Mulato James’s SEC Form 4 activity over the past year paints a clear picture of a seller, not a buyer, in Astronics Corporation (ATRO). Across 38 filings, James recorded zero open-market purchases and $561,315 in total sell value, with the most recent three transactions all being sales. The largest single disposition came on December 1, 2025, when James sold shares worth $518,238, dwarfing two smaller sales on September 5, 2025, valued at $38,210 and $4,867. No open-market buys appear anywhere in the record, and the only acquisitions were compensatory grants or option exercises, which are not discretionary purchases.
The pattern is dominated by mechanical and non-decision transactions. On March 3, 2026, James exercised options valued at $935,525, but simultaneously had $227,861 in shares withheld to cover taxes—a routine “F” code event that reduces net holdings. Similar tax-withholding events occurred on March 18, 2025 ($57,118) alongside an option exercise of $234,477. The record also includes a $21,248 grant on September 30, 2025, and a gift on September 9, 2025, both of which involve no cash changing hands. The most recent filings, dated June 15, 2026, are all “J” code transactions with zero value, indicating other adjustments rather than market activity.
The overall direction is unambiguous: James has been a net seller of ATRO stock, with $561,315 in gross sales and no corresponding purchases. The absence of any “P” code transactions—the only code that signals conviction buying—reinforces the bearish bias. While option exercises and grants add shares, they are offset by tax withholdings and outright sales, leaving the insider’s footprint as one of consistent distribution rather than accumulation.
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