Point72 Asset Management L.P. Increases Stake in Astronics Co. (NASDAQ:ATRO)

Point72 Asset Management L.P. increased its holdings in shares of Astronics Co. (NASDAQ:ATRO) by 368.6% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 25,100 shares of the aerospace company’s stock after buying an additional 19,744 shares during the period. Point72 Asset Management L.P.’s holdings in Astronics were worth $401,000 at the end of the most recent quarter.

Other large investors have also recently added to or reduced their stakes in the company. Connor Clark & Lunn Investment Management Ltd. acquired a new position in Astronics during the 4th quarter worth approximately $776,000. Royce & Associates LP grew its holdings in Astronics by 18.7% during the 4th quarter. Royce & Associates LP now owns 1,150,355 shares of the aerospace company’s stock worth $18,360,000 after acquiring an additional 181,619 shares in the last quarter. Ironwood Investment Management LLC acquired a new position in Astronics during the 4th quarter worth approximately $439,000. EntryPoint Capital LLC grew its holdings in Astronics by 229.7% during the 4th quarter. EntryPoint Capital LLC now owns 33,566 shares of the aerospace company’s stock worth $536,000 after acquiring an additional 23,386 shares in the last quarter. Finally, Intech Investment Management LLC acquired a new position in Astronics during the 4th quarter worth approximately $214,000. 56.68% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

ATRO has been the subject of several analyst reports. Truist Financial lowered their price target on shares of Astronics from $23.00 to $21.00 and set a “hold” rating for the company in a report on Thursday, April 17th. Wall Street Zen cut shares of Astronics from a “strong-buy” rating to a “buy” rating in a report on Wednesday.

Astronics Trading Up 1.1%

NASDAQ ATRO opened at $30.19 on Friday. The company has a debt-to-equity ratio of 0.72, a current ratio of 2.83 and a quick ratio of 1.46. The firm’s fifty day moving average price is $24.79 and its 200 day moving average price is $20.35. The company has a market capitalization of $1.07 billion, a price-to-earnings ratio of -158.89 and a beta of 1.44. Astronics Co. has a 12 month low of $14.13 and a 12 month high of $31.15.

Astronics (NASDAQ:ATRO) last posted its earnings results on Tuesday, May 6th. The aerospace company reported $0.44 EPS for the quarter, beating analysts’ consensus estimates of $0.25 by $0.19. The firm had revenue of $205.94 million for the quarter, compared to the consensus estimate of $192.53 million. Astronics had a negative net margin of 0.82% and a positive return on equity of 6.94%. On average, sell-side analysts expect that Astronics Co. will post 0.82 earnings per share for the current fiscal year.

Insider Activity at Astronics

In related news, Director Robert S. Keane sold 77,099 shares of the stock in a transaction on Friday, March 7th. The shares were sold at an average price of $24.55, for a total value of $1,892,780.45. Following the transaction, the director now directly owns 6,346 shares of the company’s stock, valued at $155,794.30. This trade represents a 92.39% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Insiders own 10.83% of the company’s stock.

Astronics Profile

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.