Neuberger Berman Group LLC lessened its holdings in Astronics Co. (NASDAQ:ATRO) by 2.9% in the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 1,499,415 shares of the aerospace company’s stock after selling 44,800 shares during the period. Neuberger Berman Group LLC owned approximately 5.22% of Astronics worth $44,608,000 as of its most recent SEC filing.
Other hedge funds have also modified their holdings of the company. FMR LLC lifted its position in shares of Astronics by 46.5% during the 2nd quarter. FMR LLC now owns 2,028,637 shares of the aerospace company’s stock worth $61,813,000 after purchasing an additional 643,968 shares during the last quarter. Royal Bank of Canada raised its stake in Astronics by 5.5% during the 2nd quarter. Royal Bank of Canada now owns 1,519,555 shares of the aerospace company’s stock worth $46,301,000 after acquiring an additional 79,281 shares in the last quarter. Vanguard Group Inc. raised its stake in Astronics by 4.1% during the 2nd quarter. Vanguard Group Inc. now owns 982,669 shares of the aerospace company’s stock worth $29,942,000 after acquiring an additional 38,743 shares in the last quarter. Dimensional Fund Advisors LP raised its stake in Astronics by 2.2% during the 3rd quarter. Dimensional Fund Advisors LP now owns 770,713 shares of the aerospace company’s stock worth $22,929,000 after acquiring an additional 16,881 shares in the last quarter. Finally, State Street Corp raised its stake in Astronics by 24.7% during the 2nd quarter. State Street Corp now owns 641,261 shares of the aerospace company’s stock worth $19,543,000 after acquiring an additional 127,165 shares in the last quarter. 65.77% of the stock is owned by institutional investors.
A number of research firms have commented on ATRO. BidaskClub lowered shares of Astronics from a “strong-buy” rating to a “buy” rating in a research note on Tuesday, December 12th. Zacks Investment Research raised shares of Astronics from a “strong sell” rating to a “hold” rating in a report on Tuesday, October 17th. Canaccord Genuity reaffirmed a “buy” rating and issued a $46.00 target price on shares of Astronics in a report on Tuesday, December 12th. SunTrust Banks reissued a “hold” rating and set a $44.00 price objective on shares of Astronics in a report on Tuesday. Finally, Dougherty & Co upped their price target on shares of Astronics from $35.00 to $40.00 and gave the company a “buy” rating in a report on Wednesday, November 8th. One equities research analyst has rated the stock with a hold rating and four have issued a buy rating to the stock. The company has a consensus rating of “Buy” and a consensus price target of $45.25.
Astronics (NASDAQ:ATRO) last issued its quarterly earnings results on Tuesday, November 7th. The aerospace company reported $0.21 EPS for the quarter, missing the consensus estimate of $0.35 by ($0.14). Astronics had a return on equity of 10.29% and a net margin of 5.80%. The company had revenue of $149.64 million for the quarter, compared to analyst estimates of $154.90 million. During the same period last year, the company posted $0.41 EPS. The business’s revenue for the quarter was down 3.5% on a year-over-year basis. equities analysts expect that Astronics Co. will post 1.29 earnings per share for the current year.
Astronics announced that its board has initiated a stock repurchase program on Monday, December 18th that allows the company to repurchase $50.00 million in shares. This repurchase authorization allows the aerospace company to reacquire shares of its stock through open market purchases. Shares repurchase programs are usually a sign that the company’s leadership believes its shares are undervalued.
In other news, Director Robert J. Mckenna sold 45,000 shares of the stock in a transaction on Tuesday, November 21st. The shares were sold at an average price of $39.00, for a total value of $1,755,000.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 16.45% of the company’s stock.
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Astronics Corporation is a supplier of products to the aerospace, defense, electronics and semiconductor industries. The Company’s products and services include electrical power generation, distribution and motion systems, lighting and safety systems, avionics products, aircraft structures, systems certification and automated test systems.
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