Intech Investment Management LLC Purchases New Position in Astronics Co. (NASDAQ:ATRO)

Intech Investment Management LLC acquired a new stake in Astronics Co. (NASDAQ:ATRO - Free Report) in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 13,411 shares of the aerospace company's stock, valued at approximately $214,000.

Several other hedge funds and other institutional investors have also recently bought and sold shares of ATRO. Royce & Associates LP grew its stake in shares of Astronics by 18.7% in the 4th quarter. Royce & Associates LP now owns 1,150,355 shares of the aerospace company's stock valued at $18,360,000 after buying an additional 181,619 shares during the period. State Street Corp lifted its holdings in Astronics by 6.7% in the third quarter. State Street Corp now owns 924,070 shares of the aerospace company's stock valued at $18,001,000 after acquiring an additional 58,356 shares during the last quarter. Geode Capital Management LLC grew its position in Astronics by 2.0% in the third quarter. Geode Capital Management LLC now owns 691,522 shares of the aerospace company's stock worth $13,474,000 after acquiring an additional 13,469 shares during the period. Needham Investment Management LLC increased its stake in Astronics by 9.2% during the third quarter. Needham Investment Management LLC now owns 267,500 shares of the aerospace company's stock worth $5,211,000 after acquiring an additional 22,500 shares during the last quarter. Finally, Bank of New York Mellon Corp raised its position in Astronics by 16.4% in the fourth quarter. Bank of New York Mellon Corp now owns 108,231 shares of the aerospace company's stock valued at $1,727,000 after purchasing an additional 15,242 shares during the period. 56.68% of the stock is currently owned by institutional investors and hedge funds.

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Wall Street Analysts Forecast Growth

A number of equities analysts have recently weighed in on the company. StockNews.com upgraded Astronics from a "hold" rating to a "buy" rating in a report on Thursday, March 6th. Truist Financial boosted their price target on shares of Astronics from $17.00 to $23.00 and gave the company a "hold" rating in a research note on Wednesday, March 5th.

Insiders Place Their Bets

In other news, Director Robert S. Keane sold 77,099 shares of the business's stock in a transaction dated Friday, March 7th. The stock was sold at an average price of $24.55, for a total transaction of $1,892,780.45. Following the completion of the transaction, the director now directly owns 6,346 shares of the company's stock, valued at approximately $155,794.30. The trade was a 92.39 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. 10.86% of the stock is owned by company insiders.

Astronics Stock Down 2.7 %

Shares of ATRO traded down $0.68 during mid-day trading on Friday, hitting $24.67. 644,802 shares of the company's stock were exchanged, compared to its average volume of 265,551. The stock's 50-day moving average is $20.88 and its 200-day moving average is $18.81. The company has a debt-to-equity ratio of 0.72, a quick ratio of 1.46 and a current ratio of 2.83. Astronics Co. has a fifty-two week low of $14.13 and a fifty-two week high of $26.63. The company has a market cap of $870.09 million, a price-to-earnings ratio of -129.84 and a beta of 1.74.

Astronics (NASDAQ:ATRO - Get Free Report) last issued its quarterly earnings results on Tuesday, March 4th. The aerospace company reported $0.48 EPS for the quarter, beating the consensus estimate of $0.21 by $0.27. The company had revenue of $208.54 million during the quarter, compared to analysts' expectations of $194.91 million. Astronics had a negative net margin of 0.82% and a positive return on equity of 6.94%. During the same quarter last year, the company posted $0.35 EPS. On average, sell-side analysts anticipate that Astronics Co. will post 0.82 earnings per share for the current fiscal year.

Astronics Company Profile

Astronics Corporation, through its subsidiaries, designs and manufactures products for the aerospace, defense, and electronics industries in the United States, rest of North America, Asia, Europe, South America, and internationally. The company operates in two segments, Aerospace and Test Systems. The Aerospace segment offers lighting and safety systems, electrical power generation systems, distribution and seat motions systems, aircraft structures, avionics products, system certification, and other products.