Aerojet Rocketdyne (NYSE:AJRD) Downgraded to “Sell” at ValuEngine

ValuEngine lowered shares of Aerojet Rocketdyne (NYSE:AJRD) from a hold rating to a sell rating in a report published on Saturday, ValuEngine reports.

AJRD has been the subject of a number of other research reports. JPMorgan Chase & Co. initiated coverage on shares of Aerojet Rocketdyne in a report on Tuesday, September 10th. They issued a neutral rating and a $52.00 price target for the company. SunTrust Banks raised their price target on shares of Aerojet Rocketdyne to $55.00 and gave the company a buy rating in a report on Thursday, August 1st. Zacks Investment Research raised shares of Aerojet Rocketdyne from a sell rating to a hold rating and set a $52.00 price target for the company in a report on Friday, August 2nd. Finally, Canaccord Genuity initiated coverage on shares of Aerojet Rocketdyne in a report on Friday, June 28th. They issued a buy rating and a $50.00 price target for the company. One analyst has rated the stock with a sell rating, two have issued a hold rating and three have assigned a buy rating to the stock. Aerojet Rocketdyne presently has a consensus rating of Hold and an average target price of $52.25.

Shares of Aerojet Rocketdyne stock opened at $45.49 on Friday. The company has a debt-to-equity ratio of 0.78, a current ratio of 1.53 and a quick ratio of 1.53. The firm has a market cap of $3.64 billion, a P/E ratio of 23.57, a P/E/G ratio of 4.50 and a beta of 0.42. The firm has a 50 day simple moving average of $49.76 and a 200 day simple moving average of $43.66. Aerojet Rocketdyne has a fifty-two week low of $29.40 and a fifty-two week high of $52.84.

Aerojet Rocketdyne (NYSE:AJRD) last issued its quarterly earnings results on Wednesday, July 31st. The aerospace company reported $0.50 earnings per share for the quarter, beating analysts’ consensus estimates of $0.40 by $0.10. The business had revenue of $485.00 million during the quarter, compared to analyst estimates of $473.98 million. Aerojet Rocketdyne had a net margin of 8.95% and a return on equity of 30.58%. Aerojet Rocketdyne’s revenue for the quarter was up 3.8% compared to the same quarter last year. During the same quarter last year, the business posted $0.45 earnings per share. On average, sell-side analysts expect that Aerojet Rocketdyne will post 1.84 EPS for the current year.

In other Aerojet Rocketdyne news, Director Thomas A. Corcoran sold 10,000 shares of the firm’s stock in a transaction that occurred on Monday, August 12th. The shares were sold at an average price of $48.94, for a total value of $489,400.00. Following the transaction, the director now directly owns 4,032 shares of the company’s stock, valued at $197,326.08. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CEO Eileen P. Drake sold 38,656 shares of the firm’s stock in a transaction that occurred on Wednesday, September 18th. The shares were sold at an average price of $52.07, for a total transaction of $2,012,817.92. Following the completion of the transaction, the chief executive officer now directly owns 358,271 shares in the company, valued at $18,655,170.97. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 53,656 shares of company stock worth $2,740,068. Insiders own 3.00% of the company’s stock.

Hedge funds have recently made changes to their positions in the business. NEXT Financial Group Inc bought a new position in Aerojet Rocketdyne in the second quarter valued at approximately $43,000. Quantamental Technologies LLC bought a new position in Aerojet Rocketdyne in the second quarter valued at approximately $73,000. NumerixS Investment Technologies Inc bought a new position in Aerojet Rocketdyne in the second quarter valued at approximately $76,000. Point72 Hong Kong Ltd bought a new position in Aerojet Rocketdyne in the second quarter valued at approximately $76,000. Finally, Point72 Asset Management L.P. bought a new position in Aerojet Rocketdyne in the second quarter valued at approximately $121,000.

About Aerojet Rocketdyne

Aerojet Rocketdyne Holdings, Inc designs, develops, manufactures, and sells aerospace and defense products and systems in the United States. The company operates through two segments, Aerospace and Defense, and Real Estate. The Aerospace and Defense segment offers aerospace and defense products and systems for the United States government, including the Department of Defense, the National Aeronautics and Space Administration, and aerospace and defense prime contractors.

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