Assenagon Asset Management S.A. Reduces Holdings in Astronics Corporation $ATRO

Assenagon Asset Management S.A. decreased its stake in shares of Astronics Corporation (NASDAQ:ATRO) by 82.0% during the first quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 14,038 shares of the aerospace company’s stock after selling 63,754 shares during the quarter. Assenagon Asset Management S.A.’s holdings in Astronics were worth $937,000 at the end of the most recent reporting period.

Several other large investors also recently added to or reduced their stakes in ATRO. Quarry LP boosted its stake in shares of Astronics by 33.6% in the fourth quarter. Quarry LP now owns 568 shares of the aerospace company’s stock valued at $31,000 after purchasing an additional 143 shares during the period. EverSource Wealth Advisors LLC increased its stake in Astronics by 19.8% during the 4th quarter. EverSource Wealth Advisors LLC now owns 1,137 shares of the aerospace company’s stock worth $62,000 after buying an additional 188 shares during the period. Allworth Financial LP increased its stake in Astronics by 57.1% during the 4th quarter. Allworth Financial LP now owns 528 shares of the aerospace company’s stock worth $29,000 after buying an additional 192 shares during the period. US Bancorp DE lifted its holdings in Astronics by 41.0% during the 3rd quarter. US Bancorp DE now owns 966 shares of the aerospace company’s stock worth $44,000 after buying an additional 281 shares in the last quarter. Finally, Hazlett Burt & Watson Inc. lifted its holdings in Astronics by 24.5% during the 4th quarter. Hazlett Burt & Watson Inc. now owns 1,525 shares of the aerospace company’s stock worth $83,000 after buying an additional 300 shares in the last quarter. 56.68% of the stock is currently owned by hedge funds and other institutional investors.

Astronics Trading Down 6.9%

Shares of ATRO stock opened at $70.83 on Friday. The business’s fifty day moving average price is $70.90 and its 200 day moving average price is $62.72. The firm has a market capitalization of $3.05 billion, a PE ratio of 72.03 and a beta of 1.13. The company has a debt-to-equity ratio of 2.07, a current ratio of 2.97 and a quick ratio of 1.63. Astronics Corporation has a 1-year low of $22.73 and a 1-year high of $88.72.

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

Analyst Ratings Changes

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