Peregrine Capital Management LLC Makes New Investment in Astronics Corporation $ATRO

Peregrine Capital Management LLC acquired a new stake in Astronics Corporation (NASDAQ:ATRO) in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund acquired 113,520 shares of the aerospace company’s stock, valued at approximately $7,575,000. Peregrine Capital Management LLC owned approximately 0.32% of Astronics at the end of the most recent reporting period.

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

Astronics Stock Performance

NASDAQ:ATRO opened at $76.06 on Thursday. The company has a market cap of $3.27 billion, a P/E ratio of 77.35 and a beta of 1.13. Astronics Corporation has a twelve month low of $22.73 and a twelve month high of $88.72. The company’s 50-day moving average price is $70.75 and its 200-day moving average price is $62.54. The company has a current ratio of 2.97, a quick ratio of 1.63 and a debt-to-equity ratio of 2.07.

Astronics (NASDAQ:ATRO) last posted its quarterly earnings results on Tuesday, May 12th. The aerospace company reported $0.49 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.46 by $0.03. Astronics had a return on equity of 49.34% and a net margin of 5.12%.The business had revenue of $230.62 million during the quarter, compared to analyst estimates of $225.52 million. During the same period in the prior year, the business earned $0.37 earnings per share. The business’s revenue was up 12.0% compared to the same quarter last year. On average, sell-side analysts forecast that Astronics Corporation will post 2.23 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

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

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.