SummitTX Capital L.P. Sells 46,965 Shares of Astronics Corporation $ATRO

SummitTX Capital L.P. reduced its stake in shares of Astronics Corporation (NASDAQ:ATRO) by 87.9% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 6,481 shares of the aerospace company’s stock after selling 46,965 shares during the quarter. SummitTX Capital L.P.’s holdings in Astronics were worth $432,000 at the end of the most recent reporting period.

Other institutional investors also recently modified their holdings of the company. Renaissance Technologies LLC increased its stake in shares of Astronics by 320.4% in the 1st quarter. Renaissance Technologies LLC now owns 222,920 shares of the aerospace company’s stock valued at $14,875,000 after acquiring an additional 169,900 shares during the last quarter. Gabelli Funds LLC boosted its stake in Astronics by 8.6% during the 1st quarter. Gabelli Funds LLC now owns 36,980 shares of the aerospace company’s stock worth $2,468,000 after acquiring an additional 2,915 shares during the last quarter. Public Employees Retirement System of Ohio bought a new position in Astronics during the 1st quarter worth approximately $175,000. Caxton Associates LLP grew its holdings in Astronics by 2.8% during the first quarter. Caxton Associates LLP now owns 55,334 shares of the aerospace company’s stock valued at $3,692,000 after purchasing an additional 1,499 shares during the period. Finally, Sei Investments Co. grew its holdings in Astronics by 153.4% during the first quarter. Sei Investments Co. now owns 71,039 shares of the aerospace company’s stock valued at $4,740,000 after purchasing an additional 43,007 shares during the period. 56.68% of the stock is currently owned by institutional investors and hedge funds.

Astronics Price Performance

Shares of ATRO opened at $69.49 on Friday. 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 has a 50 day simple moving average of $73.45 and a 200 day simple moving average of $66.01. Astronics Corporation has a 52-week low of $22.73 and a 52-week high of $88.72. The firm has a market capitalization of $2.99 billion, a PE ratio of 70.67 and a beta of 1.13.

Astronics (NASDAQ:ATRO) last posted its earnings results on Tuesday, May 12th. The aerospace company reported $0.49 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.46 by $0.03. The business had revenue of $230.62 million during the quarter, compared to analysts’ expectations of $225.52 million. Astronics had a return on equity of 49.34% and a net margin of 5.12%.Astronics’s revenue for the quarter was up 12.0% compared to the same quarter last year. During the same period in the prior year, the business earned $0.37 EPS. Sell-side analysts predict that Astronics Corporation will post 2.62 EPS for the current fiscal year.

Analysts Set New Price Targets

ATRO has been the subject of several recent analyst reports. Wall Street Zen raised shares of Astronics from a “buy” rating to a “strong-buy” rating in a research note on Sunday, June 21st. Zacks Research raised shares of Astronics from a “hold” rating to a “strong-buy” rating in a research report on Monday, July 20th. Weiss Ratings reissued a “sell (d-)” rating on shares of Astronics in a report on Friday, July 17th. TD Cowen upped their price objective on shares of Astronics from $70.83 to $83.33 and gave the company a “buy” rating in a research report on Thursday, May 28th. Finally, Truist Financial raised Astronics to a “strong-buy” rating in a research note on Monday, May 4th. Three research analysts have rated the stock with a Strong Buy rating, two have issued a Buy rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Buy” and a consensus price target of $74.17.

Astronics Profile

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.