Pier 88 Investment Partners LLC Acquires New Shares in Astronics Corporation $ATRO

Pier 88 Investment Partners LLC bought a new position in Astronics Corporation (NASDAQ:ATRO) in the third quarter, HoldingsChannel reports. The fund bought 14,430 shares of the aerospace company’s stock, valued at approximately $658,000.

Several other hedge funds and other institutional investors have also bought and sold shares of ATRO. PFG Investments LLC bought a new stake in shares of Astronics in the third quarter worth approximately $268,000. Y Intercept Hong Kong Ltd boosted its holdings in Astronics by 74.9% in the third quarter. Y Intercept Hong Kong Ltd now owns 33,061 shares of the aerospace company’s stock worth $1,508,000 after purchasing an additional 14,160 shares during the last quarter. Hunter Associates Investment Management LLC grew its position in Astronics by 64.4% in the 3rd quarter. Hunter Associates Investment Management LLC now owns 16,435 shares of the aerospace company’s stock worth $750,000 after purchasing an additional 6,435 shares during the period. Covestor Ltd raised its stake in Astronics by 25.4% during the 3rd quarter. Covestor Ltd now owns 1,068 shares of the aerospace company’s stock valued at $49,000 after buying an additional 216 shares during the last quarter. Finally, Campbell & CO Investment Adviser LLC bought a new position in shares of Astronics during the 3rd quarter valued at $256,000. Institutional investors own 56.68% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on ATRO. TD Cowen started coverage on shares of Astronics in a research report on Wednesday, November 26th. They set a “buy” rating for the company. Zacks Research downgraded Astronics from a “strong-buy” rating to a “hold” rating in a research note on Monday, January 5th. Weiss Ratings reissued a “sell (d-)” rating on shares of Astronics in a report on Wednesday, January 21st. Truist Financial set a $75.00 price target on Astronics in a research report on Friday, January 9th. Finally, CJS Securities raised shares of Astronics to a “strong-buy” rating in a research note on Thursday, December 11th. One investment analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, Astronics currently has a consensus rating of “Moderate Buy” and a consensus target price of $66.67.

Astronics Trading Up 1.6%

NASDAQ:ATRO opened at $77.58 on Tuesday. The stock has a market capitalization of $2.76 billion, a price-to-earnings ratio of -861.90 and a beta of 1.10. Astronics Corporation has a 52 week low of $16.77 and a 52 week high of $77.81. The company has a quick ratio of 1.56, a current ratio of 2.87 and a debt-to-equity ratio of 3.07. The firm has a 50 day moving average of $58.34 and a 200 day moving average of $47.24.

Astronics (NASDAQ:ATRO) last released its quarterly earnings results on Tuesday, November 4th. The aerospace company reported $0.49 EPS for the quarter, beating analysts’ consensus estimates of $0.42 by $0.07. The company had revenue of $211.45 million during the quarter, compared to analysts’ expectations of $210.80 million. Astronics had a positive return on equity of 29.65% and a negative net margin of 0.37%. As a group, sell-side analysts anticipate that Astronics Corporation will post 0.82 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.