Raven Industries, Inc. (NASDAQ:RAVN) has been assigned an average recommendation of “Hold” from the six research firms that are covering the stock, MarketBeat reports. Four investment analysts have rated the stock with a hold recommendation and one has given a buy recommendation to the company. The average 12-month target price among brokers that have covered the stock in the last year is $35.00.
A number of analysts recently issued reports on RAVN shares. Dougherty & Co downgraded Raven Industries from a “buy” rating to a “neutral” rating in a research report on Tuesday, December 5th. Piper Jaffray Companies restated a “hold” rating and issued a $31.00 price target on shares of Raven Industries in a research report on Sunday, October 1st. Zacks Investment Research upgraded Raven Industries from a “hold” rating to a “buy” rating and set a $38.00 price target for the company in a research report on Friday. BidaskClub downgraded Raven Industries from a “buy” rating to a “hold” rating in a research report on Wednesday, December 6th. Finally, SunTrust Banks started coverage on Raven Industries in a research report on Friday, August 18th. They issued a “hold” rating and a $36.00 price target for the company.
A number of institutional investors and hedge funds have recently modified their holdings of the stock. California Public Employees Retirement System increased its stake in Raven Industries by 10.7% in the third quarter. California Public Employees Retirement System now owns 139,872 shares of the conglomerate’s stock worth $4,532,000 after purchasing an additional 13,472 shares during the period. Vident Investment Advisory LLC increased its stake in Raven Industries by 97.9% in the third quarter. Vident Investment Advisory LLC now owns 778,211 shares of the conglomerate’s stock worth $25,214,000 after purchasing an additional 385,032 shares during the period. Oppenheimer Asset Management Inc. increased its stake in Raven Industries by 1,450.4% in the third quarter. Oppenheimer Asset Management Inc. now owns 3,690 shares of the conglomerate’s stock worth $120,000 after purchasing an additional 3,452 shares during the period. Allianz Asset Management GmbH increased its stake in Raven Industries by 106.6% in the third quarter. Allianz Asset Management GmbH now owns 13,972 shares of the conglomerate’s stock worth $453,000 after purchasing an additional 7,209 shares during the period. Finally, KBC Group NV purchased a new stake in Raven Industries in the third quarter worth $271,000. Institutional investors own 74.07% of the company’s stock.
Raven Industries (NASDAQ:RAVN) last posted its earnings results on Monday, November 20th. The conglomerate reported $0.33 EPS for the quarter, beating analysts’ consensus estimates of $0.23 by $0.10. The firm had revenue of $101.35 million during the quarter, compared to the consensus estimate of $84.54 million. Raven Industries had a return on equity of 13.88% and a net margin of 10.56%. sell-side analysts predict that Raven Industries will post 1.02 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Friday, January 26th. Investors of record on Friday, January 12th will be given a $0.13 dividend. The ex-dividend date is Thursday, January 11th. This represents a $0.52 dividend on an annualized basis and a yield of 1.54%. Raven Industries’s dividend payout ratio is presently 50.98%.
Raven Industries announced that its Board of Directors has initiated a share repurchase program on Monday, December 4th that authorizes the company to repurchase $25.00 million in shares. This repurchase authorization authorizes the conglomerate to repurchase shares of its stock through open market purchases. Stock repurchase programs are usually an indication that the company’s leadership believes its shares are undervalued.
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About Raven Industries
Raven Industries, Inc is a diversified technology company providing a range of products to customers within the industrial, agricultural, energy, construction and defense markets. The Company operates through three segments: Applied Technology Division (Applied Technology), Engineered Films Division (Engineered Films) and Aerostar Division (Aerostar).
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