Peregrine Capital Management LLC Makes New $7.58 Million Investment in Astronics Corporation $ATRO

Peregrine Capital Management LLC bought a new stake in Astronics Corporation (NASDAQ:ATRO) during the 1st quarter, Holdings Channel reports. The firm bought 113,520 shares of the aerospace company’s stock, valued at approximately $7,575,000.

Several other hedge funds have also made changes to their positions in the company. AQR Capital Management LLC raised its position in shares of Astronics by 20.4% during the 1st quarter. AQR Capital Management LLC now owns 112,210 shares of the aerospace company’s stock valued at $2,712,000 after buying an additional 18,975 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in Astronics by 6.5% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 17,491 shares of the aerospace company’s stock worth $423,000 after acquiring an additional 1,069 shares during the period. Millennium Management LLC increased its stake in Astronics by 80.1% during the first quarter. Millennium Management LLC now owns 746,956 shares of the aerospace company’s stock worth $18,054,000 after acquiring an additional 332,133 shares during the last quarter. Goldman Sachs Group Inc. increased its stake in Astronics by 26.1% during the first quarter. Goldman Sachs Group Inc. now owns 222,486 shares of the aerospace company’s stock worth $5,377,000 after acquiring an additional 46,054 shares during the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its position in Astronics by 22.3% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 71,791 shares of the aerospace company’s stock valued at $1,735,000 after purchasing an additional 13,104 shares during the period. Hedge funds and other institutional investors own 56.68% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on ATRO shares. Truist Financial raised Astronics to a “strong-buy” rating in a research note on Monday, May 4th. Zacks Research lowered shares of Astronics from a “strong-buy” rating to a “hold” rating in a report on Wednesday, May 13th. TD Cowen increased their target price on shares of Astronics from $70.83 to $83.33 and gave the stock a “buy” rating in a research note on Thursday, May 28th. Wall Street Zen raised shares of Astronics from a “buy” rating to a “strong-buy” rating in a research note on Sunday, June 21st. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Astronics in a research report on Monday, April 20th. Two investment analysts have rated the stock with a Strong Buy rating, two have given a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $74.17.

Astronics Price Performance

ATRO stock opened at $76.06 on Thursday. The business’s fifty day moving average price is $70.75 and its 200 day moving average price is $62.54. Astronics Corporation has a 12-month low of $22.73 and a 12-month high of $88.72. The company has a current ratio of 2.97, a quick ratio of 1.63 and a debt-to-equity ratio of 2.07. The company has a market capitalization of $3.27 billion, a PE ratio of 77.35 and a beta of 1.13.

Astronics (NASDAQ:ATRO) last announced its earnings results on Tuesday, May 12th. The aerospace company reported $0.49 EPS for the quarter, beating analysts’ consensus estimates of $0.46 by $0.03. The company 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% on a year-over-year basis. During the same period last year, the business posted $0.37 EPS. On average, sell-side analysts anticipate that Astronics Corporation will post 2.23 EPS for the current year.

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.