First Trust Advisors LP lifted its holdings in shares of Raven Industries, Inc. (NASDAQ:RAVN) by 15.5% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 12,813 shares of the conglomerate’s stock after acquiring an additional 1,720 shares during the quarter. First Trust Advisors LP’s holdings in Raven Industries were worth $415,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors have also modified their holdings of the company. Piedmont Investment Advisors LLC bought a new position in shares of Raven Industries during the 2nd quarter worth approximately $260,000. Wells Fargo & Company MN boosted its stake in shares of Raven Industries by 37.5% during the 2nd quarter. Wells Fargo & Company MN now owns 37,900 shares of the conglomerate’s stock worth $1,262,000 after acquiring an additional 10,328 shares during the period. State Street Corp boosted its stake in shares of Raven Industries by 6.2% during the 2nd quarter. State Street Corp now owns 879,504 shares of the conglomerate’s stock worth $29,288,000 after acquiring an additional 51,451 shares during the period. BlackRock Inc. boosted its stake in shares of Raven Industries by 3.9% during the 2nd quarter. BlackRock Inc. now owns 4,607,096 shares of the conglomerate’s stock worth $153,418,000 after acquiring an additional 173,123 shares during the period. Finally, Laurion Capital Management LP bought a new position in shares of Raven Industries during the 2nd quarter worth approximately $507,000. Institutional investors own 74.10% of the company’s stock.
RAVN has been the subject of several research analyst reports. Zacks Investment Research upgraded Raven Industries from a “hold” rating to a “buy” rating and set a $38.00 target price for the company in a research note on Friday. Dougherty & Co reiterated a “buy” rating on shares of Raven Industries in a research note on Friday, August 18th. SunTrust Banks initiated coverage on Raven Industries in a research note on Friday, August 18th. They set a “hold” rating and a $36.00 target price for the company. Piper Jaffray Companies reiterated a “hold” rating and set a $31.00 target price on shares of Raven Industries in a research note on Sunday, October 1st. Finally, BidaskClub downgraded Raven Industries from a “buy” rating to a “hold” rating in a research note on Wednesday, December 6th. Four research analysts have rated the stock with a hold rating and one has assigned a buy rating to the company’s stock. The stock has an average rating of “Hold” and a consensus target price of $35.00.
Raven Industries (NASDAQ:RAVN) last released its quarterly earnings results on Monday, November 20th. The conglomerate reported $0.33 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.23 by $0.10. The business 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%. equities analysts forecast that Raven Industries, Inc. will post 1.02 EPS for the current year.
The company also recently declared a quarterly dividend, which will be paid on Friday, January 26th. Investors of record on Friday, January 12th will be paid a $0.13 dividend. The ex-dividend date is Thursday, January 11th. This represents a $0.52 annualized dividend and a yield of 1.54%. Raven Industries’s dividend payout ratio (DPR) is presently 50.98%.
Raven Industries announced that its board has initiated a stock buyback plan on Monday, December 4th that permits the company to repurchase $25.00 million in shares. This repurchase authorization permits the conglomerate to purchase shares of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s board of directors believes its stock is undervalued.
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Raven Industries Profile
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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