OP Asset Management Ltd Purchases New Stake in Astronics Corporation $ATRO

OP Asset Management Ltd acquired a new stake in shares of Astronics Corporation (NASDAQ:ATRO) during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 20,819 shares of the aerospace company’s stock, valued at approximately $1,389,000. OP Asset Management Ltd owned about 0.06% of Astronics at the end of the most recent reporting period.

Other hedge funds also recently added to or reduced their stakes in the company. Diversified Trust Co raised its stake in shares of Astronics by 13.8% in the 1st quarter. Diversified Trust Co now owns 4,684 shares of the aerospace company’s stock valued at $313,000 after purchasing an additional 569 shares in the last quarter. Hsbc Holdings PLC grew its stake in Astronics by 2,291.3% in the fourth quarter. Hsbc Holdings PLC now owns 148,309 shares of the aerospace company’s stock worth $8,120,000 after purchasing an additional 142,107 shares in the last quarter. Corient Private Wealth LLC acquired a new position in Astronics in the fourth quarter worth about $568,000. Virtu Financial LLC bought a new stake in Astronics in the fourth quarter valued at about $342,000. Finally, Invesco Ltd. raised its stake in Astronics by 63.0% during the fourth quarter. Invesco Ltd. now owns 205,672 shares of the aerospace company’s stock valued at $11,156,000 after buying an additional 79,469 shares in the last quarter. 56.68% of the stock is owned by institutional investors and hedge funds.

Astronics Stock Performance

Shares of NASDAQ ATRO opened at $85.66 on Tuesday. The company has a quick ratio of 1.63, a current ratio of 2.97 and a debt-to-equity ratio of 2.07. The firm’s 50-day moving average price is $70.18 and its two-hundred day moving average price is $62.06. Astronics Corporation has a 52-week low of $22.73 and a 52-week high of $88.72. The stock has a market capitalization of $3.68 billion, a P/E ratio of 87.11 and a beta of 1.14.

Astronics (NASDAQ:ATRO) last posted its earnings results on Tuesday, May 12th. The aerospace company reported $0.49 EPS for the quarter, beating the consensus estimate of $0.46 by $0.03. The company had revenue of $230.62 million during the quarter, compared to analyst estimates of $225.52 million. Astronics had a return on equity of 49.34% and a net margin of 5.12%.The business’s revenue was up 12.0% compared to the same quarter last year. During the same period in the prior year, the company earned $0.37 earnings per share. As a group, sell-side analysts forecast that Astronics Corporation will post 2.23 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of research analysts have commented on ATRO shares. Truist Financial raised Astronics to a “strong-buy” rating in a report on Monday, May 4th. Weiss Ratings reissued a “sell (d-)” rating on shares of Astronics in a research report on Monday, April 20th. Wall Street Zen upgraded Astronics from a “buy” rating to a “strong-buy” rating in a research note on Sunday, June 21st. Zacks Research downgraded shares of Astronics from a “strong-buy” rating to a “hold” rating in a report on Wednesday, May 13th. Finally, TD Cowen lifted their price objective on shares of Astronics from $70.83 to $83.33 and gave the stock a “buy” rating in a report on Thursday, May 28th. Two investment analysts have rated the stock with a Strong Buy rating, two have given a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $74.17.

About Astronics

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.