Tudor Investment Corp ET AL Trims Stake in Astronics Corporation $ATRO

Key Points

• Tudor Investment Corp ET AL cut its stake in Astronics by 97.1% in Q3, selling 207,090 shares and retaining 6,119 shares worth $279,000.
• Astronics beat the quarter with $0.75 EPS vs. $0.63 expected and $240.1M revenue (up 15.1% YoY); analysts hold an average Buy rating with a $77.33 consensus target and some targets as high as $107.
• The stock carries a $2.67 billion market cap and a high PE of 97.21, a 12‑month range of $19.89–$83.96, and roughly 56.68% of shares are owned by institutions.

Tudor Investment Corp ET AL reduced its position in shares of Astronics Corporation (NASDAQ:ATRO - Free Report) by 97.1% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 6,119 shares of the aerospace company's stock after selling 207,090 shares during the period. Tudor Investment Corp ET AL's holdings in Astronics were worth $279,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in the company. Brighton Jones LLC grew its position in shares of Astronics by 3.1% during the 3rd quarter. Brighton Jones LLC now owns 7,085 shares of the aerospace company's stock valued at $323,000 after purchasing an additional 216 shares in the last quarter. Covestor Ltd grew its position in shares of Astronics by 25.4% during the 3rd quarter. Covestor Ltd now owns 1,068 shares of the aerospace company's stock valued at $49,000 after purchasing an additional 216 shares in the last quarter. US Bancorp DE grew its position in shares of Astronics by 41.0% during the 3rd quarter. US Bancorp DE now owns 966 shares of the aerospace company's stock valued at $44,000 after purchasing an additional 281 shares in the last quarter. WINTON GROUP Ltd grew its position in shares of Astronics by 4.6% during the 3rd quarter. WINTON GROUP Ltd now owns 8,644 shares of the aerospace company's stock valued at $394,000 after purchasing an additional 383 shares in the last quarter. Finally, Captrust Financial Advisors grew its position in shares of Astronics by 2.3% during the 2nd quarter. Captrust Financial Advisors now owns 19,220 shares of the aerospace company's stock valued at $643,000 after purchasing an additional 435 shares in the last quarter. 56.68% of the stock is currently owned by hedge funds and other institutional investors.

Astronics Stock Performance

Astronics stock opened at $74.85 on Friday. The company has a quick ratio of 1.71, a current ratio of 3.10 and a debt-to-equity ratio of 2.39. The company has a market capitalization of $2.67 billion, a PE ratio of 97.21 and a beta of 1.11. The firm has a fifty day simple moving average of $73.16 and a two-hundred day simple moving average of $61.94. Astronics Corporation has a twelve month low of $19.89 and a twelve month high of $83.96.

Astronics (NASDAQ:ATRO - Get Free Report) last posted its quarterly earnings results on Tuesday, February 24th. The aerospace company reported $0.75 earnings per share for the quarter, topping the consensus estimate of $0.63 by $0.12. The business had revenue of $240.07 million during the quarter, compared to the consensus estimate of $237.11 million. Astronics had a net margin of 3.41% and a return on equity of 39.95%. The firm's revenue for the quarter was up 15.1% on a year-over-year basis. During the same period in the previous year, the firm posted $0.46 earnings per share. Research analysts expect that Astronics Corporation will post 0.82 EPS for the current year.

Analyst Ratings Changes

Several research analysts recently issued reports on ATRO shares. Weiss Ratings reiterated a "sell (d-)" rating on shares of Astronics in a research report on Wednesday, January 21st. Craig Hallum reiterated a "buy" rating on shares of Astronics in a research report on Friday, January 9th. Truist Financial upped their target price on shares of Astronics from $75.00 to $107.00 and gave the stock a "buy" rating in a research report on Wednesday, February 25th. Wall Street Zen upgraded shares of Astronics from a "buy" rating to a "strong-buy" rating in a research report on Saturday, February 28th. Finally, Zacks Research upgraded shares of Astronics from a "hold" rating to a "strong-buy" rating in a research report on Tuesday, February 3rd. Two research analysts have rated the stock with a Strong Buy rating, three have issued a Buy rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the stock currently has an average rating of "Buy" and a consensus price target of $77.33.

Astronics Company 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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