The Manufacturers Life Insurance Company Purchases Shares of 16,540 Astronics Corporation $ATRO

Key Points

• The Manufacturers Life Insurance Company acquired 16,540 Astronics shares worth approximately $1.34 million in the second quarter. Institutional investors collectively own 56.68% of the aerospace company.
• Analyst sentiment is generally positive: Astronics has a consensus “Buy” rating and a $74.17 average price target, though one firm maintains a sell rating.
• Astronics reported quarterly EPS of $0.70, beating estimates of $0.59, while revenue rose 46.9% year over year to $259.96 million. The stock opened at $76.26, up 2.3%.

The Manufacturers Life Insurance Company bought a new position in Astronics Corporation (NASDAQ:ATRO - Free Report) in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor bought 16,540 shares of the aerospace company's stock, valued at approximately $1,344,000.

Other large investors have also made changes to their positions in the company. Algert Global LLC boosted its stake in Astronics by 45.9% in the second quarter. Algert Global LLC now owns 126,902 shares of the aerospace company's stock worth $10,312,000 after purchasing an additional 39,934 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. bought a new position in shares of Astronics in the second quarter valued at about $11,280,000. Globeflex Capital L P bought a new stake in Astronics during the 2nd quarter worth about $328,000. Quantbot Technologies LP acquired a new stake in Astronics in the 2nd quarter valued at about $1,032,000. Finally, Ieq Capital LLC acquired a new stake in Astronics in the 2nd quarter valued at about $1,641,000. Institutional investors own 56.68% of the company's stock.

Analyst Ratings Changes

Several research firms have recently commented on ATRO. Wall Street Zen raised Astronics from a "buy" rating to a "strong-buy" rating in a research note on Sunday, August 16th. Zacks Research raised Astronics from a "hold" rating to a "strong-buy" rating in a research note on Monday, July 20th. Weiss Ratings reiterated a "sell (d-)" rating on shares of Astronics in a report on Friday, July 17th. Finally, TD Cowen lifted their price objective on Astronics from $70.83 to $83.33 and gave the stock a "buy" rating in a research report on Thursday, May 28th. Three investment analysts have rated the stock with a Strong Buy rating, two have given a Buy rating and one has issued a Sell rating to the company. According to MarketBeat.com, Astronics has a consensus rating of "Buy" and a consensus price target of $74.17.

Astronics Stock Up 2.3%

Astronics stock opened at $76.26 on Friday. The stock has a market capitalization of $3.28 billion, a PE ratio of 44.86 and a beta of 1.20. Astronics Corporation has a twelve month low of $30.72 and a twelve month high of $94.46. The company has a 50 day moving average of $74.99 and a 200-day moving average of $68.81. The company has a quick ratio of 1.63, a current ratio of 2.97 and a debt-to-equity ratio of 1.57.

Astronics (NASDAQ:ATRO - Get Free Report) last released its quarterly earnings results on Tuesday, August 11th. The aerospace company reported $0.70 earnings per share for the quarter, topping analysts' consensus estimates of $0.59 by $0.11. Astronics had a return on equity of 67.69% and a net margin of 8.40%.The firm had revenue of $259.96 million during the quarter, compared to the consensus estimate of $245.30 million. The company's revenue for the quarter was up 46.9% on a year-over-year basis. On average, equities research analysts anticipate that Astronics Corporation will post 2.74 EPS for the current fiscal year.

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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