PDT Partners LLC Takes Position in Astronics Corporation $ATRO

PDT Partners LLC purchased a new position in shares of Astronics Corporation (NASDAQ:ATRO) in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 42,108 shares of the aerospace company’s stock, valued at approximately $3,422,000.

Other institutional investors have also made changes to their positions in the company. Nicholas Investment Partners LP acquired a new stake in Astronics in the 2nd quarter worth approximately $11,717,000. Legal & General Group Plc acquired a new stake in Astronics during the second quarter valued at approximately $2,072,000. The Manufacturers Life Insurance Company acquired a new stake in shares of Astronics during the 2nd quarter worth about $1,344,000. Algert Global LLC boosted its stake in Astronics by 45.9% in the second quarter. Algert Global LLC now owns 126,902 shares of the aerospace company’s stock worth $10,312,000 after purchasing an additional 39,934 shares in the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. bought a new stake in shares of Astronics during the second quarter valued at approximately $11,280,000. 56.68% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several research analysts have recently issued reports on the company. Zacks Research upgraded Astronics from a “hold” rating to a “strong-buy” rating in a research report on Monday, July 20th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Astronics in a report on Friday, July 17th. TD Cowen increased their target price on Astronics from $70.83 to $83.33 and gave the stock a “buy” rating in a research note on Thursday, May 28th. Truist Financial raised shares of Astronics to a “strong-buy” rating in a research note on Monday, May 4th. Finally, Wall Street Zen raised Astronics from a “buy” rating to a “strong-buy” rating in a research note on Sunday, August 16th. Three investment analysts have rated the stock with a Strong Buy rating, two have issued a Buy rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Buy” and a consensus price target of $74.17.

Astronics Price Performance

Shares of ATRO opened at $77.51 on Thursday. The company has a current ratio of 2.97, a quick ratio of 1.63 and a debt-to-equity ratio of 1.57. The company’s fifty day simple moving average is $76.13 and its 200 day simple moving average is $68.29. Astronics Corporation has a 1-year low of $29.65 and a 1-year high of $94.46. The company has a market cap of $3.33 billion, a price-to-earnings ratio of 45.59 and a beta of 1.15.

Astronics (NASDAQ:ATRO) last announced its quarterly earnings results on Tuesday, August 11th. The aerospace company reported $0.70 EPS for the quarter, beating analysts’ consensus estimates of $0.59 by $0.11. The firm had revenue of $259.96 million during the quarter, compared to analysts’ expectations of $245.30 million. Astronics had a net margin of 8.40% and a return on equity of 67.69%. The company’s quarterly revenue was up 46.9% on a year-over-year basis. On average, research analysts forecast that Astronics Corporation will post 2.74 earnings per share for the current fiscal year.

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.