Bank of New York Mellon Corp Grows Position in Astronics Co. (NASDAQ:ATRO)

Bank of New York Mellon Corp grew its holdings in Astronics Co. (NASDAQ:ATRO) by 15.1% in the second quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 116,175 shares of the aerospace company’s stock after buying an additional 15,253 shares during the period. Bank of New York Mellon Corp owned approximately 0.33% of Astronics worth $2,327,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Public Employees Retirement System of Ohio bought a new position in Astronics during the 1st quarter valued at about $31,000. Clear Rock Advisors LLC purchased a new position in Astronics in the fourth quarter valued at about $204,000. Hennion & Walsh Asset Management Inc. bought a new position in shares of Astronics during the 1st quarter worth approximately $239,000. American International Group Inc. lifted its holdings in shares of Astronics by 4.5% during the 1st quarter. American International Group Inc. now owns 13,662 shares of the aerospace company’s stock valued at $260,000 after purchasing an additional 589 shares during the last quarter. Finally, State Board of Administration of Florida Retirement System acquired a new stake in Astronics during the first quarter worth about $270,000. Hedge funds and other institutional investors own 56.68% of the company’s stock.

Astronics Stock Performance

NASDAQ:ATRO opened at $19.23 on Tuesday. Astronics Co. has a fifty-two week low of $14.11 and a fifty-two week high of $23.74. The company has a debt-to-equity ratio of 0.67, a quick ratio of 1.50 and a current ratio of 2.92. The company has a fifty day moving average of $20.53 and a two-hundred day moving average of $19.32. The stock has a market capitalization of $670.01 million, a PE ratio of -24.68 and a beta of 1.83.

Astronics (NASDAQ:ATRO) last issued its earnings results on Thursday, August 1st. The aerospace company reported $0.04 EPS for the quarter, missing analysts’ consensus estimates of $0.17 by ($0.13). The business had revenue of $198.11 million during the quarter, compared to analyst estimates of $191.19 million. Astronics had a negative net margin of 1.57% and a negative return on equity of 0.31%. During the same quarter last year, the company earned ($0.37) earnings per share. As a group, research analysts forecast that Astronics Co. will post 0.36 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Separately, Truist Financial lifted their target price on shares of Astronics from $20.00 to $22.00 and gave the company a “hold” rating in a report on Friday, August 2nd.

About Astronics

Astronics Corporation, through its subsidiaries, designs and manufactures products for the aerospace, defense, and electronics industries in the United States, rest of North America, Asia, Europe, South America, and internationally. The company operates in two segments, Aerospace and Test Systems. The Aerospace segment offers lighting and safety systems, electrical power generation systems, distribution and seat motions systems, aircraft structures, avionics products, system certification, and other products.