Nicholas Investment Partners LP Takes $11.72 Million Position in Astronics Corporation $ATRO

Nicholas Investment Partners LP acquired a new stake in shares of Astronics Corporation (NASDAQ:ATRO) during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm acquired 144,186 shares of the aerospace company’s stock, valued at approximately $11,717,000. Nicholas Investment Partners LP owned approximately 0.34% of Astronics at the end of the most recent quarter.

A number of other hedge funds also recently bought and sold shares of the company. BlackRock Inc. bought a new position in Astronics during the second quarter valued at approximately $248,395,000. Capital International Investors raised its stake in shares of 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 in the last quarter. State Street Corp lifted its holdings in shares of Astronics by 26.2% in the 4th quarter. State Street Corp now owns 1,832,179 shares of the aerospace company’s stock worth $99,377,000 after acquiring an additional 379,811 shares during the last quarter. Congruence Capital LLC bought a new stake in shares of Astronics in the 4th quarter worth approximately $19,658,000. Finally, Millennium Management LLC boosted its stake in shares of Astronics by 80.1% in the 1st quarter. Millennium Management LLC now owns 746,956 shares of the aerospace company’s stock valued at $18,054,000 after purchasing an additional 332,133 shares in the last quarter. Institutional investors own 56.68% of the company’s stock.

Astronics Stock Down 4.2%

NASDAQ ATRO opened at $74.75 on Tuesday. Astronics Corporation has a 1 year low of $29.65 and a 1 year high of $94.46. The stock has a market capitalization of $3.21 billion, a PE ratio of 43.97 and a beta of 1.15. The company has a debt-to-equity ratio of 1.57, a current ratio of 2.97 and a quick ratio of 1.63. The business’s 50-day moving average is $76.20 and its 200 day moving average is $68.08.

Astronics (NASDAQ:ATRO) last released its quarterly earnings data 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. Astronics had a return on equity of 67.69% and a net margin of 8.40%.The business had revenue of $259.96 million during the quarter, compared to analysts’ expectations of $245.30 million. The business’s revenue for the quarter was up 46.9% on a year-over-year basis. Sell-side analysts forecast that Astronics Corporation will post 2.74 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several equities analysts recently commented on the stock. TD Cowen increased 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. Truist Financial raised shares of Astronics to a “strong-buy” rating in a research note on Monday, May 4th. Zacks Research upgraded shares of Astronics from a “hold” rating to a “strong-buy” rating in a research report on Monday, July 20th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Astronics in a research note on Friday, July 17th. Finally, Wall Street Zen upgraded Astronics from a “buy” rating to a “strong-buy” rating in a report on Sunday, August 16th. Three research 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, the company currently has a consensus rating of “Buy” and an average price target 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.