Connor Clark & Lunn Investment Management Ltd. Makes New $776,000 Investment in Astronics Co. (NASDAQ:ATRO)

Connor Clark & Lunn Investment Management Ltd. bought a new position in shares of Astronics Co. (NASDAQ:ATRO) during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 48,618 shares of the aerospace company’s stock, valued at approximately $776,000.

Other large investors have also modified their holdings of the company. AlphaQuest LLC increased its holdings in shares of Astronics by 355.5% in the 4th quarter. AlphaQuest LLC now owns 3,576 shares of the aerospace company’s stock worth $57,000 after acquiring an additional 2,791 shares during the period. Point72 Asset Management L.P. increased its holdings in shares of Astronics by 337.9% in the 3rd quarter. Point72 Asset Management L.P. now owns 5,356 shares of the aerospace company’s stock worth $104,000 after acquiring an additional 4,133 shares during the period. Point72 Asia Singapore Pte. Ltd. acquired a new stake in shares of Astronics in the 3rd quarter worth about $106,000. Arcadia Investment Management Corp MI acquired a new stake in shares of Astronics in the 4th quarter worth about $135,000. Finally, EP Wealth Advisors LLC acquired a new stake in shares of Astronics in the 3rd quarter worth about $202,000. Institutional investors and hedge funds own 56.68% of the company’s stock.

Insider Activity

In other news, Director Robert S. Keane sold 77,099 shares of the firm’s stock in a transaction dated Friday, March 7th. The shares were sold at an average price of $24.55, for a total transaction of $1,892,780.45. Following the completion of the transaction, the director now owns 6,346 shares in the company, valued at approximately $155,794.30. This trade represents a 92.39 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Insiders own 10.86% of the company’s stock.

Astronics Stock Performance

Shares of ATRO opened at $25.35 on Friday. The firm has a 50-day moving average price of $19.96 and a 200 day moving average price of $18.61. The firm has a market capitalization of $894.07 million, a PE ratio of -133.41 and a beta of 1.74. The company has a quick ratio of 1.46, a current ratio of 2.83 and a debt-to-equity ratio of 0.72. Astronics Co. has a 52-week low of $14.13 and a 52-week high of $25.54.

Astronics (NASDAQ:ATRO) last announced its earnings results on Tuesday, March 4th. The aerospace company reported $0.48 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.21 by $0.27. Astronics had a negative net margin of 0.82% and a positive return on equity of 6.94%. The firm had revenue of $208.54 million during the quarter, compared to analyst estimates of $194.91 million. During the same quarter in the prior year, the firm posted $0.35 EPS. On average, sell-side analysts anticipate that Astronics Co. will post 0.82 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on the stock. Truist Financial increased their price objective on shares of Astronics from $17.00 to $23.00 and gave the stock a “hold” rating in a report on Wednesday, March 5th. StockNews.com upgraded shares of Astronics from a “hold” rating to a “buy” rating in a research report on Thursday, March 6th.

Astronics Profile

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.