Verdence Capital Advisors LLC Takes Position in Astronics Corporation $ATRO

Key Points

• Verdence Capital Advisors LLC acquired a new stake in Astronics Corporation, purchasing 6,552 shares valued at approximately $219,000 during the 2nd quarter.
• Astronics reported $0.38 earnings per share, exceeding analysts' expectations of $0.33, although revenue fell slightly short at $204.68 million compared to estimates of $208.29 million.
• Several analysts have recently adjusted their ratings on Astronics, with Truist Financial raising the price target to $58.00, while Zacks and Weiss Ratings downgraded the stock to "Hold" and "Sell," respectively.

Verdence Capital Advisors LLC acquired a new stake in shares of Astronics Corporation (NASDAQ:ATRO - Free Report) during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund acquired 6,552 shares of the aerospace company's stock, valued at approximately $219,000.

Other institutional investors have also modified their holdings of the company. Signaturefd LLC lifted its holdings in shares of Astronics by 88.5% during the 1st quarter. Signaturefd LLC now owns 1,446 shares of the aerospace company's stock valued at $35,000 after purchasing an additional 679 shares in the last quarter. CWM LLC lifted its stake in Astronics by 192.2% in the 1st quarter. CWM LLC now owns 2,592 shares of the aerospace company's stock valued at $63,000 after acquiring an additional 1,705 shares in the last quarter. GAMMA Investing LLC lifted its stake in Astronics by 16,616.7% in the 1st quarter. GAMMA Investing LLC now owns 6,018 shares of the aerospace company's stock valued at $145,000 after acquiring an additional 5,982 shares in the last quarter. Longboard Asset Management LP bought a new stake in Astronics in the 2nd quarter valued at approximately $222,000. Finally, Equitable Trust Co. bought a new stake in Astronics in the 1st quarter valued at approximately $251,000. Institutional investors own 56.68% of the company's stock.

Astronics Stock Down 2.3%

NASDAQ:ATRO opened at $47.90 on Friday. The company has a quick ratio of 1.63, a current ratio of 3.04 and a debt-to-equity ratio of 0.59. The firm has a market capitalization of $1.70 billion, a price-to-earnings ratio of -399.13 and a beta of 1.68. Astronics Corporation has a twelve month low of $14.13 and a twelve month high of $49.96. The stock's 50 day moving average price is $40.41 and its two-hundred day moving average price is $33.41.

Astronics (NASDAQ:ATRO - Get Free Report) last posted its earnings results on Wednesday, August 6th. The aerospace company reported $0.38 earnings per share for the quarter, topping analysts' consensus estimates of $0.33 by $0.05. The business had revenue of $204.68 million for the quarter, compared to analyst estimates of $208.29 million. Astronics had a positive return on equity of 22.89% and a negative net margin of 0.45%. Equities research analysts expect that Astronics Corporation will post 0.82 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several research firms have commented on ATRO. Truist Financial boosted their target price on Astronics from $49.00 to $58.00 and gave the company a "buy" rating in a research note on Wednesday. Weiss Ratings restated a "sell (d-)" rating on shares of Astronics in a research note on Wednesday, October 8th. Zacks Research cut Astronics from a "strong-buy" rating to a "hold" rating in a research note on Monday, October 6th. Wall Street Zen cut Astronics from a "strong-buy" rating to a "hold" rating in a research note on Saturday, August 9th. Finally, Craig Hallum started coverage on Astronics in a research report on Friday, October 10th. They set a "buy" rating and a $60.00 price target on the stock. Two research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of "Hold" and an average target price of $59.00.

Insider Buying and Selling at Astronics

In related news, insider James Mulato sold 1,129 shares of the business's stock in a transaction that occurred on Friday, September 5th. The stock was sold at an average price of $38.16, for a total transaction of $43,082.64. Following the transaction, the insider directly owned 1,066 shares of the company's stock, valued at approximately $40,678.56. The trade was a 51.44% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 9.39% of the company's stock.

About Astronics

Astronics Corporation, through its subsidiaries, designs and manufactures products for the aerospace, defense, and electronics industries in the United States, rest of North America, Asia, Europe, South America, and internationally. The company operates in two segments, Aerospace and Test Systems. The Aerospace segment offers lighting and safety systems, electrical power generation systems, distribution and seat motions systems, aircraft structures, avionics products, system certification, and other products.

Want to see what other hedge funds are holding ATRO? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Astronics Corporation (NASDAQ:ATRO - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.