Connor Clark & Lunn Investment Management Ltd. Takes $11.28 Million Position in Astronics Corporation $ATRO

Connor Clark & Lunn Investment Management Ltd. bought a new stake in Astronics Corporation (NASDAQ:ATRO) in the second quarter, according to its most recent Form 13F filing with the SEC. The institutional investor bought 138,811 shares of the aerospace company’s stock, valued at approximately $11,280,000.

A number of other hedge funds have also recently added to or reduced their stakes in the company. Quarry LP increased its position in Astronics by 33.6% during the fourth quarter. Quarry LP now owns 568 shares of the aerospace company’s stock worth $31,000 after buying an additional 143 shares during the period. EverSource Wealth Advisors LLC boosted its holdings in shares of Astronics by 19.8% in the fourth quarter. EverSource Wealth Advisors LLC now owns 1,137 shares of the aerospace company’s stock valued at $62,000 after acquiring an additional 188 shares during the period. Allworth Financial LP grew its position in shares of Astronics by 57.1% during the fourth quarter. Allworth Financial LP now owns 528 shares of the aerospace company’s stock worth $29,000 after acquiring an additional 192 shares during the last quarter. US Bancorp DE grew its position in shares of Astronics by 41.0% during the third quarter. US Bancorp DE now owns 966 shares of the aerospace company’s stock worth $44,000 after acquiring an additional 281 shares during the last quarter. Finally, Hazlett Burt & Watson Inc. grew its position in shares of Astronics by 24.5% during the fourth quarter. Hazlett Burt & Watson Inc. now owns 1,525 shares of the aerospace company’s stock worth $83,000 after acquiring an additional 300 shares during the last quarter. Hedge funds and other institutional investors own 56.68% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms recently commented on ATRO. Weiss Ratings reiterated a “sell (d-)” rating on shares of Astronics in a research report on Friday, July 17th. Zacks Research raised shares of Astronics from a “hold” rating to a “strong-buy” rating in a research report on Monday, July 20th. Wall Street Zen upgraded shares of Astronics from a “buy” rating to a “strong-buy” rating in a research note on Sunday, August 16th. Truist Financial raised shares of Astronics to a “strong-buy” rating in a report on Monday, May 4th. Finally, TD Cowen increased 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. Three research analysts have rated the stock with a Strong Buy rating, two have given a Buy rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Buy” and an average target price of $74.17.

Astronics Trading Up 4.0%

NASDAQ ATRO opened at $77.51 on Thursday. The stock has a market capitalization of $3.33 billion, a P/E ratio of 45.59 and a beta of 1.15. Astronics Corporation has a 52-week low of $29.65 and a 52-week high of $94.46. The firm has a 50-day moving average price of $76.13 and a 200 day moving average price of $68.29. The company has a quick ratio of 1.63, a current ratio of 2.97 and a debt-to-equity ratio of 1.57.

Astronics (NASDAQ:ATRO) last announced its quarterly earnings data on Tuesday, August 11th. The aerospace company reported $0.70 earnings per share for the quarter, beating analysts’ consensus estimates of $0.59 by $0.11. Astronics had a return on equity of 67.69% and a net margin of 8.40%.The company had revenue of $259.96 million for the quarter, compared to analyst estimates of $245.30 million. The business’s quarterly revenue was up 46.9% compared to the same quarter last year. Equities research analysts expect that Astronics Corporation will post 2.74 EPS for the current year.

Astronics Company Profile

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.