NWQ Investment Management Company LLC bought a new stake in shares of Astronics Co. (NASDAQ:ATRO) in the 4th quarter, HoldingsChannel.com reports. The firm bought 351,588 shares of the aerospace company’s stock, valued at approximately $14,580,000.
A number of other hedge funds have also recently made changes to their positions in the stock. Paloma Partners Management Co bought a new position in Astronics during the fourth quarter valued at about $660,000. Goldman Sachs Group Inc. lifted its holdings in shares of Astronics by 98.4% during the fourth quarter. Goldman Sachs Group Inc. now owns 48,465 shares of the aerospace company’s stock valued at $2,010,000 after purchasing an additional 24,041 shares during the last quarter. Stone Ridge Asset Management LLC purchased a new stake in shares of Astronics during the fourth quarter valued at $757,000. BlueCrest Capital Management Ltd purchased a new stake in shares of Astronics during the fourth quarter valued at $326,000. Finally, White Pine Capital LLC lifted its holdings in shares of Astronics by 58.3% during the fourth quarter. White Pine Capital LLC now owns 28,725 shares of the aerospace company’s stock valued at $1,191,000 after purchasing an additional 10,575 shares during the last quarter. 69.08% of the stock is owned by institutional investors and hedge funds.
ATRO has been the subject of several analyst reports. SunTrust Banks reduced their target price on Astronics to $39.00 and set an “average” rating for the company in a report on Tuesday, February 27th. They noted that the move was a valuation call. Canaccord Genuity reaffirmed a “buy” rating and set a $50.00 target price (up from $48.00) on shares of Astronics in a report on Tuesday, February 27th. BidaskClub downgraded Astronics from a “strong-buy” rating to a “buy” rating in a report on Tuesday, December 12th. Dougherty & Co upped their target price on Astronics from $40.00 to $45.00 and gave the company a “buy” rating in a report on Monday, December 4th. Finally, Zacks Investment Research raised Astronics from a “hold” rating to a “buy” rating and set a $46.00 target price for the company in a report on Tuesday, January 2nd. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and two have assigned a buy rating to the stock. The company currently has an average rating of “Hold” and an average price target of $45.00.
Astronics (NASDAQ:ATRO) last announced its quarterly earnings data on Monday, February 26th. The aerospace company reported $0.41 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.44 by ($0.03). The business had revenue of $171.32 million during the quarter, compared to analysts’ expectations of $179.33 million. Astronics had a return on equity of 10.82% and a net margin of 3.15%. analysts predict that Astronics Co. will post 1.75 earnings per share for the current year.
Astronics announced that its Board of Directors 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 purchase shares of its stock through open market purchases. Shares repurchase programs are generally an indication that the company’s management believes its shares are undervalued.
In related news, CEO Peter J. Gundermann sold 2,000 shares of the stock in a transaction dated Friday, February 9th. The stock was sold at an average price of $38.99, for a total value of $77,980.00. Following the completion of the sale, the chief executive officer now directly owns 29,595 shares of the company’s stock, valued at approximately $1,153,909.05. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Over the last three months, insiders sold 12,000 shares of company stock valued at $495,540. Company insiders own 16.45% of the company’s stock.
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Astronics Company Profile
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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