Hsbc Holdings PLC Acquires 142,107 Shares of Astronics Corporation $ATRO

Hsbc Holdings PLC grew its holdings in Astronics Corporation (NASDAQ:ATRO) by 2,291.3% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 148,309 shares of the aerospace company’s stock after buying an additional 142,107 shares during the period. Hsbc Holdings PLC’s holdings in Astronics were worth $8,120,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Capital International Investors acquired a new position in shares of Astronics during the 3rd quarter worth approximately $64,173,000. Luxor Capital Group LP acquired a new stake in Astronics during the 3rd quarter valued at $52,698,000. State Street Corp boosted its position in Astronics by 26.2% during the fourth quarter. State Street Corp now owns 1,832,179 shares of the aerospace company’s stock worth $99,377,000 after purchasing an additional 379,811 shares during the period. Congruence Capital LLC bought a new position in Astronics during the fourth quarter worth $19,658,000. Finally, Millennium Management LLC increased its holdings in shares of Astronics by 80.1% in the first 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 during the last quarter. 56.68% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on ATRO shares. Zacks Research cut shares of Astronics from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, May 13th. TD Cowen raised their price objective on shares of Astronics from $70.83 to $83.33 and gave the stock a “buy” rating in a research report on Thursday, May 28th. Wall Street Zen upgraded Astronics from a “buy” rating to a “strong-buy” rating in a report on Sunday, June 21st. Truist Financial raised Astronics to a “strong-buy” rating in a research report on Monday, May 4th. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of Astronics in a report on Monday, April 20th. Two investment analysts have rated the stock with a Strong Buy rating, two have assigned a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $74.17.

Astronics Trading Down 3.2%

Shares of ATRO stock opened at $84.32 on Friday. Astronics Corporation has a fifty-two week low of $22.73 and a fifty-two week high of $88.72. The company has a debt-to-equity ratio of 2.07, a quick ratio of 1.63 and a current ratio of 2.97. The stock’s fifty day moving average price is $69.72 and its two-hundred day moving average price is $61.64. The company has a market cap of $3.63 billion, a PE ratio of 85.75 and a beta of 1.15.

Astronics (NASDAQ:ATRO) last issued its earnings results on Tuesday, May 12th. The aerospace company reported $0.49 EPS for the quarter, topping the consensus estimate of $0.46 by $0.03. The firm had revenue of $230.62 million during the quarter, compared to the consensus estimate of $225.52 million. Astronics had a return on equity of 49.34% and a net margin of 5.12%.The business’s quarterly revenue was up 12.0% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.37 earnings per share. Equities analysts predict that Astronics Corporation will post 2.23 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.