AeroVironment (AVAV) Earns “Hold” Rating from Canaccord Genuity
Canaccord Genuity restated their hold rating on shares of AeroVironment (NASDAQ:AVAV) in a report issued on Thursday morning. Canaccord Genuity currently has a $50.00 target price on the aerospace company’s stock.
“We recently spent a day on the road with management of AeroVironment (AVAV). After the stock’s recent strong performance, interest in the story is high, and confidence in the longer-term upside is increasing. However, the fact that management is sticking to its full year FY18 outlook does raise questions about the sustainability of the recent strength in the defense business even with the signing today of a ~$700B FY18 defense authorization. The current FY18 guidance implies H2/18 sales and EPS down 3% and 60%, respectively (and the Q4/18 comp is very difficult). And while management may well continue its better-than-expected run, we believe the company has benefitted near term from a surge in op-tempo troop activity, and we will wait for a better entry point to get more bullish. We are maintaining our HOLD rating and our $50 price target.”,” the firm’s analyst wrote.
AVAV has been the topic of a number of other research reports. Robert W. Baird reissued a hold rating and set a $35.00 price target on shares of AeroVironment in a report on Monday, August 28th. ValuEngine lowered AeroVironment from a buy rating to a hold rating in a report on Wednesday, November 15th. TheStreet raised AeroVironment from a c+ rating to a b rating in a report on Friday, December 8th. Zacks Investment Research raised AeroVironment from a hold rating to a strong-buy rating and set a $64.00 price target on the stock in a report on Friday, December 8th. Finally, Piper Jaffray Companies reissued a neutral rating and set a $36.00 price target on shares of AeroVironment in a report on Thursday, August 31st. Seven research analysts have rated the stock with a hold rating, AeroVironment currently has a consensus rating of Hold and an average price target of $44.40.
AeroVironment (NASDAQ:AVAV) last released its quarterly earnings results on Tuesday, December 5th. The aerospace company reported $0.29 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of ($0.01) by $0.30. AeroVironment had a return on equity of 8.23% and a net margin of 10.42%. The firm had revenue of $73.83 million for the quarter, compared to analyst estimates of $63.53 million. During the same quarter last year, the company posted ($0.18) earnings per share. The business’s revenue was up 47.3% on a year-over-year basis. analysts anticipate that AeroVironment will post 0.64 earnings per share for the current fiscal year.
In other AeroVironment news, Chairman Timothy E. Conver sold 7,600 shares of AeroVironment stock in a transaction that occurred on Wednesday, October 4th. The stock was sold at an average price of $54.00, for a total value of $410,400.00. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, Chairman Timothy E. Conver sold 2,000 shares of AeroVironment stock in a transaction that occurred on Thursday, October 5th. The shares were sold at an average price of $53.91, for a total value of $107,820.00. Following the completion of the sale, the chairman now directly owns 58,138 shares in the company, valued at approximately $3,134,219.58. The disclosure for this sale can be found here. Insiders sold a total of 36,200 shares of company stock worth $1,806,496 in the last ninety days. 11.00% of the stock is owned by corporate insiders.
A number of institutional investors and hedge funds have recently made changes to their positions in the business. BlackRock Inc. boosted its holdings in AeroVironment by 3.6% in the 2nd quarter. BlackRock Inc. now owns 3,333,627 shares of the aerospace company’s stock valued at $127,344,000 after purchasing an additional 116,654 shares in the last quarter. Vanguard Group Inc. boosted its holdings in AeroVironment by 3.7% in the 2nd quarter. Vanguard Group Inc. now owns 1,929,825 shares of the aerospace company’s stock valued at $73,719,000 after purchasing an additional 68,232 shares in the last quarter. Dimensional Fund Advisors LP boosted its holdings in AeroVironment by 3.1% in the 2nd quarter. Dimensional Fund Advisors LP now owns 1,490,349 shares of the aerospace company’s stock valued at $56,930,000 after purchasing an additional 44,670 shares in the last quarter. Janus Henderson Group PLC purchased a new stake in AeroVironment in the 2nd quarter valued at approximately $39,724,000. Finally, State Street Corp boosted its holdings in AeroVironment by 7.6% in the 2nd quarter. State Street Corp now owns 669,665 shares of the aerospace company’s stock valued at $25,580,000 after purchasing an additional 47,582 shares in the last quarter. 74.79% of the stock is currently owned by institutional investors.
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AeroVironment Company Profile
AeroVironment, Inc designs, develops, produces, supports and operates a portfolio of products and services for government agencies, businesses and consumers. The Company operates through two segments: Unmanned Aircraft Systems (UAS), which focuses primarily on the design, development, production, support and operation of UAS and tactical missile systems that provide situational awareness, multi-band communications, force protection and other mission effects, and Efficient Energy Systems (EES), which focuses primarily on the design, development, production, marketing, support and operation of electric energy systems.
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