BlackRock Inc. Invests $248.40 Million in Astronics Corporation $ATRO

BlackRock Inc. bought a new position in Astronics Corporation (NASDAQ:ATRO) during the 2nd quarter, HoldingsChannel reports. The fund bought 3,056,789 shares of the aerospace company’s stock, valued at approximately $248,395,000. BlackRock Inc. owned approximately 0.07% of Astronics as of its most recent SEC filing.

Other large investors have also added to or reduced their stakes in the company. IFP Advisors Inc grew its stake in shares of Astronics by 389.6% in the third quarter. IFP Advisors Inc now owns 563 shares of the aerospace company’s stock worth $26,000 after purchasing an additional 448 shares during the last quarter. Allworth Financial LP increased its stake in shares of Astronics by 57.1% during the fourth quarter. Allworth Financial LP now owns 528 shares of the aerospace company’s stock valued at $29,000 after buying an additional 192 shares during the period. EverSource Wealth Advisors LLC raised its holdings in shares of Astronics by 147.6% during the second quarter. EverSource Wealth Advisors LLC now owns 894 shares of the aerospace company’s stock valued at $30,000 after acquiring an additional 533 shares in the last quarter. Quarry LP raised its holdings in shares of Astronics by 33.6% during the fourth quarter. Quarry LP now owns 568 shares of the aerospace company’s stock valued at $31,000 after acquiring an additional 143 shares in the last quarter. Finally, Leonteq Securities AG purchased a new stake in Astronics in the fourth quarter worth $33,000. Institutional investors own 56.68% of the company’s stock.

Astronics Stock Performance

Shares of ATRO opened at $77.51 on Thursday. The company has a market cap of $3.33 billion, a price-to-earnings ratio of 45.59 and a beta of 1.15. The business’s fifty day simple moving average is $76.13 and its two-hundred day simple moving average is $68.29. Astronics Corporation has a 12 month low of $29.65 and a 12 month high of $94.46. The company has a current ratio of 2.97, a quick ratio of 1.63 and a debt-to-equity ratio of 1.57.

Astronics (NASDAQ:ATRO) last posted its quarterly earnings results on Tuesday, August 11th. The aerospace company reported $0.70 earnings per share for the quarter, topping the consensus estimate 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 return on equity of 67.69% and a net margin of 8.40%.The company’s quarterly revenue was up 46.9% compared to the same quarter last year. Research analysts anticipate that Astronics Corporation will post 2.74 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of research analysts have issued reports on ATRO shares. Truist Financial raised shares of Astronics to a “strong-buy” rating in a research report 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 research note on Thursday, May 28th. 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 note on Monday, July 20th. Finally, Wall Street Zen upgraded shares of Astronics from a “buy” rating to a “strong-buy” rating in a report on Sunday, August 16th. Three analysts have rated the stock with a Strong Buy rating, two have issued a Buy rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, Astronics currently has an average rating of “Buy” and an average target price of $74.17.

Astronics 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.