Congruence Capital LLC Invests $19.66 Million in Astronics Corporation $ATRO

Congruence Capital LLC purchased a new position in shares of Astronics Corporation (NASDAQ:ATRO) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor purchased 362,430 shares of the aerospace company’s stock, valued at approximately $19,658,000. Astronics makes up approximately 7.2% of Congruence Capital LLC’s holdings, making the stock its 2nd biggest holding. Congruence Capital LLC owned approximately 1.02% of Astronics at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also made changes to their positions in the company. Vanguard Group Inc. grew its position in shares of Astronics by 2.0% during the 4th quarter. Vanguard Group Inc. now owns 1,975,693 shares of the aerospace company’s stock worth $107,162,000 after buying an additional 39,527 shares in the last quarter. Capital International Investors grew its position in shares of Astronics by 31.5% during the 4th quarter. Capital International Investors now owns 1,849,886 shares of the aerospace company’s stock worth $100,338,000 after buying an additional 442,886 shares in the last quarter. State Street Corp grew its position in shares of Astronics by 26.2% during the 4th quarter. State Street Corp now owns 1,832,179 shares of the aerospace company’s stock worth $99,377,000 after buying an additional 379,811 shares in the last quarter. Luxor Capital Group LP purchased a new stake in shares of Astronics during the 3rd quarter worth $52,698,000. Finally, Geode Capital Management LLC lifted its stake in shares of Astronics by 1.1% during the 4th quarter. Geode Capital Management LLC now owns 756,386 shares of the aerospace company’s stock worth $41,033,000 after purchasing an additional 7,968 shares during the last quarter. Institutional investors own 56.68% of the company’s stock.

Wall Street Analyst Weigh In

ATRO has been the subject of a number of analyst reports. Wall Street Zen cut Astronics from a “strong-buy” rating to a “buy” rating in a research note on Saturday. Truist Financial upgraded Astronics to a “strong-buy” rating in a research note on Monday, May 4th. TD Cowen upped their price objective on Astronics from $85.00 to $100.00 and gave the stock a “buy” rating in a research note on Thursday, May 28th. Zacks Research cut Astronics from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, May 13th. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of Astronics in a research note on Monday, April 20th. Two research analysts have rated the stock with a Strong Buy rating, two have given a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $89.00.

Astronics Trading Up 1.3%

Astronics stock opened at $96.00 on Friday. The stock has a 50-day moving average of $78.72 and a two-hundred day moving average of $70.82. 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 one year low of $27.27 and a one year high of $99.89. The stock has a market cap of $3.44 billion, a PE ratio of 81.36 and a beta of 1.15.

Astronics shares are scheduled to split on the morning of Monday, June 15th. The 6-5 split was recently announced. The newly issued shares will be distributed to shareholders after the market closes on Sunday, June 14th.

Astronics (NASDAQ:ATRO) last announced its quarterly earnings data on Tuesday, May 12th. The aerospace company reported $0.59 earnings per share for the quarter, beating analysts’ consensus estimates of $0.55 by $0.04. Astronics had a return on equity of 49.34% and a net margin of 5.12%.The business had revenue of $230.62 million for the quarter, compared to analyst estimates of $225.52 million. During the same period in the prior year, the company earned $0.44 earnings per share. The company’s revenue was up 12.0% on a year-over-year basis. On average, research analysts anticipate that Astronics Corporation will post 2.68 EPS 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.