the company. Institutional investors collectively own 56.68% of Astronics.
• 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 $2.74.
• Analyst sentiment is mostly positive, with an average “Buy” rating and a consensus price target of $74.17, although one firm maintains a sell rating. The stock recently opened at $77.51, near its 52-week high of $94.46.

PDT Partners LLC purchased a new position in shares of Astronics Corporation (NASDAQ:ATRO - Free Report) in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor purchased 42,108 shares of the aerospace company's stock, valued at approximately $3,422,000. PDT Partners LLC owned about 0.10% of Astronics as of its most recent SEC filing.

Several other large investors have also recently made changes to their positions in ATRO. Quarry LP lifted its stake in shares of 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 in the last quarter. EverSource Wealth Advisors LLC lifted its position in Astronics by 19.8% during the fourth quarter. EverSource Wealth Advisors LLC now owns 1,137 shares of the aerospace company's stock worth $62,000 after buying an additional 188 shares in the last quarter. Allworth Financial LP grew its holdings in Astronics by 57.1% in the 4th quarter. Allworth Financial LP now owns 528 shares of the aerospace company's stock valued at $29,000 after buying an additional 192 shares in the last quarter. US Bancorp DE increased its stake in shares of Astronics by 41.0% in the 3rd quarter. US Bancorp DE now owns 966 shares of the aerospace company's stock worth $44,000 after acquiring an additional 281 shares during the last quarter. Finally, Hazlett Burt & Watson Inc. increased its stake in shares of Astronics by 24.5% in the 4th quarter. Hazlett Burt & Watson Inc. now owns 1,525 shares of the aerospace company's stock worth $83,000 after acquiring an additional 300 shares during the last quarter. 56.68% of the stock is currently owned by hedge funds and other institutional investors.

Astronics Stock Performance

NASDAQ:ATRO opened at $77.51 on Thursday. The firm has a market cap of $3.33 billion, a price-to-earnings ratio of 45.59 and a beta of 1.15. Astronics Corporation has a 1-year low of $29.65 and a 1-year high of $94.46. The firm's fifty day moving average price is $76.13 and its 200 day moving average price is $68.29. 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 (NASDAQ:ATRO - Get Free Report) last released its quarterly earnings data on Tuesday, August 11th. The aerospace company reported $0.70 EPS for the quarter, topping analysts' consensus estimates of $0.59 by $0.11. Astronics had a net margin of 8.40% and a return on equity of 67.69%. The firm had revenue of $259.96 million for the quarter, compared to the consensus estimate of $245.30 million. The business's quarterly revenue was up 46.9% on a year-over-year basis. On average, sell-side analysts expect that Astronics Corporation will post 2.74 EPS for the current year.

Analyst Ratings Changes

A number of equities analysts have commented on ATRO shares. Wall Street Zen raised shares of Astronics from a "buy" rating to a "strong-buy" rating in a research note on Sunday, August 16th. TD Cowen upped 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 shares of Astronics to a "strong-buy" rating in a report on Monday, May 4th. Weiss Ratings reiterated a "sell (d-)" rating on shares of Astronics in a research report on Friday, July 17th. Finally, Zacks Research raised Astronics from a "hold" rating to a "strong-buy" rating in a research note on Monday, July 20th. Three investment analysts have rated the stock with a Strong Buy rating, two have assigned a Buy rating and one has given a Sell rating to the company. Based on data from MarketBeat, Astronics currently has an average rating of "Buy" and a consensus target price of $74.17.

Astronics 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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