The Manufacturers Life Insurance Company Invests $1.34 Million in Astronics Corporation $ATRO

The Manufacturers Life Insurance Company acquired a new stake in Astronics Corporation (NASDAQ:ATRO) in the 2nd quarter, HoldingsChannel reports. The fund acquired 16,540 shares of the aerospace company’s stock, valued at approximately $1,344,000.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. Allworth Financial LP grew its position in shares of Astronics by 57.1% in the 4th quarter. Allworth Financial LP now owns 528 shares of the aerospace company’s stock valued at $29,000 after acquiring an additional 192 shares during the period. Fifth Third Bancorp raised its holdings in shares of Astronics by 877.2% in the 1st quarter. Fifth Third Bancorp now owns 557 shares of the aerospace company’s stock valued at $37,000 after purchasing an additional 500 shares during the period. Optiver Holding B.V. lifted its stake in Astronics by 3,921.4% in the 1st quarter. Optiver Holding B.V. now owns 563 shares of the aerospace company’s stock valued at $38,000 after purchasing an additional 549 shares during the last quarter. IFP Advisors Inc lifted its stake in Astronics by 389.6% in the 3rd quarter. IFP Advisors Inc now owns 563 shares of the aerospace company’s stock valued at $26,000 after purchasing an additional 448 shares during the last quarter. Finally, Quarry LP grew its holdings in Astronics by 33.6% during the fourth quarter. Quarry LP now owns 568 shares of the aerospace company’s stock worth $31,000 after purchasing an additional 143 shares during the period. 56.68% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on the company. Zacks Research raised Astronics from a “hold” rating to a “strong-buy” rating in a research report on Monday, July 20th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Astronics in a research 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 report on Thursday, May 28th. Finally, Wall Street Zen upgraded shares of Astronics from a “buy” rating to a “strong-buy” rating in a research note on Sunday, August 16th. Three equities research analysts have rated the stock with a Strong Buy rating, two have given a Buy rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Buy” and a consensus target price of $74.17.

Astronics Stock Performance

Shares of ATRO stock opened at $76.26 on Friday. The business’s 50-day moving average price is $74.99 and its 200-day moving average price is $68.81. Astronics Corporation has a 12 month low of $30.72 and a 12 month high of $94.46. The firm has a market capitalization of $3.28 billion, a price-to-earnings ratio of 44.86 and a beta of 1.20. The company has a current ratio of 2.97, a quick ratio of 1.63 and a debt-to-equity ratio of 1.57.

Astronics (NASDAQ:ATRO) last released its quarterly earnings data on Tuesday, August 11th. The aerospace company reported $0.70 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.59 by $0.11. The company had revenue of $259.96 million during the quarter, compared to the consensus estimate of $245.30 million. Astronics had a return on equity of 67.69% and a net margin of 8.40%.The company’s quarterly revenue was up 46.9% compared to the same quarter last year. Equities research analysts forecast that Astronics Corporation will post 2.74 EPS for the current year.

Astronics Company 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.