Congruence Capital LLC Invests $19.66 Million in Astronics Corporation $ATRO

Congruence Capital LLC bought a new position in shares of Astronics Corporation (NASDAQ:ATRO) during the 4th quarter, HoldingsChannel.com reports. The institutional investor bought 362,430 shares of the aerospace company’s stock, valued at approximately $19,658,000. Astronics comprises 7.2% of Congruence Capital LLC’s investment portfolio, making the stock its 2nd biggest position.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Vanguard Group Inc. grew its holdings in Astronics by 2.0% during the fourth quarter. Vanguard Group Inc. now owns 1,975,693 shares of the aerospace company’s stock worth $107,162,000 after acquiring an additional 39,527 shares during the period. Capital International Investors grew its holdings in Astronics by 31.5% during the fourth quarter. Capital International Investors now owns 1,849,886 shares of the aerospace company’s stock worth $100,338,000 after acquiring an additional 442,886 shares during the period. State Street Corp grew its holdings in Astronics by 26.2% during the fourth quarter. State Street Corp now owns 1,832,179 shares of the aerospace company’s stock worth $99,377,000 after acquiring an additional 379,811 shares during the period. Luxor Capital Group LP acquired a new stake in Astronics during the third quarter worth about $52,698,000. Finally, Geode Capital Management LLC grew its holdings in Astronics by 1.1% during the fourth quarter. Geode Capital Management LLC now owns 756,386 shares of the aerospace company’s stock worth $41,033,000 after acquiring an additional 7,968 shares during the period. 56.68% of the stock is owned by institutional investors and hedge funds.

Astronics Stock Performance

Shares of NASDAQ:ATRO opened at $96.00 on Friday. The company has a debt-to-equity ratio of 2.07, a current ratio of 2.97 and a quick ratio of 1.63. The business’s 50 day moving average price is $78.72 and its 200-day moving average price is $70.82. The firm has a market capitalization of $3.44 billion, a PE ratio of 81.36 and a beta of 1.15. Astronics Corporation has a 1 year low of $27.27 and a 1 year high of $99.89.

Astronics shares are scheduled to split before the market opens on Monday, June 15th. The 6-5 split was recently announced. The newly minted shares will be issued to shareholders after the closing bell on Sunday, June 14th.

Astronics (NASDAQ:ATRO) last issued its quarterly earnings results on Tuesday, May 12th. The aerospace company reported $0.59 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.55 by $0.04. The firm had revenue of $230.62 million for 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% on a year-over-year basis. During the same period in the previous year, the company posted $0.44 earnings per share. As a group, equities research analysts expect that Astronics Corporation will post 2.68 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several analysts recently commented on ATRO shares. TD Cowen raised their target price on Astronics from $85.00 to $100.00 and gave the stock a “buy” rating in a report on Thursday, May 28th. Truist Financial raised Astronics to a “strong-buy” rating in a report on Monday, May 4th. Zacks Research lowered Astronics from a “strong-buy” rating to a “hold” rating in a report on Wednesday, May 13th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Astronics in a report on Monday, April 20th. Finally, Wall Street Zen lowered Astronics from a “strong-buy” rating to a “buy” rating in a report on Saturday. Two analysts have rated the stock with a Strong Buy rating, two have assigned a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, Astronics currently has an average rating of “Moderate Buy” and an average target price of $89.00.

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.