Raven Industries (NASDAQ:RAVN) Lifted to Hold at BidaskClub

BidaskClub upgraded shares of Raven Industries (NASDAQ:RAVN) from a sell rating to a hold rating in a report issued on Thursday morning, BidAskClub reports.

A number of other brokerages have also weighed in on RAVN. Oppenheimer assumed coverage on Raven Industries in a research report on Thursday, June 18th. They set an outperform rating and a $27.00 target price on the stock. National Securities reiterated a buy rating and set a $30.00 price target on shares of Raven Industries in a report on Thursday, August 27th.

NASDAQ:RAVN opened at $24.31 on Thursday. The stock has a market cap of $871.39 million, a P/E ratio of 37.98, a price-to-earnings-growth ratio of 3.05 and a beta of 1.42. The stock’s 50-day moving average is $23.53 and its 200-day moving average is $22.14. Raven Industries has a 1-year low of $16.01 and a 1-year high of $38.00.

Raven Industries (NASDAQ:RAVN) last released its quarterly earnings results on Wednesday, August 26th. The conglomerate reported $0.16 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.04 by $0.12. Raven Industries had a return on equity of 9.96% and a net margin of 6.45%. The company had revenue of $85.18 million for the quarter, compared to analysts’ expectations of $80.60 million. Equities analysts forecast that Raven Industries will post 0.8 earnings per share for the current fiscal year.

In related news, Director Marc E. Lebaron purchased 4,368 shares of the firm’s stock in a transaction that occurred on Tuesday, September 1st. The stock was acquired at an average price of $25.18 per share, for a total transaction of $109,986.24. Following the completion of the acquisition, the director now owns 11,151 shares of the company’s stock, valued at approximately $280,782.18. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 1.70% of the company’s stock.

A number of institutional investors have recently made changes to their positions in RAVN. Morgan Stanley grew its holdings in Raven Industries by 74.2% during the first quarter. Morgan Stanley now owns 778,405 shares of the conglomerate’s stock worth $16,526,000 after buying an additional 331,458 shares in the last quarter. Vident Investment Advisory LLC grew its stake in Raven Industries by 47.6% in the 2nd quarter. Vident Investment Advisory LLC now owns 542,944 shares of the conglomerate’s stock valued at $11,679,000 after purchasing an additional 175,166 shares during the period. Thrivent Financial for Lutherans grew its stake in Raven Industries by 17.8% in the 2nd quarter. Thrivent Financial for Lutherans now owns 1,084,907 shares of the conglomerate’s stock valued at $23,336,000 after purchasing an additional 163,669 shares during the period. UBS Group AG grew its stake in Raven Industries by 171.7% in the 2nd quarter. UBS Group AG now owns 208,772 shares of the conglomerate’s stock valued at $4,491,000 after purchasing an additional 131,940 shares during the period. Finally, Assenagon Asset Management S.A. bought a new position in Raven Industries in the 2nd quarter valued at $2,130,000. Institutional investors and hedge funds own 76.29% of the company’s stock.

Raven Industries Company Profile

Raven Industries, Inc, a technology company, provides various products to customers in the industrial, agricultural, geo-membrane, construction, aerospace/defense, and commercial lighter-than-air markets worldwide. It operates in three segments: Applied Technology, Engineered Films, and Aerostar. The Applied Technology segment designs, manufactures, sells, and services precision agriculture products and information management tools that enable farmers to enhance farm yields.

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