Hsbc Holdings PLC Buys New Stake in Astronics Corporation $ATRO

Hsbc Holdings PLC purchased a new stake in Astronics Corporation (NASDAQ:ATRO) during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 93,903 shares of the aerospace company’s stock, valued at approximately $7,385,000.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. BlackRock Inc. acquired a new position in shares of Astronics in the 2nd quarter valued at about $248,395,000. 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 raised its position in Astronics by 26.2% during the fourth quarter. State Street Corp now owns 1,832,179 shares of the aerospace company’s stock valued at $99,377,000 after acquiring an additional 379,811 shares in the last quarter. Finally, Geode Capital Management LLC raised its position in Astronics by 1.1% during the fourth quarter. Geode Capital Management LLC now owns 756,386 shares of the aerospace company’s stock valued at $41,033,000 after acquiring an additional 7,968 shares in the last quarter. 56.68% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

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

Astronics Price Performance

Shares of Astronics stock opened at $75.71 on Friday. The firm has a market cap of $3.26 billion, a PE ratio of 44.54 and a beta of 1.15. Astronics Corporation has a twelve month low of $29.65 and a twelve month high of $94.46. The company has a quick ratio of 1.63, a current ratio of 2.97 and a debt-to-equity ratio of 1.57. The business has a 50-day moving average price of $75.98 and a 200 day moving average price of $68.44.

Astronics (NASDAQ:ATRO) last issued its quarterly earnings results on Tuesday, August 11th. The aerospace company reported $0.70 earnings per share (EPS) for the quarter, topping 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 the consensus estimate of $245.30 million. The business’s quarterly revenue was up 46.9% compared to the same quarter last year. Sell-side analysts predict 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.