Nordea Investment Management AB Cuts Stake in Astronics Corporation $ATRO

Nordea Investment Management AB lowered its holdings in shares of Astronics Corporation (NASDAQ:ATRO) by 14.6% during the 4th quarter, according to the company in its most recent filing with the SEC. The fund owned 78,755 shares of the aerospace company’s stock after selling 13,430 shares during the period. Nordea Investment Management AB owned about 0.22% of Astronics worth $4,276,000 as of its most recent filing with the SEC.

A number of other large investors also recently added to or reduced their stakes in ATRO. Capital International Investors purchased a new stake in Astronics during the third quarter valued at about $64,173,000. Luxor Capital Group LP purchased a new position in shares of Astronics in the third quarter worth about $52,698,000. 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 worth $18,054,000 after buying an additional 332,133 shares during the period. American Century Companies Inc. lifted its stake in shares of Astronics by 659.8% in the 2nd quarter. American Century Companies Inc. now owns 339,947 shares of the aerospace company’s stock valued at $11,381,000 after acquiring an additional 295,208 shares during the last quarter. Finally, SG Capital Management LLC bought a new stake in shares of Astronics in the 3rd quarter valued at about $11,617,000. Hedge funds and other institutional investors own 56.68% of the company’s stock.

Astronics Trading Down 0.8%

ATRO opened at $64.78 on Friday. Astronics Corporation has a one year low of $19.89 and a one year high of $83.96. The company has a debt-to-equity ratio of 2.39, a current ratio of 3.10 and a quick ratio of 1.71. The business has a 50 day simple moving average of $74.45 and a two-hundred day simple moving average of $59.02. The firm has a market capitalization of $2.31 billion, a price-to-earnings ratio of 84.13 and a beta of 1.06.

Astronics (NASDAQ:ATRO) last issued its quarterly earnings data on Tuesday, February 24th. The aerospace company reported $0.75 earnings per share for the quarter, topping analysts’ consensus estimates of $0.63 by $0.12. The firm had revenue of $240.07 million for the quarter, compared to analyst estimates of $237.11 million. Astronics had a return on equity of 39.95% and a net margin of 3.41%.The business’s quarterly revenue was up 15.1% compared to the same quarter last year. During the same period last year, the company earned $0.46 EPS. Analysts predict that Astronics Corporation will post 0.82 EPS for the current year.

Wall Street Analysts Forecast Growth

Several research firms recently issued reports on ATRO. Wall Street Zen upgraded Astronics from a “buy” rating to a “strong-buy” rating in a research report on Saturday, February 28th. Truist Financial increased their price objective on Astronics from $75.00 to $107.00 and gave the company a “buy” rating in a research note on Wednesday, February 25th. CJS Securities upgraded shares of Astronics to a “strong-buy” rating in a report on Thursday, December 11th. Zacks Research raised shares of Astronics from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, February 3rd. Finally, Craig Hallum reiterated a “buy” rating on shares of Astronics in a report on Friday, January 9th. Two research analysts have rated the stock with a Strong Buy rating, three have given a Buy rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Buy” and a consensus 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.