Intech Investment Management LLC Sells 7,336 Shares of Astronics Corporation $ATRO

Intech Investment Management LLC lowered its stake in shares of Astronics Corporation (NASDAQ:ATRO) by 41.0% in the third quarter, Holdings Channel reports. The institutional investor owned 10,548 shares of the aerospace company’s stock after selling 7,336 shares during the period. Intech Investment Management LLC’s holdings in Astronics were worth $481,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also made changes to their positions in the company. US Bancorp DE raised its position in shares of Astronics by 41.0% in the 3rd quarter. US Bancorp DE now owns 966 shares of the aerospace company’s stock worth $44,000 after acquiring an additional 281 shares in the last quarter. Empirical Asset Management LLC purchased a new stake in shares of Astronics during the 3rd quarter worth $667,000. AXQ Capital LP bought a new stake in Astronics during the third quarter valued at about $368,000. Equitable Trust Co. grew its stake in Astronics by 28.3% in the third quarter. Equitable Trust Co. now owns 13,340 shares of the aerospace company’s stock valued at $608,000 after purchasing an additional 2,945 shares during the last quarter. Finally, SG Capital Management LLC bought a new position in Astronics in the third quarter worth about $11,617,000. 56.68% of the stock is currently owned by hedge funds and other institutional investors.

Astronics Price Performance

Shares of ATRO stock opened at $73.19 on Thursday. Astronics Corporation has a fifty-two week low of $19.89 and a fifty-two week high of $83.96. The company has a debt-to-equity ratio of 2.39, a quick ratio of 1.71 and a current ratio of 3.10. The firm has a market capitalization of $2.61 billion, a price-to-earnings ratio of 95.05 and a beta of 1.06. The stock’s 50-day simple moving average is $73.84 and its 200-day simple moving average is $56.67.

Astronics (NASDAQ:ATRO) last released its earnings results on Tuesday, February 24th. The aerospace company reported $0.75 EPS for the quarter, topping analysts’ consensus estimates of $0.63 by $0.12. The company had revenue of $240.07 million during the quarter, compared to analysts’ expectations of $237.11 million. Astronics had a net margin of 3.41% and a return on equity of 39.95%. Astronics’s revenue for the quarter was up 15.1% on a year-over-year basis. During the same period last year, the business earned $0.46 EPS. As a group, equities analysts forecast that Astronics Corporation will post 0.82 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

ATRO has been the subject of several analyst reports. TD Cowen initiated coverage on shares of Astronics in a research report on Wednesday, November 26th. They set a “buy” rating for the company. Craig Hallum reiterated a “buy” rating on shares of Astronics in a research note on Friday, January 9th. Truist Financial increased their target price on shares of Astronics from $75.00 to $107.00 and gave the company a “buy” rating in a research report on Wednesday, February 25th. CJS Securities upgraded shares of Astronics to a “strong-buy” rating in a research note on Thursday, December 11th. Finally, Wall Street Zen raised Astronics from a “buy” rating to a “strong-buy” rating in a research report on Saturday, February 28th. Two investment analysts have rated the stock with a Strong Buy rating, three have given a Buy rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the company has an average rating of “Buy” and an average price target of $77.33.

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.