Renaissance Technologies LLC Grows Position in Astronics Corporation $ATRO

Renaissance Technologies LLC raised its stake in shares of Astronics Corporation (NASDAQ:ATRO) by 320.4% during the first quarter, HoldingsChannel reports. The firm owned 222,920 shares of the aerospace company’s stock after purchasing an additional 169,900 shares during the quarter. Renaissance Technologies LLC’s holdings in Astronics were worth $14,875,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also made changes to their positions in the stock. IFP Advisors Inc grew its holdings in shares of Astronics by 389.6% during the third quarter. IFP Advisors Inc now owns 563 shares of the aerospace company’s stock valued at $26,000 after buying an additional 448 shares during the last quarter. Allworth Financial LP raised its stake in Astronics by 57.1% in the 4th 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. EverSource Wealth Advisors LLC raised its stake in Astronics by 147.6% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 894 shares of the aerospace company’s stock worth $30,000 after acquiring an additional 533 shares during the last quarter. Quarry LP lifted its position in Astronics by 33.6% during the 4th quarter. Quarry LP now owns 568 shares of the aerospace company’s stock worth $31,000 after acquiring an additional 143 shares during the period. Finally, Leonteq Securities AG purchased a new stake in Astronics during the 4th quarter valued at about $33,000. 56.68% of the stock is currently owned by institutional investors and hedge funds.

Astronics Price Performance

Shares of ATRO opened at $69.49 on Friday. The business’s 50-day moving average is $73.45 and its two-hundred day moving average is $66.01. The company has a market capitalization of $2.99 billion, a P/E ratio of 70.67 and a beta of 1.13. The company has a debt-to-equity ratio of 2.07, a quick ratio of 1.63 and a current ratio of 2.97. Astronics Corporation has a fifty-two week low of $22.73 and a fifty-two week high of $88.72.

Astronics (NASDAQ:ATRO) last released its quarterly earnings data on Tuesday, May 12th. The aerospace company reported $0.49 earnings per share for the quarter, beating analysts’ consensus estimates of $0.46 by $0.03. The business had revenue of $230.62 million during the quarter, compared to analyst estimates of $225.52 million. Astronics had a return on equity of 49.34% and a net margin of 5.12%.The company’s revenue was up 12.0% on a year-over-year basis. During the same quarter last year, the business posted $0.37 EPS. Research analysts predict that Astronics Corporation will post 2.62 earnings per share for the current year.

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on the company. Weiss Ratings restated a “sell (d-)” rating on shares of Astronics in a research note on Friday, July 17th. Zacks Research upgraded Astronics from a “hold” rating to a “strong-buy” rating in a research report on Monday, July 20th. TD Cowen increased their price target on shares of Astronics from $70.83 to $83.33 and gave the stock a “buy” rating in a report on Thursday, May 28th. Truist Financial raised shares of Astronics to a “strong-buy” rating in a research report on Monday, May 4th. Finally, Wall Street Zen upgraded shares of Astronics from a “buy” rating to a “strong-buy” rating in a research note on Sunday, June 21st. Three investment analysts have rated the stock with a Strong Buy rating, two have issued a Buy rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Buy” and a consensus target price of $74.17.

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.