Squarepoint Ops LLC Invests $1.26 Million in Astronics Corporation $ATRO

Key Points

• Squarepoint Ops LLC acquired 15,555 Astronics shares during the second quarter, valued at approximately $1.26 million. Institutional ownership stands at 56.68%, with several other funds also increasing or initiating positions.
• Astronics reported strong quarterly results, with EPS of $0.70 versus a $0.59 consensus estimate and revenue of $259.96 million, up 46.9% year over year.
• Analyst sentiment is mixed but leans positive: the stock has a “Moderate Buy” consensus rating and a $74.17 average price target, while shares recently opened at $66.28.

Squarepoint Ops LLC acquired a new stake in shares of Astronics Corporation (NASDAQ:ATRO - Free Report) during the 2nd quarter, according to its most recent 13F filing with the SEC. The firm acquired 15,555 shares of the aerospace company's stock, valued at approximately $1,264,000.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Emerald Advisers LLC increased its stake in Astronics by 85.0% in the 1st quarter. Emerald Advisers LLC now owns 449,126 shares of the aerospace company's stock worth $29,970,000 after buying an additional 206,399 shares in the last quarter. Bank of America Corp DE raised its holdings in Astronics by 81.9% during the first quarter. Bank of America Corp DE now owns 199,722 shares of the aerospace company's stock valued at $13,327,000 after acquiring an additional 89,950 shares during the period. Nicholas Investment Partners LP purchased a new position in shares of Astronics in the second quarter valued at about $11,717,000. Deutsche Bank AG purchased a new position in shares of Astronics in the second quarter valued at about $4,869,000. Finally, Public Employees Retirement System of Ohio purchased a new position in shares of Astronics in the second quarter valued at about $1,457,000. 56.68% of the stock is currently owned by institutional investors.

Astronics Stock Performance

Shares of NASDAQ ATRO opened at $66.28 on Thursday. The company has a market cap of $2.85 billion, a P/E ratio of 38.99 and a beta of 1.20. Astronics Corporation has a 52-week low of $32.62 and a 52-week high of $94.46. The company has a debt-to-equity ratio of 1.57, a quick ratio of 1.63 and a current ratio of 2.97. The firm's fifty day moving average is $74.61 and its two-hundred day moving average is $69.24.

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, beating the consensus estimate of $0.59 by $0.11. Astronics had a net margin of 8.40% and a return on equity of 67.69%. The business had revenue of $259.96 million during the quarter, compared to the consensus estimate of $245.30 million. The business's revenue for the quarter was up 46.9% compared to the same quarter last year. As a group, analysts anticipate that Astronics Corporation will post 2.74 EPS for the current fiscal year.

Analysts Set New Price Targets

Several analysts recently issued reports on the company. Weiss Ratings reiterated a "sell (d-)" rating on shares of Astronics in a research report on Friday, July 17th. Zacks Research cut Astronics from a "strong-buy" rating to a "hold" rating in a report on Monday, September 7th. TD Cowen upped their price target on Astronics from $70.83 to $83.33 and gave the stock a "buy" rating in a research note on Thursday, May 28th. Finally, Wall Street Zen upgraded Astronics from a "buy" rating to a "strong-buy" rating in a research note on Sunday, August 16th. Two analysts have rated the stock with a Strong Buy rating, two have assigned a Buy rating, one has given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $74.17.

Astronics Company Profile

Astronics Corporation NASDAQ: ATRO designs and manufactures advanced aerospace and defense systems and equipment. Its products include aircraft lighting, electrical power and distribution systems, cabin electronics, connectivity solutions, avionics, and other specialized components used in commercial, business, general aviation, and military aircraft.

The company also provides automated test systems and related equipment used to test aerospace, defense, and other electronic systems. Its offerings support aircraft manufacturers, airlines, defense contractors, and maintenance organizations, as well as customers in the space and transportation markets.

Founded in 1968 and headquartered in East Aurora, New York, Astronics serves customers through operations and sales activities in the United States and international markets.

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